It is that time of the year when the rush to save tax* begins. Searching for the right option can be a complicated and dull task, which most of us just want to get done with.

But did you know that investing in the right option can give you more than just tax saving? Life insurance is one such option that provides you with a life cover, helps you Save Tax* & Get More!

 

LIFE INSURANCE GIVES YOU THE TAX PLUS BENEFIT

Tax benefits offered under the Income Tax Act, 1961:

  • Section 80C:

    You can get tax benefits up to 46,800/-* on premiums paid u/s 80C. This deduction u/s 80C* from taxable income can be claimed for an Individual or a HUF.
  • Section 10(10D):

  • 1/3rd of the payment that you receive under pension plan at the time of retirement is also tax free*. This is known as commutation.
  • Please refer the table below to view the details of plans eligible under Section 80CCC of the Income Tax Act 1961 and 10(10A) of the Income Tax Act 1961

    Sections Product Category Available Online
    Section 80C & Section 10(10D)
    ICICI Pru LifeTime Classic ULIP Plan Yes - Buy now
    Section 80C, 80D ICICI Pru iProtect Smart Term Plan Yes - Buy now
  • Section 80D:

  • You can get tax benefits of up to 7,800/-* on health insurance premiums paid for Critical Illness benefit@ on ICICI Pru iProtect Smart - Life & Health option and All-in-one option u/s 80D of the Income Tax Act, 1961.

Please refer the table below to view the details of plans eligible under 80D of the Income Tax Act, 1961.

\
Sections Product Category Available Online
Section 80D ICICI Pru iProtect Smart Term Plan with Health option Yes - Buy now
  • Section 80CCC:

    You can get tax benefits on premium paid up to 1,50,000/- towards pension/retirement policies. However, if you surrender the plan, the pension/annuity received will be taxed as per the existing tax laws.

  • Section 10(10A):

  • 1/3rd of the payment that you receive at the time of retirement is also tax free. This is known as commutation.
  • Section 80CCE:

  • Under this section , the overall limit of deduction from taxable income to get tax benefits under Sections 80C, 80CCC and 80CCD(1) is  1,50,000/-. Section 80CCE is not a separate deduction. The maximum limit for deduction u/s 80C,80CCC & 80CCD is a total of  1,50,000/-.

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In unit linked plans, the investment risk in the investment portfolio is borne by the policyholder.

Please note: The tax write-up above is for general understanding and reference. You will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. Tax laws are subject to amendments from time to time. ICICI Prudential Life Insurance Company Limited expressly disclaims any liability to any person, if tax benefits stated above are denied to the customer.

@Critical Illness Benefit is accelerated and not an additional benefit which means the policy will continue with the Death Benefit reduced by the extent of the Critical Illness Benefit paid. To know more, please refer the product brochure.ICICI Pru iProtect Smart: UIN - 105N151V06.

Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. The names of the Company, Product names or fund options do not indicate their quality or future guidance on returns. Funds do not offer guaranteed or assured returns.

* Tax benefit of ` 46,800 u/s 80C & `7,800 u/s 80D is calculated at highest tax slab rate of 31.2% (including Cess excluding surcharge) on life insurance premium u/s 80C of ` 1,50,000 and health premium u/s 80D of ` 25,000. Tax benefits under the policy are subject to conditions under Section 80C, 80D, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.

ICICI Pru Life Time Classic UIN 105L155V04

W/II/3696/2021-22

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