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SOME IMPORTANT INCOME TAX BENEFITS AVAILABLE UNDER VARIOUS PLANS OF LIFE INSURANCE ARE HIGHLIGHTED BELOW FOR ASSESSMENT YEAR 2017-2018 (FINANCIAL YEAR 2016-2017):

1) Deduction allowable from Income for payment of Life Insurance Premium (Sec. 80C).

(a) Life Insurance premium paid in order to effect or to keep in force an insurance on the life of the assessee or on the life of the spouse or any child of assessee & in the case of HUF, premium paid on the life of any member thereof under an insurance policy, (other than a contract for a deferred annuity,) issued on or before the 31st day of March 2012 shall be eligible for deduction only to the extent of 20% of the actual capital sum assured or actual premium paid whichever is less.

(b) Life Insurance premia paid in order to effect or to keep in force an insurance on the life of the assessee or on the life of the spouse or any child of assessee & in the case of HUF, premium paid on the life of any member thereof, under an insurance policy, (other than a contract for a deferred annuity,) issued on or after the 1st day of April 2012 shall be eligible for deduction only to the extent of 10% of the actual capital sum assured or actual premium paid whichever is less.. Where the policy, issued on or after the 1st day of April, 2013, is for insurance on life of any person, who is

(i) a person with disability or a person with severe disability as referred to in section 80U, or

(ii) suffering from disease or ailment as specified in the rules made under section 80DDB, deduction under this section is allowed only to the extent of 15% of the actual capital sum assured or actual premium paid whichever is less.

(c) Contribution to deferred annuity plans in order to effect or to keep in force a contract for deferred annuity, on his own life or the life of his spouse or any child of such individual, provided such contract does not contain a provision to exercise an option by the insured to receive a cash payment in lieu of the payment of annuity is eligible for deduction.

(d) Contribution to Annuity Plans: New Jeevan Dhara , New Jeevan Dhara-I & Jeevan Akshaya VI.

2) New Jeevan Nidhi Plan & New Jeevan Suraksha - I Plan (U/s. 80CCC)

A deduction to an individual for any amount paid or deposited by him from his taxable income in the above annuity plans for receiving pension (from the fund set up by the Corporation under the Pension Scheme) is allowed. NOTE: The aggregate amount of deduction under u/s 80C, 80CCC & 80CCD(1) shall not in any case exceed one lakh fifty thousnad Rupees :

3) Deduction under section 80D

a) Deduction allowable upto Rs.25,000 if an amount is paid to keep in force an insurance on health of assessee or his family (i.e. Spouse & dependent children) or any contribution made to the central Government Health Scheme or such other scheme as may be notified by the Central Government in this behalf or on account of Preventive health check up of the assessee or his family .

b) Additional deduction upto Rs.25,000 if an amount is paid to keep in force an insurance on health of parents or on account of Preventive health check up of the parent of the assessee, whether dependent or not .

c) In case of HUF, deduction allowable upto Rs.25,000 if an amount is paid to keep in force an insurance on health of any member of that HUF

d) If the sum specified in (a) or (b) or (c) is paid to effect or keep in force an insurance on the health of any person specified therein who is a senior citizen, then the deduction available will be up to Rs.30,000. Here senior citizen means the person who is of sixty year or more during the previous year.

e) In Case the amounts are paid in (a) or (b) or (c) on account of preventive health check up , the deduction for such amounts shall be allowed to the extent it does not exceed in aggregate Rs. 5,000.

f) For the purpose of deduction , the payment shall be made by i. Any mode, including cash. In respect of any sum paid on account of preventive health check up ii. Any mode other than cash in all other cases.

g) The insurance as mentioned above shall be in accordance with the scheme framed by i) the General Insurance Corporation of India as approved by the Central Government in this behalf or; ii) Any other insurer and approved by the Insurance Regulatory and Development Authority.

4) Jeevan Aadhar Plan (Sec.80DD) :

Deduction from total income upto Rs.75000 allowable on amount deposited with LIC under Jeevan Aadhar Plan, Jeevan Vishwas for maintenance of an handicapped dependent (Rs.1,25,000 where handicapped dependent is suffering from severe disability)

5) Exemption in respect of commutation of pension under Jeevan Suraksha & Jeevan Nidhi Plans:

Under Section 10(10A) (iii) of the Income Tax Act, any payment received by way of commutations of pension out of the Jeevan Suraksha & Jeevan Nidhi Annuity plans is exempt from tax.

