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    The Guide to Section 80C of Income Tax

    If you have an income, you are required to pay income tax on it to the government. But there are various ways in which you can reduce your tax liability. One of the most well-known ways of doing this is to invest your money in various Section 80C investment options. Section 80C of the Income Tax Act, 1961 offers tax deduction benefit of up to Rs. 1.5 lakh that you can avail by making such investments. In this blog we will discuss the various investment options that can be used to avail Section 80C tax deduction benefits and some key features of these tax saving investment options. ...Read More

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    Abhishek Chakravarti

    BFSI Writer

    Abhishek is a financial writer with over 6 years of experience in the BFSI sector. Prior to his current stint with Max Life Insurance, he has worked with leading fintech startups. He specializes in writing about taxation and various investment products like ULIPs, retirement plans, guaranteed investment plans, mutual funds etc.

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    Sahil Rawal

    BFSI Expert

    Sahil Rawal is a digital & brand management specialist with over 10 years of experience in Financial Services Industry. Life insurance professional with expertise in digital marketing strategy, website content marketing and brand communication designed to increase brand awareness, drive engagement & sales.

    What is Section 80C?

    Section 80C specifies a number of key investment options and expenses that are eligible for tax saving benefits. These investment instruments are collectively known as Section 80C investment options. The number of Section 80C investment options is quite extensive and includes popular instruments like Public Provident Fund, Unit Linked Insurance Plans, ELSS Tax Saver Mutual Funds, National Savings Certificate, National Pension System, etc. However, the cumulative tax benefit from these tax saver investments is limited to Rs. 1.5 lakh annually.

    What is the Eligibility Criteria for Section 80C?

    The provisions of section 80c of income tax apply to individuals and Hindu Undivided Family (HUF). Besides, this section covers both Indian residents and NRIs.

    However, the deduction in tax for 80C investment is not available to partnerships, companies, and other corporate bodies.

    If you want to avail tax deductions under this section, you must file an Income tax return by 31st July. File your income tax on time to reap maximum benefits with 80c investment options.

    What are Some 80C Investment Options?

    Investment Options Under 80C for Individuals

    Whether you're salaried or self-employed, it's important to consider various options to save tax. Tax deduction under section 80C is the most claimed among other tax-saving options.

    The good news is that there are several 80C investment options that work as tax-saving instruments in the market. Let's take a look at the best investment options under 80c.

    Section

    Investment Instrument

    Conditions (if any)

    Tax Benefits and Deductions

    80CLife Insurance Premiums

    Not applicable if policy is bought for parents or parents in law

    Tax Deduction Limit – INR 1,50,000(if any) Income on maturity is tax -free

    80C

    PPF

    Maximum amount that can be invested in a year – INR 1.5 lakh

    Tax Deduction Limit – INR 1,50,000

    80C

    EPF (Employee Provident Fund)

    NA

    Tax Deduction Limit – INR 1,50,000- Interest is also tax-exempted

    80C

    ELSS (Equity Linked Savings Scheme)

    NA

    Tax Deduction Limit – INR 1,50,000

    80C

    ULIP (Unit Linked Investment Plans)

    Tax Deduction Limit – INR 1,50,000

    80C

    Fixed Deposits

    Any bank deposit for a minimum of 5 years is eligible for tax deduction under 80C.

    Tax Deduction Limit – INR 1,50,000 Interest taxed at slab rates.

    80C

    Home Loan Principal Payment

    NA

    Tax Deduction Limit – INR 1,50,000

    80C

    SSY (Sukanya Samridhhi Yojana)

    NA

    Tax Deduction Limit – INR 1,50,000 Maturity amount is exempted from taxes

    80C

    NSC (National Saving Certificate)

    the interest accrued in first 4 years is eligible for deduction.

    Tax Deduction Limit – INR 1,50,000

    80C

    NPS (National Pension Scheme)

    NA

    Tax Deduction Limit – INR 1,50,000

    80C

    SSC (Senior Citizen Scheme)

    NA

    Tax Deduction Limit – INR 1,50,000

    · Life Insurance Premium

    The most common 80c investment option is the life insurance premium. Life insurance not only helps in tax saving but also protects your family's financial future in case of unforeseen events.

