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Deductions under Chapter VI-A of the Income Tax Act, 1961 (‘Act’)

Taxes form one of the most important and major sources of revenue for the Government of India. They are levied as direct and indirect taxes on the different categories of taxpayers. The rate of taxes levied is based on various factors such as income, assets held, etc.

The Government utilises these funds to manage infrastructure and development initiatives. However, it can increase the financial liabilities for the taxpayers in the long term. Therefore, to ensure financial stability amongst the taxpayers and encourage them to invest for the future and manage their liabilities, the Government introduced several tax provisions to reduce taxable income.

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Topics in this article

Deductions under Chapter VI-A of the Income Tax Act, 1961 (Act) available to an individual
What is Chapter VI-A of the Act?
Deductions under Chapter VI-A of the Act
Summary of Chapter VI-A Deductions available to an individual
Frequently Asked Questions (FAQs) about deductions under Chapter VI-A available to an individual

What is Chapter VI-A of the Income Tax Act?

Chapter VI-A of the Income Tax Act provides various deductions from total income for the different categories of taxpayers based on the expenses incurred or the investments made. As a result, it helps reduce the taxable income and the corresponding income tax liability. The different tax provisions are specific to the expenses incurred by the taxpayers. The tax provisions define the eligible taxpayers and the maximum allowable deduction limit based on the stated terms and conditions.

The Chapter VI-A deductions are available in respect of different expenditures such as medical expenses, principal, and interest payments on housing loans, etc., and investments made in financial products such as life insurance plans, pension schemes, etc. Therefore, eligible taxpayers must understand the applicable benefit of deductions and avail the same while filing their Income Tax Returns (ITR).

Please Note: While the deductions under Chapter VI-A apply to taxpayers who choose the old tax regime, the deduction under section 80CCD (2), 80CCH(2) and 80JJAA only are allowed to the taxpayer who chose the new tax regime. While the new tax regime does not provide benefit of deductions from gross total income, it offers a lower rate for the different income tax slabs. Further, maximum deductions that can be claimed is restricted to gross total income (GTI)

Deductions under Chapter VI-A of the Act

Different deductions under the different provisions and the applicable limits under Chapter VI-A are provided in brief hereunder.

Section 80C
Section 80C is an important tax provision under Chapter VI-A of the Income Tax Act, 1961. Additionally, it is one of the most commonly used tax provisions that help individuals and HUFs reduce their taxable income based on some of their expenses and savings or investments made during the financial year.

The maximum limit of deduction under section 80C of the Act is ₹1.5 lakhs, and it is for the aggregate of expenses and investments and is not separate for the individual contribution or spending made to specific financial products.

Under Section 80C of the Income Tax Act, the premiums paid towards your life insurance policy are eligible for tax deductions of up to ₹1.5 lakhs. You can claim this deduction every financial year on the annualised premiums of the following life insurance plans:
- Term Insurance
- Savings Insurance Plans
- Retirement/Pension Plans with Life Cover
- Other Life Insurance Solutions - combination plans, comprehensive life covers, etc.
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Expenses - The following expenses will qualify for the benefit of deduction under Section 80C.
- Home Loan Principal Repayment
- Stamp Duty and Registration Charges incurred while acquiring house property
- Tuition Fees for Children
Savings and Investments - Savings and investments made in certain financial products will qualify for a tax deduction under Section 80C Income Tax Act 1961. It will help the taxpayers accumulate funds or appreciate their wealth to secure their future while saving on tax.
- Public Provident Fund (PPF)
- Employees Provident Fund (EPF)
- Equity Linked Savings Scheme (ELSS)
- Bank Fixed Deposit
- Unit Linked Insurance Plan (ULIP) of life insurance company
- Term life insurance plan
- Deferred annuity plan of insurance company
- Sukanya Samriddhi Yojana (SSY)
- Senior Citizens Savings Scheme (SCSS)
- National Savings Certificate (NSC)
- Post Office Time Deposit

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Certain other sections under Chapter VI-A of the Act which provide for deduction are mentioned below:

Section 80CCC - Premium payments pension/annuity plans approved by IRDAI provided by life insurance companies.
Section 80CCD (1) - Employee's contribution to the National Pension Scheme and investments in Atal Pension Yojana to the extent of 10% of salary in case of employed taxpayer and in case of other assessee, the maximum deduction available is 20% of gross total income.
Section 80CCD(1b) - Further benefit of deduction of ₹50,000 applicable for the amount contributed to the NPS in addition to the 80CCD (1) deduction
Section 80CCD (2) - The employer's contribution to the National Pension Scheme for salaried employees up to 10% of the basic salary plus the dearness allowance. The deduction limit is 14% if the employer is Central Government.
Section 80CCF - The amount invested up to ₹20,000 in the long-term infrastructure bonds approved by the Government
Section 80CCG - The investments made in equity savings schemes notified by the Government of up to ₹25,000

Aggregate limit of deduction under Section 80CCE - It is important to note that the aggregate limit of deduction available under Section 80C, Section 80CCC and Section 80CCD (1) is ₹1.5 lakhs. However, the deduction under Section 80CCD(1B) of ₹50,000 is over and above the said aggregate deduction limit.

Click here for further information on Section 80C.

Section 80D

Section 80D provides deduction for individuals and HUFs on the premium paid for the health insurance plan for self, spouse, dependent children, and parents.

In addition, the benefits apply to the top-up health plans, health riders in respect of life insurance plans and expenses incurred towards preventive health check-ups.

Furthermore, it applies to medical expenditure on senior citizens (person with age of 60 years and above) not covered in a health insurance plan.

Deduction limit under Section 80D - According to Section 80D, the maximum limit for deduction is ₹25,000 for persons less than 60 years of age and ₹50,000 for senior citizens. Further, the mode of payment shall not be cash.

In the case of separate policies for self+family and parents, the taxpayer can claim both benefits as per the above-mentioned limits.

Section 80D also provides deduction of up to ₹5000 for preventive health check-ups for self, spouse, dependent children, and parents and can be paid in cash. However, it is allowed within the stated limit of ₹25,000 and ₹50,000.

For further information, refer to Section 80D.

Section 80DD

Section 80DD provides a deduction to a resident individual or HUF for the expenditure incurred towards medical treatment, training and rehabilitation of a dependent relative who is handicapped. It also applies to the deposit or payment made to a specified scheme (including schemes of life insurance companies) for the handicapped dependent relative.

Deduction limit for Section 80DD - The maximum available deduction is ₹75,000 if the disability is 40% but less than 80% and ₹1,25,000 if the disability is 80% or more. The prescribed medical practitioner should provide a certificate of disability to claim the applicable deduction.

Section 80DDB

Section 80DDB provides deduction to individuals and HUFs for the medical expenses incurred for themselves or their dependents, such as parents, siblings, spouses, and children, on certain specified diseases. A medical certificate from the concerned specialist for the treatment is essential to claim the deduction under this section.

Deduction limit under Section 80DDB - The maximum allowable deduction is ₹40,000 for the individuals or their dependents if they are less than 60 years of age and ₹1 lakh for senior citizens (person with age of 60 years and above but below 80 years) and super senior citizens (person with age of 80 years and above).

Reimbursement provided by the employer, or the payments made by an insurer if the dependent is insured should be subtracted from the applicable deduction.

Section 80E

Section 80E of the Income Tax Act provides deduction to individual taxpayers for the interest paid towards an education loan.

In order to be eligible for the deduction, the taxpayer should have obtained the education loan from an authorised bank, financial institution, or charitable organisation for higher education in India or outside India. The loan can be taken for the higher education of self, spouse or dependent children or a student under the legal guardianship of the taxpayer.

Deduction limit under Section 80E - The benefit of deduction is for the interest paid on the education loan during the financial year. There is no defined deduction limit applicable for Section 80E. In addition, it is important to note that the tax benefit does not apply to the principal repayment.

The benefit of deduction is applicable for 8 years, starting from the year when the taxpayer starts paying the interest on loan or until the interest is completely repaid, whichever is earlier.

