Life insurance cover for home loan comes under 80C ?, Income Tax

[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

Posts / Replies

[CA GOPALJI AGRAWAL]

To my view, it is deductible if it qualified the conditions of life insurance policy as the premium is less than 10 percent of the sum assured.