Are LIC Premiums Paid For Dependant Parents Eligible For Tax Exemption ?

madhu1621
Hi,
I’m paying LIC premiums for my mom and dad from 2009. Can these premiums be claimed under tax exemption in any section or way. In my previous company, they accepted these premiums for tax exemptions as I’m the only one paying the premiums. My present company is denying for doing so now.
Please clarify my above doubts.
nathrao
Insurance premium paid for parents is not eligible for deduction under section 80C.
nathrao
Clarification to above;
Section 80D provides tax deduction for health insurance of parents of assesee.
In case of senior citizens,deduction is upto Rs20000.
madhu1621
In any other section or in any other way, can't i make the claim ? Coz, My parents are not working and since policies are taken by me in their names and I'm paying the premiums every 6 months from my bank account and no one is claiming the premiums.
nathrao
You can get deduction section 80D for health insurance of parents.Mediclaim policy)
mail8013
Friends,
Sec 80D is related to Health Insurance and not Life Insurance. You can get tax benefits for the Premium paid under health insurance schemes for parents.
Kindly check.
Regards, A.B.
arulk
Insurance premium paid for parents and in-laws are not eligible for deduction under sec 80c. Only premium paid for spouse and children are eligible.
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