Central Govt. specifies ‘Jeevan Akshay-VII Plan’ of LIC as annuity plan for purpose of Sec. 80C deduction

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  • Last Updated on 9 December, 2021

Section 80C Deduction; Income Tax

Notification No. 134/2021, dated 06-12-2021

Section 80C(2)(xii) allows deduction of the sum deposited in the annuity plans of the Life Insurance Corporation or any other insurer as the Central Government may specify.
The Central Government has specified the Jeevan Akshay-VII Plan of the Life Insurance Corporation of India as the annuity plan of the Life Insurance Corporation of India for section 80C(2)(xii).

Now, the following annuity plans are eligible for deduction under Section 80C:

(a) New Jeevan Dhara (LIC);

(b) New Jeevan Dhara-I (LIC);

(c) New Jeevan Akshay (LIC);

(d) New Jeevan Akshay-I (LIC);

(e) New Jeevan Akshay-II (LIC);

(f) New Jeevan Akshay-III (LIC);

(g) Jeevan Akshay-VI of LIC;

(h) Immediate Annuity Plan of ICICI Prudential Life Insurance Company Ltd;

(i) Easy Retire Annuity Plan of Tata AIG Life Insurance Company; and

(j) Jeevan Akshay-VII of LIC.

Click Here To Read The Full Notification

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