Life insurance cover for home loan comes under 80C ?

[venkat eswaran]

Dear All,

I took a home loan from HDFC bank for Rs.1250000/- for that i have covered life insurance under HDFC Life cover for home loan protection plan and paid Total premium Rs.44600/-  for 12 years along with home loan. So total sum assured is Rs.1294600/- .

Whether i can get IT benefit under SEC. 80C for this premium paid amount of Rs. 44600/-. it the one time premium paid and there is no return benefit.

Kindly give ur valuable feedback.

Thanks.

Venkat

AI Summary

Life Insurance Premium Linked to Home Loan May Qualify for Tax Benefits Under Section 80C If Conditions Met. An individual inquired whether the premium paid for a life insurance policy linked to a home loan qualifies for tax benefits under Section 80C of the Income Tax Act. The insurance, taken from HDFC Life, covers a home loan of Rs. 1,250,000 with a total premium of Rs. 44,600 for 12 years. A respondent, a Chartered Accountant, advised that the premium could be deductible under Section 80C, provided it meets the condition that the premium is less than 10 percent of the sum assured, which is Rs. 1,294,600.