    If you purchase a life insurance premium policy for yourself, your partner and your children, you can claim a tax deduction under section 80C on the premium paid for the policy. However, you won't be eligible to receive such a benefit if you buy the policy for your parents or parents-in-law. In case you hold more than a single policy, you can claim tax benefits on this 80C investment up to the limit of 1,50,000.
    typesOfInvestments

    · Public Provident Fund (PPF)

    Another popular investment option under 80C is the Public Provident Fund. It allows you to invest INR 500 - 1,50,000 in a financial year.

    Under the provisions of section 80C of the income tax, your taxable income will decrease by the amount invested in the fund.

    Moreover, the interest you receive is tax-free, which implies an all-around financial advantage.

    · Employee Provident Fund (EPF)

    The next 80C investment option is Employee Provident Fund, which is a benefit scheme available only for salaried employees. Here, both the employee and the employer invest a certain amount of money every month. interest is paid regularly on the amount available in the EPF account.

    · Equity Linked Saving Scheme

    Another 80C investment option is the Equity Linked Saving Scheme. It allows you to enjoy tax-saving benefits on the amount paid towards the fund.

    This scheme offers higher returns as the money gets invested in equity funds. However, it is to be noted that equity investment is prone to market risks, so make decisions according to your risk-appetite to avoid unaffordable losses.

    While there is no upper limit on the amount invested in Equity Linked Saving Scheme, you can avail income tax benefits only up to Rs 1,50,000.

    · Unit Linked Insurance Plan

    Unit Linked Insurance Plan is an excellent option as it offers the dual advantage of life cover and investment benefit. Under section 80C of income tax, it offers a tax-saving benefit of up to INR 1.5 lakhs. Investing your money in Unit Linked Insurance Plan allows maximizing savings through various market-linked fund options. If you wish to get an estimate of how much insurance coverage will be enough for your family and how much you need to pay for the same, you can use a ULIP calculator.

    · Tax Saver Fixed Deposits

    Another 80C investment option is the Tax Saver Fixed Deposit. Any deposit you make with a bank for a minimum of 5 years is eligible for tax deduction under 80C.

    A tax saver fixed deposit allows you to choose a nominee who can withdraw the deposit pre or post maturity period in case of your death. However, you must know , you cannot make a premature withdrawal from a tax saver fixed deposit.

    If you contribute an additional sum of INR 50,000 under the National Pension Scheme (over and above the limit of 1,50,000 of section 80C), the total sum can be claimed as a deduction under section 80CCD. Remember that the additional deduction can only be claimed if you have a tier I NPS account.
    typesOfInvestments

    · Home Loan Principal Repayment

    In case you've taken a home loan from any bank or financial institution, you can avail a deduction of 1,50,000 under section 80C on the repayment of home loan principal.

    · Sukanya Samriddhi Yojana

    Sukanya Samriddhi Yojana is a scheme devised for the welfare of a girl child at the time of significant events of her life such as education and marriage.

    This scheme is eligible for tax saving under section 80C of income tax. You can open the account for 2 girl children under 10 years of age. It is an excellent investment option under section 80C.

    · National Savings Certificate

    The last 80C investment option is the National Savings Certificate. The investment you make under this scheme is eligible for a tax deduction. Besides, even the interest accrued for initial 4 years is eligible for deduction.

    80C Investment for Senior Citizen

    Senior Citizens who are looking for tax-saving investments can invest in the following investment schemes:

    1. Recurring Deposits and Fixed Deposits

    Recurring Deposits and Fixed Deposits are the two most preferred tax savings investment schemes, especially for senior citizens. Under Section 80C of the Income Tax Act, senior citizens can enjoy tax-free interest income of up to Rs. 50,000.

    · Senior Citizens Saving Scheme

    The Senior Citizen Saving Scheme is specially devised for senior citizens of 60 years of age or above. Senior citizens who have chosen Voluntarily Retirement Scheme can opt for this scheme at 55 years.

    Any investment made under this scheme is eligible for a deduction, and the maximum limit remains 1,50,000.

    · National Pension Scheme

    National Pension Scheme encourages you to invest money in a pension account at regular intervals during the period of your employment. Senior Citizens up to the age of 70 years can invest in the National Pension Schemes. The contribution made towards this scheme allows tax deduction under section 80CCD, a subset of 80C. However, the combined deduction under both sections cannot be more than INR 1,50,000.

