Tax deductions under Section 80C define eligible investments and conditions triggering reversal on premature withdrawal or policy lapse. Section 80C grants an aggregate deduction for specified long term savings and insurance investments-including employee provident fund contributions, PPF, life insurance premiums for the taxpayer, spouse and children (and HUF members), ELSS, principal repayment of home loans, stamp duty and registration on house purchase, Sukanya Samriddhi, NSC, certain bonds, five year bank and post office deposits, senior citizen savings, and prescribed pension funds. Employer PF contributions are exempt but employee contributions qualify. Premium limits relative to sum assured vary by issue date. Breach of prescribed holding or premium-payment conditions can render earlier deductions taxable; insurance proceeds are generally exempt subject to defined exceptions.