Term Insurance

Do term insurance plans offer tax benefits?

Yes, the premium paid for your term plan, up to INR 1,50,000 per year, is tax deductible under Section 80C of the Income Tax Act, 1961. Furthermore, the payout received by you or your nominee is tax-free under Section 10(10D). Additionally, as per old tax regime, Section 80D allows tax deductions for premiums paid towards health insurance policies, encouraging taxpayers to safeguard their health while and benefit from tax savings.