The premium paid towards life insurance also comes under Section 80C. Life insurance policies come in many forms. But the best is term insurance. Term insurance provides you a large cover at low premiums. Term insurance is different from endowment and unit linked policies (ULIPs). Endowment and unit linked policies are also savings plans and the premiums paid towards them are accumulated over time.
Health, life insurance premiums need a tax cut? GoM to meet on October 19
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