What are tax benefit from insurance?

Question

How an insurance policy can become beneficial or what benefits one can find by taking an insurance policy in india in terms of tax payments.

Answer 1

In India premium paid up to Rs 1 Lakh is exempt from Tax under Section 80 C of the Income Tax Act subject to certain terms and conditions. A death or Maturity benefit received by the Nominee or policyholder is tax-free income under Section 10(10D).