6) Income tax exemption on Maturity/Death Claims proceeds under Section 10(10D)

As per Section 10(10D) of the Income Tax Act, 1961, any sum received under a Life Insurance Policy, including the sum allocated by way of bonus on such policy is exempt from tax where the sum is received as a death benefit However, to get exemption under above section for sum received other than death benefit (i) Policy shall not be issued under Section 80DD(3), or (ii) Policy shall not be issued as a Keyman Insurance Policy, or (iii) policy which has been issued on or after April 1, 2003 and the premium paid in any of the years during the term of the policy not exceeding 20% of the Actual Capital Sum Assured. (iv)policy which has been issued on or after April 1, 2012 and the premium paid in any of the years during the term of the policy not exceeding 10% of the Actual Capital Sum Assured. Where the policy, issued on or after the 1st day of April, 2013, is for insurance on life of any person, who is: (i) a person with disability or a person with severe disability as referred to in section 80U, or (ii) suffering from disease or ailment as specified in the rules made under section 80DDB, exemption under this section shall be available only if the premium payable in any of the years is not more than 15% of the LIC Branches in Bangalore actual Capital Sum assured.

LIC Branches in Bangalore

  • LIC of India (309), St Marks road branch, Oriental building, 1st floor, MG Road, Bangalore 560001.
  • LIC of India (308), Richmond town, branch office, Canara mutual building, 2nd floor, Recidency road, Bangalore 560025.
  • LIC of India (branch code 801), Jeevan Jyothi, BDA Complex, Indira nagar stage 2, Bangalore 560038.
  • LIC of India (G501), P & GS unit, Jeevan Prakash, JC Road, Bangalore.
  • LIC of India (61Y), Jeevan Sudha, 1st floor, JP Nagar 1st phase, Bangalore 560078.
  • LIC of India (61W), MG Road, Chandra Kiran building, 3rd floor, Bangalore 560001.
  • LIC of India (61X), Vijayanagar CBO, 18 C, Adichunchanagiri Matt, Shopping center, Vijayanagar, Bangalore 560040.
  • LIC of India (61P), JB Nagar Branch, near JB Nagar bus terminus, Jeevan bima nagar, Bangalore 560075.
  • LIC of India (61U), Peenya Branch, No.14/43, Tumkur road, Indl suburb near Canara Bank,Peenya 560022.
  • LIC of India (61M), Frazer town branch office, 86/3, 86/4 Coles road, Near Petrol bunk, Frazer road, Bangalore 560042.
  • LIC of India (61N), Maddur Branch, Jeevan Jyothi LIC building, Bangalore Mysore main road, Maddur 571420.
  • LIC of India (61G), No. 543 544 545/16, Stanikam arcade, opp. St. Theresa hospital, Dr.Rajkumar road, Rajaji nagar, Bangalore 560010.
  • LIC of India (61L), No.6m 7th Main 80 feet road, Near BTS Kalyan mantap 3rd block,Koramangala, Bangalore 560034.
  • LIC of India (61D), No.12 GMN complex, 1st Main road, 1st phase, 1st stage, Mathikere, Bangalore 560054.
  • LIC of India (61F), Jeevan Jyothi, Adjacent to BDA complex, 3rd floor, Indira nagar, 2nd stage, Bangalore 560038.
  • LIC of India (61B), Jeevan Prakash, 3rd floor, JC road, Bangalore 560002.
  • LIC of India (61C), Jeevan Soudha, 2nd floor, JP Nagar 1st phase, Jayanagar, Bangalore 560078.
  • LIC of India (61A), No.1, 1st cross, 3rd Main road, Chamrajpet, Basavangudi, Bengaluru 560018.
  • LIC of India (618), Bandigowda layout, Bangalore mysore road, Mandya 571401.
  • LIC of India (613), 1st 2nd main, 1/1 sampige, Malleshwaram, Bengaluru 560003.
  • LIC of India (614), Canara Mutual building, Ground floor, No.4, Residency road, Bangalore 560025.
  • LIC of India (611), 1st floor, United India building, JC road, Bangalore 560002.
  • LIC of India (612), Oriental building, 2nd floor, MG Road, Bangalore 560001.
  • LIC of India (604), Prithvi building, KG Road, Bangalore 560009.
  • LIC of India (610), Jeevan Prakash Annexe, 1st floor, JC road, Bangalore 560002.
  • LIC of India (602), Indian Mutual building, 4th and 5th floor, NR Square branch office, Bangalore 560002.
  • LIC of India (603), Oriental building, Ground floor, MG Road, Bangalore 560001.
  • LIC of India (601), 640/1, Chikmagalur, Channapatna, Bangalore Mysore highway, Bangalore 571501.
  • LIC of India (6011), RT Nagar office, Lakhshmaiah block, 37, 10th cross, Ganga nagar, HA Farm post, Bangalore 560024.
  • LIC of India (36A), Lakshmi complex, No.41, opp. Syndicate bank, Old madras road,Krisnarajapuram, Bangalore 560036.


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