Sage-Tips

Can I pay LIC premium for my mother?

Yes, in a family husband or wife any one can pay the life insurance premium and claim the tax benefits under section 80 C of income tax act. Children till the age of 23, their insurance premiums can also be paid and claimed for tax deductions.

Can I show spouse LIC in 80C?

Correct answer : (b) Justification of correct answer : Premium on life insurance policy can be claimed as deduction under section 80C. In case of an individual, deduction is available in respect of policy taken in the name of taxpayer or his/her spouse or his/her children.

Can I claim my mom as a dependent for insurance?

Q: Can I add my parents or my spouse’s parents to my plan? A: No, you cannot include your parents on your plan. They must enroll in their own health plan through their job, an individual insurance plan or Medicare (if they are eligible).

Can wife pay LIC premium of husband?

Premium on life insurance policy can be claimed as deduction under section 80C.In case of an individual, deduction is available in respect of policy taken in the name of taxpayer or his/her spouse or his/her children. In case of a HUF, deduction is available in respect of policy taken in the name of karta.

Can I pay LIC premium for my husband?

Can we claim spouse NSC in 80C?

NSC is a tax-saving instrument with a maturity period of five years. A person can purchase an NSC for as low as Rs 100 with no limit on the investment amount. Any investments in NSC are eligible for deduction under the overall limit of Section 80C. This interest is compounded annually and is taxable.

Is a spouse a dependent for insurance?

Health plans typically count spouses and children as dependents, but generally don’t include parents. If you’re interested in getting health coverage for your parents, contact your health plan to find out if you can add them to your plan. Your parents must, generally, be claimed as tax dependents.

Can I take deduction for LIC premium paid for my spouse?

You can definitely take deduction for LIC premium paid for your spouse under Section 80C. Proof of payment needs to be given to employer. Let others also comment. . . . . . . I want to know whether the LIC premium payment made to the policy taken in the name of my husband is eligible for claiming tax benefit from my salary.

Is premium of Lic for wife will be considered in husband’s ITR?

Originally Answered: Is premium of LIc for wife will be considered in husband’s ITR? If the husband is the proposer in a policy which is on the life of wife (that means wife’s life is insured) and husband pays the premium, he can claim it under 80C for ITR

What happens if I Stop Paying my LIC policy premium?

If you had stopped paying your LIC policy premium, your policy will be lapsed with the end of the grace period. The grace period is the time provided by your insurer after the premium due date, to pay your pending premium with a late fee and the insurance coverage continues.

What happens when LIC pays back the money to wife?

In other words , when the LIC pays wife back at the time of maturity and she uses the money for earning interest by doing fixed deposits or any thing in which she does not have to make her own effort, the question of clubbing may arise.