Confused About Tax Exemptions for LIC Premiums Paid for Parents? Let's Discuss!

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 doing so now. Please clarify my above doubts.

Clarification on Insurance Premium Deductions

Insurance premiums paid for parents are not eligible for deduction under Section 80C. This statement clarifies that insurance premiums paid for parents are not eligible for deduction under Section 80C.

Clarification on Tax Deductions for Health Insurance

Section 80D provides a tax deduction for health insurance of the parents of the assessee. In the case of senior citizens, the deduction is up to Rs 20,000.

In any other section or in any other way, can't I make the claim? Because my parents are not working, since policies are taken by me in their names, and I'm paying the premiums every six months from my bank account, and no one is claiming the premiums.

You can get a deduction under section 80D for health insurance of parents (Mediclaim policy).

Thank you.

Friends,

Understanding Section 80D

Section 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.

Eligibility of Insurance Premiums for Tax Deductions

Insurance premiums paid for parents and in-laws are not eligible for deduction under Section 80C. Only premiums paid for a spouse and children are eligible.