InvestorQ : I have term policies with HDFC Life and SBI Life. Do insurance premiums also get concessions for payment like bank loans and tax payments?
Angel dcosta made post

I have term policies with HDFC Life and SBI Life. Do insurance premiums also get concessions for payment like bank loans and tax payments?

Answer
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Anamika Sodhani answered.
5 months ago


IRDA has recently made an announcement giving an additional 30 days to pay life insurance premiums amid the lockdown. This is irrespective of whether the insurance contract has the grace period clause or not. IRDA has already provided additional time for payment and renewal of all insurance policies pertaining to life, health and motor insurance. For claiming benefits under Section 80C of the Income Tax Act, life insurance premiums paid till June 30th will be eligible for tax exemption for the financial year 2019-20. As a special and exceptional case, assessees can consider life payments till June 30, this year.