    2. Tax Free Bonds

    Public sector undertakings issued bonds can be a beneficial tax saving instrument for senior citizens who look for safer investment options. The bonds can be bought through a Demat account. The interest earned on these bonds are tax-free.

    80C Investment Options for Hindu Undivided Family

    As Hindu Undivided Family (HUF) is considered a distinct identity in the eyes of law in India, investment options are different for HUF. Under Section 80C of Income Tax, HUF are allowed a tax exemption of Rs. 2,50,000 in a year.

    Apart from that, HUF is exempted from making investments in some investment instruments.

    These instruments are government’s small investment plans such as PPF (Public Provident Fund), monthly saving schemes, National Savings Certificate, and recurring deposits.

    HUF can however invest in equity, Mutual Funds, Fixed Deposits, Life Insurance and Equity Linked Savings Scheme (ELSS).

    The HUF tax benefits under Section 80C for these investment instruments are same as the benefits available for individuals.

    What are the Payments Eligible for Deduction Under Section 80C?

    A few payments are also eligible for deduction under section 80C:

    · Payment towards Life Insurance

    Needless to say, the premium paid towards a life insurance policy is one of the most popular ways to save tax. However, the exemption is only applicable if the premium is lower than 10% of the sum insured.

    · Repayment of House Loan

    Tax exemption is also applicable to the repayment of a home loan taken by a person to construct or purchase a residential property. The deduction also applies to stamp duty, registration fees and transfer expenses.

    · Payment towards Children's Fees

    Another payment eligible for deduction is the education fees paid for children up to Rs 1,50,000. It is applicable for tax deduction under section 80C of income tax.

    80C Investment Proof

    These investment schemes can help saving tax. For that, you have to submit investment proofs every year to ensure your employer doesn’t deduct higher taxes. Submitting proofs can be perplexing for when you are not aware of the documents required. To make it all easier for you, here’s a table you can refer to:

    Type of InvestmentInvestment Proof
    ELSS Mutual FundsConsolidated email statement of ELSS investment or copy of investment certificate
    Fixed DepositA copy of FD receipt or bank statement
    Insurance PolicyCopy of policy document and premium payment proofs
    PPFCopy of deposit receipt
    ULIP/ Pension Schemes Premium Payment proofs
    House Loan Interest Certificate from bank with proof of principal payment and interest
    Interest accrued on NSCCopy of NSC bought
    Children Tuition FeesCopy of Payment Receipt
    All other Tax Saving Funds Copy of Investment Certificate

    Frequently Asked Questions (FAQs)

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    A resident individual or Hindu Undivided Family can claim tax deduction under section 80C of the income tax. In addition, NRIs are also eligible for tax deduction under this section.

    Yes, section 80C covers all types of life insurance premium, including personal accident insurance and the ones which will get paid in case of demise due to accident.

    The equity-linked saving scheme, also known as ELSS, is the only type of mutual fund covered under section 80C of income tax.

    By investing money in ELSS, you become eligible to claim a tax deduction of up to Rs 1,50,000 a year.

    Tax exemption under section 80C cannot be availed by companies, partnerships and corporate bodies.

    While it is possible to invest in different tax-saving instruments, an individual can only claim a maximum of INR 1,50,000 in a financial year.

    Yes, investment in Unit Linked Investment Plans or ULIPs are eligible for tax benefits u/s 80C. ULIP plans have a lock-in period of 5 years, after which you can choose to surrender your policy and withdraw the proceeds.

    Yes, Sukanya Samriddhi Yojana is one of the popular Section 80C investment options that provides tax saving benefits to investors. Partial withdrawal of the investment can be made for higher education of the girl child under whose name the investment has been made. Full withdrawal can be made when the girl child turns 21 years old or gets married after the age of 18 years.

    Section 80C is a subsection of the Chapter VI A of the Income Tax Act. The larger Chapter VI A includes additional tax saving options like House Rent Allowance (HRA) tax benefit for rent paid.

    To calculate the overall deduction u/s 80C, you just need to sum up all investments made in various Section 80C investment options made during the financial year. However, if the sum total of these investments exceeds Rs. 1.5 lakh for the year, you will get tax benefit of up to Rs. 1.5 lakh limit for the year.

