Is the GST paid on term insurance premiums deductible under Section 80C?

GST of 18% is applicable on term insurance policies. As a policyholder, you can claim a deduction against the @GST paid for your term insurance premiums – Given that it is within the ₹1.5 lakh limit under Section 80C.

How do I maximize my term insurance benefits?

A popular way to get the most out of your term insurance would be through add-on riders$. They allow you to widen your insurance coverage and they are cheaper when bought on policy purchase.

Where can I see the term insurance tax benefit sections of my premiums on my income tax returns?

When you check your income tax return, you can see the tax benefit under ‘Deductions under Chapter VI A’. The amount of premium paid for your term plan will be shown under Section 80C below ‘Deductions under Chapter VI A’, and it is deducted from the gross taxable income.

I bought a term plan with a return of premium in 2005, with an annual premium of ₹15,000 for a sum assured of ₹20 Lakh. Will the premium refund be exempt from tax on maturity?

Yes. Seeing that the annual premium was 20% of the sum assured of ₹20 Lakh, your maturity proceeds, i.e., the return of premiums, will be eligible for tax exemptions under Section 10(10D) of the Income Tax Act, 1961.

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Q: Will income tax deductions affect my term insurance sum assured?

The sum assured under term plans is a predetermined amount and will generally stay fixed – unless it is an increasing or decreasing term plan. Any tax deductions and exemptions made for premiums and maturity payout under the policy will not affect your sum assured amount.

Q: Are the term insurance tax# benefit sections available under the new tax regime?

Only the term insurance tax exemptions under Section 10(10D) are available under the new and old tax regimes. Sections 80C and 80D will only be available under the older tax regime and are excluded under the new one.

Q: How do I calculate my term insurance tax deductions?

You can calculate your income tax deductions using an online income tax calculator to get an accurate estimate.

Q: Can I still get income tax benefits if I am not paying my term insurance premiums?

No, these deductions only apply to term insurance plans that are in effect. Any lapsed policies will not be eligible for deductions.

Understanding the term insurance tax⁶ benefits can help you plan your finances effectively. Under S 123, Schedule XV (erstwhile Section 80C) of the Income... Read more Tax Act 2025, premiums paid towards a term insurance plan may be eligible for deductions. A term plan is a reliable choice for both financial protection and long-term planning. It also helps you save while securing your family’s future.. Read less

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¹20 year old female (Standard Life, Non-Smoker), regular pay, 20 year policy term

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2% discount on 1st year premium on these milestones

Event	Eligibility
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Birth/ Adoption of 1^st child*	Within 6 months before or after the birth/ adoption date
Home loan	Within 6 months of loan getting sanctioned
First job	Within 6 months of joining date

*Policy issuance eligibility for female customers will be determined by Board Approved Underwriting Policy (BAUP)

The above milestones cannot be clubbed to avail more discount, Such discount shall be capped to a maximum of ₹500 over the year.

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Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, Pure Risk, Individual Life Insurance Product (UIN:110N176V12)

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Term Insurance Tax Benefit Sections: A Quick View

IT Act Sections	Tax⁶ Benefits	Eligibility
S 123, Schedule XV (erstwhile Section 80C)	Deductions up to ₹1.5 lakhs for annual premiums paid towards the term insurance policy.	Individuals and Hindu Undivided Family (HUF)
S 11, Schedule II (erstwhile Section 10-10D)	Full death benefit amount is tax-exempt. Maturity benefit amounts are exempt, subject to certain terms and conditions.	1. Salaried or non-salaried Individuals 2. Hindu Undivided Family (HUF) Associations 3. Body of Persons 4. Foreign Companies 5. Trusts
S 126 (erstwhile Section 80D) (Applicable for Tata AIA health riders⁷ and term plans with medical insurance coverage)	Deduction of up to ₹25,000 or ₹50,000 (for senior citizens) for the annual premium amount(s) paid towards medical insurance or health riders purchased with a term insurance policy.	Individuals and Hindu Undivided Family (HUF)

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Key benefits:

Get whole life cover up to 100 years³
Up to 18.5% discount on first year premium⁴
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Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V13). T&C apply

Term Insurance Tax Benefits under Specific Sections of the Income Tax Act, 1961

A term insurance plan not only provides financial protection for your loved ones but may also offer tax advantages under the provisions of the Income Tax Act, 2025 (which replaced the corresponding provisions of the Income Tax Act, 1961). Depending on the policy structure and the applicable conditions, you may claim deductions⁶ on eligible premium payments, while death benefits generally remain tax-exempt.