Section 80EE

Section 80EE provides benefit of deduction to individual taxpayers on the interest paid for a residential house property loan.

Some conditions explaining the applicability of deduction under Section 80EE:

The taxpayer should not have owned any other house property when the house loan was sanctioned.
The loan should be from an authorised financial institution or a housing financing company.
The value of the house property should not exceed ₹50 lakhs.
The home loan availed should not exceed ₹35 lakhs.
The loan must have been sanctioned by the financial institution between 1st April 2016 and 31st March 2017.

Deduction limit for Section 80EE - The maximum deduction allowed under Section 80EE for a financial year is ₹50,000. It is over and above the tax deduction limit of ₹2 lakhs under Section 24 of the Income Tax Act, 1961. The deduction benefit is applicable until the house loan is completely repaid.

Section 80EEA

Section 80EEA of the Income Tax Act provides the benefit of deduction to individual taxpayers on interest paid towards a housing loan.

It is applicable based on the following conditions:

The loan must have been sanctioned during the period 1st April 2019 to 31st March 2022.
The individual does not own any other residential house property on the date of sanction of loan.
The stamp duty value of the house property should not exceed ₹45 lakhs.
The taxpayer should not be entitled to benefit of deduction under Section 80EE.

Deduction limit for Section 80EEA - Under Section 80EEA, individual taxpayers can avail benefit of deduction up to ₹1,50,000. It is over and above the tax deduction of up to ₹2 lakhs under Section 24. However, no deduction shall be allowed for the interest under this section, if the said interest has been claimed as a deduction under any other provisions of the Act.

Section 80EEB

Section 80EEB provides a benefit of deduction to individual taxpayers for the interest paid towards loan availed for purchasing electric vehicles.

It is applicable based on the following conditions:

The taxpayer must have availed the loan for purchasing an electric vehicle from a financial institution or a non-banking financial company.
The loan must have been sanctioned from 1st April 2019 to 31st March 2023.

Deduction limit for Section 80EEB - The taxpayers can avail the benefit of deduction up to ₹1,50,000. The section does not provide the purpose for which the electric vehicle can be used i.e., for business or personal use. However, no deduction shall be allowed for the interest under this section, if the said interest has been claimed as a deduction under any other provisions of the Act.

Section 80G

Section 80G of the Act provides the benefit of deduction for the contribution made to certain charitable institutions and relief funds. The benefit is applicable if the contribution is made via cash, cheque, or demand draft. Therefore, the contribution made in kind, such as food, clothes, etc., does not qualify for deduction.

The contributions qualify for a deduction up to 50% or 100% with or without a restriction under Section 80G. It is important to know the list of applicable contributions that qualify for the deduction before claiming the benefit of deduction.

The benefit of deduction under Section 80G apply to any taxpayer, such as individuals, firms, companies, etc. However, it is not applicable for the taxpayer choosing the new tax regime.

Deduction limit for Section 80G - Donations to charitable institutions and relief funds made in cash of up to ₹2000 will qualify for deduction. The donations made above ₹2000 should be made in a mode of payment other than cash.
Section 80GG
Section 80GG provides a benefit of deduction to individuals and HUFs who pay rent for their accommodation but do not receive a house rent allowance. It applies to salaried and self-employed individuals.

Deduction Limit for Section 80GG - The deduction limit for Section 80GG is the least of the following:
1. ₹5000 per month
2. 25% of adjusted total income
3. 10% of the adjusted total income reduced from the actual rent paid
Section 80GGA

Section 80GGA deduction is for the contribution made to a research association undertaking scientific research or research in social science or statistical research, University/ college/ institution used for such research, any association/ institution undertaking rural development or training a person for implementing rural development programmes etc.

Section 80GGA deduction applies to all taxpayers except those who earn an income from a profession or business. It is important to know the list of applicable contributions that qualify for the deduction before claiming the benefit of deduction.

