LIC has launched new policy "Market Plus". Is there any tax benefit on it.?

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LIC has launched new policy "Market Plus". Is there any tax benefit on it.?

If so could you please tell me under which section it falls?

2006-10-09 00:58:09 · 3 answers · asked by Pradip D 1 in Business & Finance ➔ Taxes ➔ India

3 answers

Tax benefit is available only if the following two conditions are satisfied:
1. Sum Assured is more than 5 times the Annual Premium of the Policy; and
2. Minimum lock in is three years or more.

If both the conditions are satisfied then tax benefit will be available.

For more contact me at coolapurav@yahoo.com

2006-10-10 22:30:34 · answer #1 · answered by apurav a 3 · 1⤊ 0⤋

Ask them , they should have a tax ruling from tax office itself.

If they do not have a ruling they can ask for one.

2006-10-09 08:42:29 · answer #2 · answered by minootoo 7 · 0⤊ 0⤋

YES THERE IS A TAX BENEFIT FOR THIS POLICY

2006-10-09 08:00:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