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What are the Tax benefits applicable to me if I invest in a Life Insurance Policy?

If you invest in life insurance policy, you will get deduction under Section 80 C of the income tax act, 1956 of the premuim paid within overall limit of Rs. 1.50 lacs per year along with other eligible items like Provident fund, EPF, NSC, ELSS, tuition fee, repayment of home loan etc. However in case the amount paid towards life insurance premium exceeds 10% of the amount of the sum assured, you will get the deduction only upto 10% of the sum assured. Moreover When the maturity proceeds are received the same will be fully exempt if the premium paid on such policy did not exceed 10% of the sum assured in any of the year.

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