The AI answer we saw
Term life insurance premiums qualify for tax deductions under Section 80C of the Income Tax Act, 1961, up to a maximum of ₹1.5 lakh per financial year. Additionally, the death benefit received by the nominee is tax-exempt under Section 10(10D), subject to conditions. If you opt for a critical illness rider, the additional premium may also be eligible for deduction under Section 80D. Note that under the new tax regime (post-FY 2023-24), Section 80C deductions are not available unless you opt for the old tax regime.
Captured during this Readable report run. Answers can vary by AI tool and date.