Deduction limit for Section 80GGA - 100% of the amount contributed is eligible for the deductions under Section 80GGA. However, the donations must be made in any form other than cash. For cash donations, the maximum allowable limit is ₹2000.
Section 80GGC

According to Section 80GGC, any person (except an artificial juridical person or local authority) who has made a contribution to a political party or an electoral trust, shall be eligible to claim the entire amount so contributed as deduction, i.e. there is no threshold/ restriction on the amount available as deduction.

In order to be eligible to claim deduction under this section, it is mandatory for that the contribution is made by any mode of payment other than cash.

Deduction Limit for Section 80GGC - The entire contribution made to the political party, or the electoral trust qualifies for the benefit of deduction under Section 80GGC.
Section 80QQB

Section 80QQB provides the benefit of deduction to authors who are residents in India earning a royalty based on their publications.

The deduction is applicable to the royalty income earned by an author for being an author or co-author of a book under the category of literary, artistic, or scientific work. It is also applicable to copyright fees.

Where the royalty is earned from any source outside India, only so much of the income shall be taken into account for the purpose of deduction as is brought into India in convertible foreign exchange within a period of six months from the end of the previous year in which such royalty is earned or within such further period as the competent authority may provide.

Deduction Limit Under Section 80QQB - The maximum allowable deduction is ₹3 lakhs. Therefore, if the income received is less than ₹3 lakhs, the actual income received as above will qualify for the deduction.
Section 80RRB

Section 80RRB provides a benefit of deduction for the resident individuals receiving payments towards royalty towards registered patent.

The patent against which the individual has received the royalty should be an original patent registered on or after 1st April 2003 under the Patents Act, 1970.

Where the royalty is earned from any source outside India, only so much of the income shall be taken into account for the purpose of deduction as is brought into India in convertible foreign exchange within a period of six months from the end of the previous year in which such royalty is earned or within such further period as the competent authority may provide.

Deduction Limit Under Section 80RRB - The individuals can claim up to a maximum of ₹3 lakhs for the royalties earned on the patents. Therefore, if the income earned is less than ₹3 lakhs, the actual income received as above will qualify for the deduction.
Section 80TTA
Section 80TTA is an important deduction that helps taxpayers who receive interest on their savings bank account.

Individuals and HUFs can claim the benefit of deduction on the interest income earned from the savings account with a bank, cooperative society, and post office. And it does not apply to interest earned from fixed, recurring, and other time deposits.

Deduction Limit Under Section 80TTA -
- The maximum allowable tax deduction limit is ₹10,000. Therefore, the entire amount qualifies for deduction if the interest earned is less than ₹10,000.
- On the other hand, if the interest earned is more than ₹10,000, the deduction will be restricted to ₹10,000.
- Furthermore, if the interest income is from multiple accounts, the sum of the interest earned should be considered by the taxpayer for the deduction.
Section 80TTB
Section 80TTB provides a benefit of deduction to a resident senior citizen of the age 60 years or more based on a specified amount from the total gross income for the financial year.

The specified income can be interests earned from any of the following income considered in aggregate:
1. Bank deposits - saving or fixed
2. Deposits in a cooperative society engaged in the business of banking
3. Deposits in a post office
Deduction Limit for Section 80TTB -
- The deduction limit is ₹50,000 or a specified income as described above, whichever is lower. The amount can be deducted by the senior citizens from their gross total income while calculating Income Tax.
- Furthermore, it is important to note that the deduction under Section 80TTA will not apply to senior citizens.
Section 80U

Section 80U offers a benefit of deduction to the taxpayer who is a resident individual certified by a medical authority as a person with a disability. The disability can be related to blindness, hearing impairment, low vision, leprosy-cured, mental retardation, locomotor disability, mental illness, autism, cerebral palsy and multiple disabilities. It differs from Section 80DD, where the benefit of deduction is provided to the taxpayer if any dependent family members have a disability.

Deduction limit for Section 80U - The maximum allowable deduction is up to ₹75,000 for people suffering from minimum 40% and less than 80% disability. Further, the deduction shall be ₹1,25,000 for people suffering from 80% or more disability. A medical certificate in prescribed Form from the relevant medical authorities is required to claim this benefit.