Understanding term life insurance tax benefit helps you plan your finances more effectively. Along with reviewing term insurance tax⁶ benefits, it is also useful to understand your coverage needs before selecting a suitable plan.

Term Insurance Tax Benefit S 123, Schedule XV (erstwhile Section 80C): Premium Payments

Premiums paid towards an eligible term insurance plan may qualify for tax6 deductions under Section 123 read with Schedule XV of the Income Tax Act, 2025 (corresponding to the erstwhile Section 80C), subject to the prescribed conditions.

Key tax deduction provisions

Eligible premium payments qualify for deductions⁶ within the overall annual limit prescribed under Section 123.
The overall deduction⁶ limit also includes other eligible investments such as Public Provident Fund (PPF), National Pension System (NPS), Equity Linked Savings Scheme (ELSS), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), tax-saving fixed deposits, ULIPs and other notified investments.
The deduction⁶ is available only when the policy satisfies the prescribed eligibility conditions.

Conditions for claiming the deduction

For most policies, the annual premium should not exceed 10% of the actual capital sum assured.
For policies issued before 31 March 2012, the applicable premium limit is 20% of the actual capital sum assured.
If the policy is surrendered or terminated within the prescribed period, the tax⁶ deduction claimed earlier may become taxable according to the applicable provisions of the Income Tax Act.

Term Insurance Tax Exemption S 11, Schedule II (erstwhile Section 10(10D)): Death Benefit and Maturity Payouts

Section 11 read with Schedule II of the Income Tax Act, 2025 (corresponding to the erstwhile Section 10(10D)) governs the tax treatment of amounts received from eligible life insurance policies.

Death benefit

The death benefit received by the nominee is generally exempt from income tax, subject to the applicable provisions of the Income Tax Act.
This tax⁶ exemption helps ensure that the financial support reaches the nominee without an additional tax burden.

Maturity payouts

Traditional term insurance plans generally do not provide maturity benefits because they are pure protection plans.
If the policy includes a Return of Premium feature or another eligible payout, the tax⁶ treatment depends on whether the policy satisfies the prescribed conditions under Section 11 read with Schedule II.
Policyholders should review the applicable conditions carefully before considering the tax implications of maturity proceeds.

Term Insurance Tax Benefit S 126 (erstwhile Section 80D): Health Ridersand Medical Coverage

Certain health-related riders⁷ attached to eligible life insurance policies may qualify for deductions⁶ under Section 126 of the Income Tax Act, 2025 (corresponding to the erstwhile Section 80D), subject to the prescribed conditions.

Eligible deductions

Premiums paid for eligible health insurance coverage for yourself, your spouse and dependent children may qualify for deductions⁶ within the applicable limits.
Additional deductions⁶ may be available for premiums paid for parents, depending on their age and the applicable provisions.
Higher deduction⁶ limits are available for senior citizens as prescribed under the Income Tax Act.

Important conditions

Premiums should generally be paid through approved banking or digital payment modes. Cash payments (except where specifically permitted under law) do not qualify for deductions⁶.
Deductions⁶ are available only for premiums actually paid during the relevant financial year.
Premiums paid for persons who are not covered under the eligible relationship criteria may not qualify for deduction⁶.
Where the employer pays the premium under a group health insurance policy, the employee generally cannot claim a deduction⁶ for that portion unless eligible under the applicable tax provisions.

Term Insurance 80C and 80D Benefits Under Add-On Riders

You can enhance the coverage of your term insurance with the help of riders⁷. They will require an additional premium and will increase your overall term insurance premiums. However, the premiums paid towards add-on riderscan be included under your term insurance 80C deductions. As stated, you can claim a maximum deduction amount of ₹1.5 lakhs per year, subject to the terms stated above.

Moreover, medical coverage under term plans generally comes in the form of health riders and add-on covers. These can make you eligible for additional deductions under S 126 (erstwhile Section 80D). This deduction is also applicable over and above the limit under S 123, Schedule XV (erstwhile Section 80C).

How to Choose the Right Term Insurance Plan for Maximum Tax Benefits

Here is how you can choose the right term insurance plan for optimum tax⁶ benefits.

