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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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 riders 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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Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V07)

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

Term insurance is a type of life insurance policy that provides risk coverage. It provides a lump sum to the nominee in case of the policyholder’s demise during the policy term. This payout is completely tax-freeunder Section 10(10D) of the Income Tax Act. This payout is completely tax-free under S 11, Schedule II (erstwhile Section 10(10D)) of the Income Tax Act 2025.

Premiums paid towards term insurance are eligible for tax⁶ deductions under S 123, Schedule XV (erstwhile Section 80C), up to ₹1.5 lakh per financial year, thereby reducing the taxable income. Additionally, the term insurance tax benefit 80D may be claimed if the policy includes critical illness or health-related riders⁷.

The key provisions applicable for tax benefits on term insurance include S 123, Schedule XV, S 126, S 11, Schedule II (erstwhile Section 80C, Section 80D, and Section 10(10D)) of the Income Tax Act 2025. Together, these sections may offer financial protection along with potential tax savings, depending on the policy features.

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

Under S 123, Schedule XV (erstwhile Section 80C), premiums paid for your term insurance policy are eligible for tax deductions. The deductions are allowed on a payment basis, i.e., all premiums paid within a financial year can only be claimed as a deduction in that financial year.

Individuals and Hindu Undivided Families (HUFs) are eligible for this tax deduction. For individuals, the term insurance policy can be taken in the name of the taxpayer or their spouse and dependent children.

You can claim up to a maximum amount of ₹1.5 Lakh as per the income tax laws. For example, you can have a term plan that includes you, your spouse and dependent children. All the premiums under the policy will be eligible for tax deductions.

Here are some conditions to keep in mind before filing tax deductions for term insurance under 80C:

For term policies issued on or before March 31, 2012, the deduction will be restricted to 20% of the sum assured. E.g., if the sum assured is 30,000 and the premium is ₹8,000, Up to ₹6,000 can be claimed as a deduction.
For term policies issued on or after April 1, 2012, the deduction will be restricted to 10% of the sum assured. E.g., If the sum assured is ₹2 lakhs, and the premium is ₹30,000, you can claim ₹20,000 as a deduction.
Provided that where the policy, issued on or after the 1st day of April, 2013, is for insurance on the life of any person, who is—
(a) a person with disability or a person with a severe disability as referred to in section 80U,
or
(b) suffering from a disease or ailment as specified in the rules made under section 80DDB, the deduction will be restricted to 15% of the sum assured.
For a single premium payment, the sum assured should be 10 times the sum assured to claim the full deduction amount – ₹1.5 lakhs. If not, only 10% of the sum assured can be claimed as a deduction.
E.g. If the premium is ₹1.2 lakhs, the sum assured should be ₹12 lakhs. If the sum assured is ₹7 lakhs, only ₹70,000 can be claimed as a deduction.
The term policy must be held for a minimum of 2 years as per S 123, Schedule XV (erstwhile Section 80C). If the policy is surrendered within 2 years, then any deductions filed will be deemed as income from the previous year of termination, sale, etc. No deductions will be allowed under the policy on the year of termination/surrender.

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

Only the death benefit amounts paid under term insurance policies are fully tax exempt under Section 10 (10D) of the Income Tax Act, 1961. Hence, in the event of the policyholder’s death, their family can receive the full death benefit amount.

For maturity benefits, term insurance plans purchased on or after April 1, 2023, will have their maturity payout amounts taxed if the annual premium exceeds ₹5 lakhs. The amount will be taxed as per the policyholder’s tax slab rate. Most taxpayers can claim the amount if they are mentioned as a policy nominee or beneficiary under the term plan.

Here are some scenarios where the term insurance tax exemption cannot be applied, and your beneficiary may need to pay tax on the payout amounts:

If the amount is paid out under Section 80DD (3) of the Income Tax Act for the medical treatment and maintenance of a disabled nominee.
If the benefit is paid out under a Keyman Insurance Policy.
If the total premiums paid towards the policy exceed 20% of the sum assured.
For term plans issued on or after April 1, 2012, the exemption benefit would apply only if the total premium paid is below 10% of the sum assured.

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

Additional premiums paid for term plan health riders that offer medical insurance coverage can be claimed as a deduction under S 126 (erstwhile Section 80D). For example, a critical illness health rider⁷ under your term plan can make you eligible for this deduction.

Individuals and HUF taxpayers are eligible to claim a maximum deduction of up to ₹25,000 or ₹50,000 (for senior citizens over 60) on annual premium payment. Under this deduction, annual preventative health check-ups up to ₹5,000 can also be included within the total deduction amount of ₹25,000/₹50,000.

You should note that medical insurance premiums should be paid by any mode other than cash to be eligible for deductions. However, payments for preventive health check-ups can be made in cash.

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 riders 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
Term insurance policies can offer tax benefits 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 riders^, 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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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 riders^, 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.

Wrapping Up! – Tax Benefits on Term Plans

The term insurance offers significant tax benefits under S 123, Schedule XV, S 126, and S 11, Schedule II (erstwhile Sections 80C, 80D, and 10(10D)) of the Income Tax Act 2025. Investing in a suitable term plan enables policyholders to secure their family's future while saving on taxes. It is important to understand eligibility criteria, deduction limits, and conditions for tax-free payouts to enhance the available tax benefits. Choosing the right policy and maintaining compliance helps ensure both financial protection and effective tax planning.

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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 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 riders 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 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 Section 80D of the Income Tax Act?
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 riders, 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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Disclaimers
- Tata AIA Sampoorna Raksha Promise - Non-Linked, Non-Participating, pure risk, Individual Life Insurance Product (UIN:110N176V12)
- 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.
- 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 the 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:110B033V04 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 more than 3 years of policy duration, non-investigation cases, up to Sum assured of 50 lacs. Applicable for branch walk in. Time limit to submit claim to Tata AIA by 2 pm (working days). Subject to submission of complete documents. Not applicable to 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/Jun/3924