Can I get deduction undersection 80ccc of incometax for the single premium to MARKET PLUS1 in LIC OF INDIA.?



Me aged 58 want to get deduction under 80ccc of IT rules towards the single premium of Rs1,00,000 in MARKET PLUS1 under ULIP of LIC of india. Is it permissible? Also, me wants to withdraw the amount in full, after a lock in period of 3 years, along with the benfits, if so the amount to be recieved is taxable? Please clarrify. Thank you.

Can I get deduction undersection 80ccc of incometax for the single premium to MARKET PLUS1 in LIC OF INDIA.?
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2 Replies to “Can I get deduction undersection 80ccc of incometax for the single premium to MARKET PLUS1 in LIC OF INDIA.?”


  1. The overall limit of section 80C is Rs 1 lakh, that includes 80CCC.

    If you withdraw the entire amount after 3 years, it will be taxable.

    But at maturity 1/3rd of the amount will be tax free.

    HMT





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