Check Eligible Tax Sections: Premiums qualify for deductions under S 123, Schedule XV (erstwhile Section 80C), while health-related riders⁷ may offer additional benefits under S 126 (erstwhile Section 80D).
Ensure Tax-Free Payouts: The life cover amount received by your family is generally tax-exempt under S 11, Schedule II (erstwhile Section 10(10D)).
Compare Plans for Better Savings: Choose a plan with a suitable premium, coverage, and riders to maximize your term plan tax benefit based on your income and goals.

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How to Claim Term Insurance Tax Benefits

The steps to claim term insurance tax⁶ benefits are as follows.

Step 1: Understand Applicable Tax Sections
A term policy tax benefit is provided under S 123, Schedule XV (erstwhile Section 80C) of the Income Tax Act 2025. The premiums paid are eligible for deductions up to ₹1.5 lakh. If your plan includes health-related riders⁷ you may also claim a term insurance tax benefit S 126 (erstwhile Section 80D).
Step 2: Collect Premium Payment Proofs
Keep premium receipts or insurance certificates provided by your insurer. These documents are required to claim your term insurance premium tax benefit.
Step 3: File ITR with Correct Details
Next, file the Income Tax Returns (ITR). When filing your income tax return, enter the premium amount under the applicable section. This may help you avail term insurance deduction in income tax without errors. Salaried individuals also need to make an investment and tax-expenses declaration by filling out Form 12BB.
Step 4: Verify Tax-Free Payout Eligibility
If a claim is made, the amount your family receives is usually exempt from tax under S 11, Schedule II (erstwhile Section 10(10D)). Ensure the annual premium is not more than 10% of the total sum assured, as required by tax laws.

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families protected so far⁹

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Eligibility Criteria to Claim Term Insurance Tax Benefits

The following are the eligibility criteria to claim term insurance tax benefits:

Who Can Claim:

Tax benefits can be claimed by Indian citizens, Non-Resident Indians (NRIs), and Hindu Undivided Families (HUFs) on term insurance premiums under S 123, Schedule XV (erstwhile Section 80C).
The payouts received either on maturity or in case of death may also qualify for tax exemption under S 11, Schedule II (erstwhile Section 10(10D)).

Limit on Premiums for Tax Deduction (S 123, Schedule XV / erstwhile Section 80C):

For policies issued on or after April 1, 2012, the annual premium must not exceed 10% of the sum assured.
For policies issued before April 1, 2012, the annual premium must not exceed 20% of the sum assure
If this limit is exceeded, only a proportionate part of the premium qualifies for deduction.

Conditions for Tax-Free Payouts (S 11, Schedule II (erstwhile Section 10(10D))):

To receive the maturity or death benefit fully tax-free, the sum assured should be at least 10 times the annual premium.
If this condition is not met, the benefit amount may be partially or fully taxable.

Policy Continuation Requirement:

If the policy is terminated within two years from the start date, any tax deductions claimed earlier under S 123, Schedule XV (erstwhile Section 80C) may be reversed and added back to your taxable income.

Applicable GST on Term Insurance Premiums:

When purchasing a term insurance policy, it is important to consider the applicable Goods and Services Tax (GST), which varies depending on the type of plan selected:

For standard term insurance plans that offer life cover without any maturity or survival benefit, GST is levied at 18% on the premium amount.
For Return of Premium (ROP) term insurance plans, the applicable GST rates are:.
- 4.5% in the first policy year, and
- 2.25% from the second year onwards.

These GST rates are applied in addition to the base premium and have a direct impact on the total premium payable. Therefore, understanding the applicable tax structure is essential for effective financial planning and accurate policy evaluation.

How to Calculate Your Term Insurance Tax Savings

To calculate your term insurance tax savings, follow these steps:

S 123, Schedule XV (erstwhile Section 80C) Deduction

Premiums paid for term insurance are eligible for deduction under S 123, Schedule XV (erstwhile Section 80C) up to ₹1.5 lakh per year.

Example:

If your annual income is ₹10 lakh and you pay ₹1.5 lakh as a term insurance premium, your taxable income becomes ₹8.5 lakh. This directly reduces your tax liability.
Section 80D Deduction (for Health Riders)

If your policy includes health-related riders⁷ you can claim an additional deduction under S 126 (erstwhile Section 80D) up to ₹25,000 (₹50,000 for senior citizens).

