Pension contribution deduction for individuals available for approved annuity plans, subject to yearly claim and aggregate cap. Deduction under Section 80CCC applies only to individuals for contributions to LIC or other insurers in approved annuity plans paid from taxable income, claimable only in the year of payment and not claimable under other sections. Life insurance unrelated to pension schemes is excluded. Withdrawals and pensions are taxable in the year of receipt. The deduction is subject to a monetary ceiling and an aggregate limit across sections 80C, 80CCC and 80CCD(1) as provided by Section 80CCE.