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Summary Of Chapter VI-A Deductions

Below is the table explaining the tax provisions and the deductions limit applicable to individuals.

Tax Provisions Under Chapter VI-A	Benefit of deductions	Eligibility Criteria	Deduction Limit (₹)
Section 80C	For certain savings and investments such as life insurance, EPF, PPF, ELSS, etc., and expenses such as tuition fees for children, home loan principal repayment, etc.,	Individuals and HUFs	₹1,50,000
Section 80CCC	For investing in pension/annuity plans	Individuals
Section 80CCD (1)	Contribution to National Pension Scheme and Atal Pension Yojana	Individuals
Section 80CCD(1b)	Investments in National Pension Scheme and Atal Pension Yojana	Individuals	₹50,000
Section 80CCD (2)	Contribution of employer towards National Pension Scheme	Individuals	Employer’s contribution of up to 10% of the salary and dearness allowance and 14% in case of Government employees.
Section 80CCF	Investment in long-term infrastructure bonds notified by Central Government	Individuals and one member in HUF	₹20,000
Section 80CCG	Investments in equity savings schemes	Individuals	₹25,000
Section 80D	For the investment in health insurance premiums for self, spouse, dependent children and parents and other medical health check-ups (allowed up to INR 5,000)	Individuals and HUFs	₹25,000 for persons less than 60 years of age and ₹50,000 for senior citizens
Section 80DD	Medical expenditure for a dependant with a disability	Individuals and HUF (only residents)	₹75,000 for disability of 40% or more but less than 80%. ₹1,25,000 in case where the disability is 80% or more
Section 80DDB	Medical expenses for specified diseases	Individuals and HUFs	₹40,000 for persons less than 60 years of age and ₹1,00,000 for senior citizens
Section 80E	Interest paid on education loan	Individuals	100% of the interest paid for up to 8 years
Section 80EE	Interest paid on home loan. (Sanctioned between 1 April 2016 to 31 March 2017	Individuals	₹50,000 subject to certain terms and conditions
Section 80EEA	Interest paid on home loan (Sanctioned between 1 April 2019 to 31 March 2022)	Individuals	₹1,50,000 subject to certain terms and conditions
Section 80EEB	Interest paid on vehicle loan (Sanctioned between 1 April 2019 to 31 March 2023)	Individuals	₹1,50,000 subject to certain terms and conditions
Section 80G	Donation to charitable institutions	All categories of taxpayers	Up to 50% or 100% with or without a restriction. Cash donations up to ₹2000
Section 80GG	House rent paid but not received HRA	Individuals and HUFs	Least of the following: ₹5000 per month 25% of adjusted total income 10% of the adjusted total income reduced from the actual rent paid
Section 80GGA	Contribution for scientific research or rural development	All taxpayers except those who earn an income from business or profession	100% of the contribution. Cash donations up to ₹2000
Section 80GGC	Contribution to political parties or electoral trust	Any taxpayer except for companies, artificial juridical persons, or local authority.	100% of the contribution
Section 80QQB	Royalty income for authors	Residents in India or residents but not ordinarily residents in India	Income earned or ₹3 lakhs whichever is less
Section 80RRB	Royalty received for patents	Resident individuals	Income earned or ₹3 lakhs whichever is less
Section 80TTA	Interest earned on savings bank accounts	Individuals and HUFs	₹10,000
Section 80TTB	Income from bank savings or fixed deposits, deposits from post office and cooperative societies	Resident Individuals - Senior Citizens (age of 60 years and above)	₹50,000
Section 80U	For individuals with a disability	Resident individuals	₹75,000 for disability of 40% or more but less than 80%. ₹1,25,000 in case where the disability is 80% or more

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Frequently Asked Questions about deductions under Chapter VI-A available to an individual

Can a company or a partnership firm avail the benefit of deduction under Section 80C?

No, the benefit of deduction under Section 80C apply only to individuals and HUFs (Hindu Undivided Family) and not to any other category of taxpayers, such as companies or partnership firms.
Can I claim deduction under Section 80E if I have availed of an education loan from my employer?