Example:

Let's say you have term insurance offering coverage of ₹ 5 lakh. Now, you want additional protection for possible health issues. You can add a health rider of ₹Rs. 20,000. Paying ₹20,000 for a critical illness riderallows you to claim that amount S 126 (erstwhile Section 80D), in addition to your S 123, Schedule XV (erstwhile Section 80C) limit.
S 11, Schedule II (erstwhile Section 10(10D)) Tax-Free Payout

The death benefit paid to your nominee is fully tax-exempt under Section 10(10D), ensuring your family receives the entire payout without tax deductions.

Example:

If you have a term insurance policy with a sum assured of ₹50 lakh, your nominee will receive the entire ₹50 lakh amount without any tax deduction under Section 10(10D) when a claim is made.

Conclusion

A term insurance plan offers financial protection while also providing eligible tax⁶ advantages under different provisions of the Income Tax Act, 2025, subject to the prescribed conditions. Understanding the applicable deduction limits, exemption rules and eligibility requirements can help you make informed financial decisions. Before purchasing or reviewing a policy, it is important to evaluate both your protection needs and the available term insurance tax⁶ benefits to ensure they align with your long-term financial goals.

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1.Will income tax deductions affect my term insurance sum assured?
No, tax deductions do not impact the sum assured. It remains fixed unless you have an increasing or decreasing term plan.

2.Are the term insurance tax benefit sections available under the new tax regime?
No, only S 11, Schedule II (erstwhile Section 10(10D)) exemptions on payouts received by nominees are available under both regimes. Sections 80C and 80D deductions apply only under the old tax regime.

3.How do I calculate my term insurance tax deductions?
Use an online income tax calculator provided by Tata AIA. Subtract eligible deductions from your gross income to find your taxable income.

4.Can I still get income tax benefits if I am not paying my term insurance premiums?
No, you cannot claim term insurance plan tax benefits on a lapsed policy. If you stop paying premiums, your policy becomes inactive and ineligible for deductions. To regain benefits, you must revive the policy.

5.Who is eligible to claim tax benefits on term insurance premiums?
Individuals, Hindu Undivided Families (HUFs), and NRIs (for Indian policies) can claim deductions under Section 80C for premiums paid on term insurance policies held in their own name, or those of their spouse or dependent children.

6.Do term insurance policies offer tax benefits under Indian tax laws?
Yes. Premiums are deductible under Section 80C (up to ₹1.5 lakh), health rider premiums under Section 80D (up to ₹ 25,000–₹ 50,000), and death benefit payouts are exempt under Section 10(10D).

7. How much premium paid for term insurance is tax-exempt?
Premiums up to ₹1.5 lakh per financial year are deductible under Section 80C. If health-related riders⁷ are included, additional deductions under S 126 (erstwhile Section 80D) up to ₹ 25,000 (₹ 50,000 for senior citizens).

8. Is the payout from a term insurance policy taxable in India?
No. The payout received by the nominee after the policyholder’s death is completely tax-free under S 11, Schedule II (erstwhile Section 10(10D)), as long as the annual premium does not exceed 10% of the sum assured.

9.Are death benefits from term insurance completely tax-free?
Yes. The entire death benefit is exempt under Section 10(10D), with no upper limit if premiums don’t exceed prescribed limits relative to the sum assured.

10.What are the conditions to claim tax exemption under S 11, Schedule II (erstwhile Section 10(10D))?
Exemption applies if the policy was issued after April 1, 2012, and premiums do not exceed 10% of the sum assured (20% for earlier policies). Policies must be active and meet other regulatory criteria.

11.Who can claim tax deductions under S 126 (erstwhile Section 80D) of the Income Tax Act 2025?
Resident individuals, NRIs, and HUFs can claim deductions under S 126 (erstwhile Section 80D) for health insurance and related rider premiums covering self, spouse, children, and parents.

12.What types of payments are allowed as deductions under S 126 (erstwhile Section 80D)?
Allowed deductions include health insurance premiums, premiums for critical illness and accident riders⁷, and preventive health check-up costs, subject to annual limits.

13.What exclusions apply under S 126 (erstwhile Section 80D) for tax deductions?
Deductions are not allowed for cash-paid medical insurance premiums (except for check-ups), payments beyond the specified limit, and non-insured individuals.

