Deduction under section 80C covers life insurance premiums for adult children, including married daughters. Deduction under section 80C permits premiums paid to effect or keep in force life insurance on the assessee, spouse, or any child; premiums on policies for adult children, including a married daughter, qualify for the deduction. The Circular confirms this treatment continues under the Finance Act, 1990 provision as it is in pari materia with the earlier section.