No, the benefit of deduction under Section 80E is applicable if the education loan is availed from an authorised bank or financial institution or any approved charitable institution.
If I have purchased a life insurance plan from a private insurance company, can I claim a benefit of deduction under Section 80C?

Yes, you can avail the benefit of deduction under Section 80C for the life insurance plan purchased from a private insurance company.
Can a firm or a company claim the deduction for the donation made under Section 80G?

The benefit of deduction for the donation made under Section 80G is available to any taxpayer, such as individuals, firms, companies, etc.
Does the interest earned from a fixed deposit and recurring deposit qualify for a tax deduction under Section 80C?

Interests earned from fixed and recurring deposits are not entitled for the tax benefits under Section 80C. However, the investments made in 5-year fixed deposits held with any scheduled commercial bank qualify for the benefit of deduction under Section 80C.
Can I claim deduction under Section 80D separately for the premium paid for my parents and family, including my spouse and children?

Yes, taxpayer can separately claim deduction under Section 80D for the premium paid by the taxpayer for his/ her parents and his/ her family (family includes the taxpayer’s spouse and dependent children).
How does the benefit of deduction for NPS investment in Section 80C differ from Section 80CCD(1B)?
Section 80CCD (1) provides a benefit of deduction for the contribution to the National Pension Scheme. The maximum allowed deduction is the least of the following:
- 10% of the salary if the taxpayer is an employee
- 20% of the total income if the taxpayer is self-employed
- Unexhausted limit of Section 80C deduction limit, ₹1.5L
Section 80CCD(1B) provides a further benefit of deduction up to ₹50,000 for the amount contributed to the NPS scheme in addition to the 80CCD (1) deduction.
Can a deduction be claimed for rent paid under Chapter VI-A?
If the taxpayer does not receive HRA as part of salary, a tax deduction can be claimed of the rent paid for the financial year under Section 80GG of the Act restricted to the least of:
- INR 5000 per month
- 25% of total income before claiming deduction under this section
- Actual rent paid less 10% of total income before claiming deduction under this section.
Is Section 80D deduction applicable for the medical insurance premium paid for my mother-in-law?

No, section 80D deduction is not applicable for the medical insurance premium paid for taxpayer’s mother-in-law.
Is Section 80D deduction applicable for a non-dependant parent?

Yes, section 80D deduction is available for premium paid towards health insurance of parents irrespective of whether they are dependant or non-dependant.
Is deduction under Section 80E applicable to higher education pursued abroad?

Yes, section 80E deduction on an education loan applies to higher education pursued in India and abroad provided it falls within the definition of ‘higher education’ defined under the said section.
Do premature charges paid on early repayment of the education loan qualify for deduction?

Given that only interest payment on loan availed are eligible for deduction under section 80G of the Act, it is likely that the premature charges on early repayment of loan shall not be qualify for deduction under section 80G of the Act.
Can I claim a tax deduction under Section 80EE and Section 24 in the same financial year?

Yes, you can claim deduction under Section 80EE and Section 24 in the same financial year. The benefit of deduction under Section 80EE is over and above the deduction benefit under Section 24. Thus, the expense shall be claimed as a deduction under section 80EE of the Act provided the same has been not claimed as a deduction under the provisions of the Act (including Section 24 of the Act).
What is the difference between Section 80U and Section 80DD?

Section 80U offers a benefit of deduction to the taxpayer certified by a medical authority as a person with a disability. On the other hand, Section 80DD provides benefit of deduction to the taxpayer if any expenditure is incurred by the taxpayer towards medical treatment of a dependant family member or any sum is deposited under an approved scheme (including scheme framed by an insurance company which has been approved by the CBDT) for maintenance of the dependant family members, have a disability.

The benefit under section 80U is available to a taxpayer suffering from disability irrespective of whether the taxpayer has incurred any expenditure or not.
When are the stamp duty charges in respect of acquisition of house property available for deduction under Section 80C?

The deduction on the stamp duty charges in respect of acquisition of house property is available for deduction under Section 80C in the year of payment.
How to claim the deduction under Chapter VIA while filing ITR - 1?