14.Are critical illness or accidental death rider premiums tax-deductible?
Yes. Premiums paid for critical illness and accidental death riders included in term insurance policies qualify for deductions under S 126 (erstwhile Section 80D).

15.Which rider benefits under term insurance qualify for tax benefits?
Riders⁷ offering health-related coverage such as critical illness, accidental death, and waiver of premium are eligible under S 126 (erstwhile Section 80D). Death payouts under riders are exempt under S 11, Schedule II (erstwhile Section 10(10D)).

16.Can NRIs avail tax benefits on term insurance purchased in India?
Yes. NRIs holding Indian term insurance policies can claim deductions under Section 80C (premiums) and continue to benefit from Section 10(10D) exemptions.

17.Are there any scenarios where the term insurance beneficiary pays tax?
Yes. Tax may apply if total annual premiums exceed ₹5 lakh (policies issued after April 1, 2023), or if the premium-to-sum assured limits are violated. Keyman policy payouts may also be taxable.

18. Is it advisable to buy term insurance mainly for tax savings?
Tax benefits are valuable, but term insurance should primarily be chosen based on coverage needs. Buying solely for tax savings may lead to inadequate protection.

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Last updated on 10 Aug 2026

Disclaimers
- Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V13)
- ¹As per the duly approved product design and terms & conditions of the product, Illustrated premium of ₹501 is the monthly premium for a 20 yr. old female, Standard Life, Non-Smoker for ₹1 Cr. Sum Assured with Policy Term of 20 yrs. (Regular Pay) under Life Promise Option of Tata AIA Sampoorna Raksha Promise with first year premium discount of 10% for digital purchase and 8.5% for salaried person. Please refer Benefit Illustration for more details.
- ²Tax benefits of up to ₹46,800 u/s Section 123, Schedule XV (erstwhile Section 80C) is calculated at highest tax slab rate of 31.20% (including cess excluding surcharge) on life insurance premium paid of ₹1,50,000 as per old tax regime. Tax benefits under the policy are subject to conditions laid under Section 11 Schedule II, Section 123 Schedule XV, Section 126 (erstwhile Section 80C, 80D,10(10D)), 115BAC and other applicable provisions of the Income Tax Act 2025. 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 11, Schedule II (erstwhile section 10(10D)) and other applicable provisions of the Income Tax Act 2025. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
- No Goods and Service Tax shall be applicable on Individual life insurance products as per prevailing laws.
- ³Not applicable under PoS, Applicable for specific plan options. Please refer brochure for additional details.
- ⁴As per the duly approved product design and terms & conditions of the product, this product offers first year discount of 8.5% for Limited Pay/Regular Pay and 1% for Single Pay to salaried customers & digital discount of 1% for Single Pay, 10% for Limited Pay/Regular Pay.
- ⁵Under Life Promise Plus Option, an amount equal to 100% 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.
- ⁶Income 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.
- ⁷Rider is not mandatory and is available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/ branch.
- Tata AIA Life Insurance Non-Linked Comprehensive Protection Rider (UIN:110B033V05 or any other later version) - A Non-Linked, Non- Participating Individual Health Rider, Tata AIA Vitality Protect (A Non-Linked, Non- Participating Individual Health rider (UIN:110B046V04 or any other later version), Tata AIA Vitality Health (A Non-Linked, Non- Participating Individual Health rider (UIN:110B045V03 or any other later version) are available under this plan.
- ⁸Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of ₹50 Lakh. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims
- ⁹98,01,699 families protected till May 18, 2026
- ¹⁰Individual Death Claim Settlement Ratio for FY 2025 -2026 is 99.45% as per the latest annual audited figures.
- No Goods and Service Tax shall be applicable on Individual life insurance products as per prevailing laws. Tax laws are subject to amendments from time to time. If any imposition (tax or otherwise) is levied by any statutory or administrative body under the Policy, Tata AIA Life Insurance Company Limited reserves the right to claim the same from the Policyholder.
- This product is underwritten by Tata AIA Life Insurance Company Ltd. This 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. For more details on risk factors, terms and conditions please read Sales Brochure carefully before concluding a sale.
- In case of sub-standard lives, extra premiums will be charged as per our underwriting guidelines.
- 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.
- 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/2026/Aug/4768