    ARN NO: Aug23/Bg/04M

    Sources:

    www.incometaxindia.gov.in/Pages/tools/deduction-under-section-80c.aspx

    www.incometaxindia.gov.in/pages/rules/equity-linked-savings-scheme.aspx

    www.incometaxindia.gov.in/pages/rules/national-savings-certificates-viii-issue-scheme-2019.aspx

    www.incometaxindia.gov.in/pages/rules/senior-citizens-savings-scheme-2019.aspx

    www.incometaxindia.gov.in/pages/rules/nps-tax-saver-scheme-2020.aspx

    www.india.gov.in/sukanya-samriddhi-yojna

    www.indiapost.gov.in/Financial/pages/content/post-office-saving-schemes.aspx

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     ~ Conditions for premium break : Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years

    ~1 Conditions for Special exit value:

    Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.

    ~2 Voluntary Top-up Sum assured:

    Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception

    ^^*^^Free look period conditions:

    The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.

    ^Individual Death Claim Paid Ratio as per audited financials for FY 2022-2023

    8https://www.moneycontrol.com/news/business/economy/buy-term-insurance-now-as-rates-may-rise-from-april-1-4930921.html

    2Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).

    3The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid

    4Tax benefits as per prevailing tax laws, subject to change

    Terms and conditions for availing 5% employee discount:

    <Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.

    1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount


    9

    The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V06)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

    ~*Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    **Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    ~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| @Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

    ARN - ARN/Web/01/21042021

    Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

    The premium shall be adjusted on the due date even if it has been received in advance.

    For Total Installment Premium -**Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

    For Return of Premium -~The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

    For Riders -#Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

    For Additional Benefits -##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

    *~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

    6

    Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 30,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

    ##

    Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

    #

    With “Save the date”, you can choose to take your annual income to any special date in a year.

    ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

    ~

    Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

    #~

    Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

    ~1

    Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

    6

    Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 30,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

    **

    Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

    *

    Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

    7

    Available with Max Life Smart Wealth Plan (UIN: 104N116V08)

    8

    Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V04). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 50 lakh.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 75 lakh.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 1.5 Cr.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 2 Cr.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 5 Cr.

    **Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.

     

    Disclaimer~*Standard premium for 24-year old healthy female,non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    ~^Disclaimer: 5 year return (CAGR – Compound Annualised Growth Rate) from Max Life High Growth Fund (ULIF01311/02/08LIFEHIGHGR104) as on 31/05/2023| 2Nifty Midcap Free Float 100% (5-year return) | For more details on risk factors, terms and conditions and products offered.

    ^~The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back. The value of your policy depends on a number of factors including future investment performance. The amount shown is for a 30-year-old healthy male, with 10 years premium payment term, and 35 years policy term with Max Life Online Saving Plan (Unit Linked Non Participating Individual Life Insurance Plan | Life Insurance is available in this product).

    **Disclaimer | Max Life Smart Secure Plus Plan. A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan. | **Standard Premium for 24 Year Old Healthy Female, Non-smoker, 25 Years Policy Term, 25 Year Premium Payment Term (exclusive of GST) for Max Life Smart Secure Plus Plan. | For Male, the Total premium to be paid in 25 years is Rs.2.09 lakhs (exclusive of GST). ~As compared to the similar modal points of Male, Female has to pay Rs.13,800 lesser premium than male for the entire policy term (exclusive of GST).

    ~3Disclaimer: A 35 year old female opting for a life cover of Rs. 1 Cr till the age of 75 years pays Rs. 3,319 monthly for 10 years while a 35 year old male will pay Rs. 4,168 monthly for 10 years

    7Disclaimer : Rs. 1,00,29,587 after 14 years at policy maturity on monthly investment of Rs. 16,600 for 12 years for 30 year old male with Max Life Smart Wealth Plan – Long Term Variant. A non-linked non-participating individual life insurance savings plan. The guaranteed benefits are applicable only if all due premiums are paid. Total premiums paid is exclusive of GST. Life Insurance is available in this product. ARN: WP/SWP/250723.

    Disclaimer: ~10 year CAGR of Nifty SmallCap 250 Quality50 index as on 24/07/2023. Max Life Nifty Smallcap Quality Index Fund is passively managed Index fund that tracks the Nifty SmallCap 250 Quality50 index (subject to tracking error).