For claiming deduction under Chapter VIA, you need to fill out the required details in Part C - Deductions and Taxable Total Income of ITR-1 applicable for the respective AY.
How is the new tax regime beneficial for taxpayers forgoing certain deductions and exemptions?

The new tax regime benefits taxpayers forgoing certain deductions and exemptions by providing reduced rates for the Income Tax payable based on the income slab.
Does a dental treatment qualify for deduction under Section 80D?

Section 80D provides benefit of deduction for premium paid on health insurance plans. Thus, the expenditure incurred on dental treatments does not qualify for deduction under Section 80D. However, if dental treatments are covered under the taxpayer’s medical insurance plan, then the premium paid towards the same can qualify for Section 80D deduction.
Can we claim deduction for donations made without a receipt?

No, to claim a deduction under 80G, you need a receipt for the donation containing certain details such as the Name and Registration Number of the Trust, Address, Name and PAN of the donor, amount and nature of donation, and the mode of payment since the return of income wherein the deduction towards donation is claimed requires certain information to be mandatorily populated.

Disclaimers
- The complete name of Tata AIA Fortune Guarantee Plus is Tata AIA Life Insurance Fortune Guarantee Plus (UIN: 110N158V10) - Non-Linked, Non-Participating, Individual Life Insurance Savings Plan.
- The complete name of Tata AIA Sampoorna Raksha Supreme is Tata AIA Life Insurance Sampoorna Raksha Supreme (UIN:110N160V03) - A Non-Linked Non-Participating Individual Life Insurance Plan
- The complete name of Tata AIA Fortune Guarantee Pension is Tata AIA Life Insurance Fortune Guarantee Pension (UIN:110N161V07) - A Non-Linked Non-Participating Individual Life Insurance Plan
- ^Applicable for specific plan options. Please refer brochure for additional details.
- *Applicable for specific plan options. Please refer brochure for additional details.
- ^~Under Life Plus Option, an amount equal to the 105% of the Total Premiums Paid (excluding loading for modal premiums) shall be payable at the end of the Policy Term, provided the life assured survives till maturity and the policy is not terminated earlier.
- ^#Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
- Insurance cover is available under the product.
- ⁺⁺Tax benefits of up to ₹46,800 u/s 80C is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000. Tax benefits under the policy are subject to conditions laid under Section 80C, 80D,10(10D), 115BAC and other applicable provisions of the Income Tax Act,1961. Good and Service tax and Cess if any will be charged extra as per prevailing rates. The Tax-Free income is subject to conditions specified under section 10(10D) and other applicable provisions of the Income Tax Act,1961. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
- The products are underwritten by Tata AIA Life Insurance Company Ltd.
- ¹“Guaranteed Annual Income” shall be a fixed percentage of the Annualised Premium / Single Premium (excluding discount) payable in a year. Guaranteed Annual Income as per the chosen Income Frequency shall commence after maturity till the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
- ²Available under Regular Income with an Inbuilt Critical Illness Benefit option
- ³Return of Premium Benefit is The Total Premiums Paid (excluding loading for modal premiums and discount) by the policyholder will be payable at the end of the Income Period, irrespective of survival of the life insured(s) during the Income Period.
- ⁴The word Guaranteed, and Guarantee means the annuity payout is fixed at inception of the policy and will be payable for whole of life or till death of the Annuitant(s).
- The plans are not guaranteed issuance plans, and they will be subject to Company’s underwriting and acceptance.
- For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
- This product is underwritten by Tata AIA Life Insurance Company Ltd.
- The plan is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance.
- Insurance cover is available under this product.
- Buying a Life Insurance Policy is a long-term commitment. An early termination of the Policy usually involves high costs, and the Surrender Value payable may be less than the all the Premiums Paid.
- In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
- This publication is for general circulation only. This document is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. This document is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
- Please know the associated risks and the applicable charges, from your insurance agent or the Intermediary or policy document issued by the insurance company and this document is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
- L&C/Advt/2023/Aug/2633