tax benefit on policy with sum assured zero

anujtax 1
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I have an ICICI Prudential policy - Life time super pension plan for which the premium is 24K per annum and sum assured is zero.

My company is saying that there would be no tax benefit on this since the sum assured is zero and tax benefit is upto 20% of the sum assured (20% of zero is zero.

I requested a clarification from ICICI and they said that I am eligible for tax benefit under 80CCC of Income tax act 1961.

Request your suggestion.

Regards, Anuj Singh

section-80ccc tax-benefit tax-deduction pension-plan tax-saving income-tax
1 Answers

There would definitely be tax benefit on such retirement/pension plans. This is to be claimed under section 80CCC and not 80C.

Combined limit of income tax benefit u/s 80C, 80CCD and 80CCC is 1 lakh.

Please ask you employer to read tax laws properly.

Pankaj Batra5212
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