Direct answer
Yes, premiums paid for whole life insurance in India are generally eligible for tax deductions under Section 80C of the Income Tax Act, subject to specific limits and policy conditions.
Income Tax Department of India guidelines regarding deductions for life insurance premiums. For additional information about tax deductions on life insurance premiums, see the Income Tax Department‘s official portal.
What this means for you
Yes, premiums paid for whole life insurance in India are generally eligible for tax deductions under Section 80C of the Income Tax Act, subject to specific limits and policy conditions.
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