Important Income tax benefits available under various plans of life insurance:
1) Deduction allowable from income for payment of Life Insurance Premium (Sec. 80C).
(a) Life Insurance premium paid in order to effect or to keep in force an insurance on the life of the assessee or on the life of the spouse or any child of assessee & in the case of HUF, premium paid on the life of any member thereof, deduction allowed upto 20% of capital sum assured during any financial year.
(b) Contribution to deferred annuity Plans in order to effect or to keep in force a contract for deferred annuity, on his own life or the life of his spouse or any child of such individual, provided such contract does not contain a provision to exercise an option by the insured to receive a cash payment in lieu of the payment of annuity is eligible for education.
(c) Contribution to Pension/Annuity Plans – New Jeevan Dhara-I & Jeevan Akshaya – VI

Read full details here: Income tax benefits for Life Insurance Plans

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