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Taxability on insurance single premium paid for 20 years

SAFETAB LIFESCIENCE

Dear Experts,

For availing a Home Loan by our employee, Axis Bank insisted to take a Key Man Life Insurance Policy for the Loan amount as sum insured and the period for the total loan term of 20 years.

Our employee paid about ₹ 45,000/- as single premium for the tenure from 2017 to 2037 and asking claim under 80-C for the total premium of ₹ 45,000/-. Whether I can allow ??

Deduction under Section 80C: single-premium key-man life insurance for loan tenure treated as allowable deduction. A single premium paid by an employee for a key-man life insurance policy taken to secure a home loan and covering the loan tenure may be treated as an eligible life insurance premium and allowed as a deduction under 80-C. (AI Summary)
Income Tax
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DR.MARIAPPAN GOVINDARAJAN on Aug 7, 2018

In my view it can be allowed.

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