Income Tax Rebate in Life Insurance Ulip Plans?



If one invests his money in Unit Linked Plans of LIC, and no risc cover is taken, then will it be eligible for rebate in Income Tax?

Income Tax Rebate in Life Insurance Ulip Plans?
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4 Replies to “Income Tax Rebate in Life Insurance Ulip Plans?”


  1. Yes you can claim the deduction for ULIP u/s 80C of the I.T. Act, 1961….
    maximum limit upto which the deduction can be claimed is Rs. 1 lakh…!!


  2. Dear Friend, If you take an Ulip plan which is categorised as PENSION PLAN and even if you do not take Life cover you would get Tax exemption under sec 80 c, Moreover the reciept from the policy in the form of pension or surrender would be taxed.On Vesting date(i.e the day you have decided you want pension income to start from) you can withdraw one third amount as tax free.

    In a normal ulip if you do not take life cover atleast 5 times of premium then you do not get any exemption neither your reciepts will be tax free(USec 10 (10)D)

    So if you take an ulip with cover 5 times of premium your Reciepts will be tax free and you will also get tax exemption on prmium invested.
    Please feel free to contact me on 9212319934 or visit our website for further clarification http://aims.insurance.officelive.com/default.aspx


  3. The maximum amount deductible under section 80C is Rs. 1,00,000. Also the total amount of deductions under sections 80C, 80CCC and 80CCD is Rs. 1,00,000.





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