How can I check my LIC premium without tax?

Asked by: Prof. Elliot Conroy  |  Last update: February 11, 2022
Score: 4.3/5 (75 votes)

They are:
  1. Step 1: Visit the LIC's official web portal i.e.,
  2. Step 2: Find the 'premium calculator' tab.
  3. Step 3: Click on the premium calculator tab.

How can I know my LIC premium amount?

You can check details of your LIC policy including details of the LIC premium payment online, accrued bonuses, group schemes, etc. by simply logging on to the official website of LIC India with your LIC login credentials.

How much tax do I pay on LIC premium?

For term insurance plans, which are the most economical forms of life insurance, GST applies at a standard 18% on premium payments. For life insurance in the form of Unit-Linked Insurance plans (or ULIPs), GST is also charged at 18%. This covers GST costs for premium payments as well as charges for fund management.

How can I get LIC premium receipt for tax?

How to get LIC Policy premium paid receipt for Income Tax filing?
  1. Go to your LIC login page in the URL –
  2. Enter your Username and password and Date of Birth. ...
  3. Click on Basic Services menu, you will be able to see the Policy Premium Paid Statement Menu.

How can I download my LIC tax certificate?

How to Download LIC Premium Certificate/receipt online
  1. Visit the LIC website page and click LIC e-services under the online services link.
  2. On the page, click “new user.”
  3. Next, enter policy information, contact details such as email ID and mobile number, date of birth, Aadhaar number, gender, and more.

How to Download LIC Premium Receipt Online without Login | Easiest Way to Download LIC Receipt

36 related questions found

How can I get LIC premium receipt online?

To download the LIC premium payment receipt online, you need to be a registered user of LIC's e-Services. Visit LIC Homepage and click on the link called LIC e-Services that is available on "Online Services". Click on the tab "Registered User". Because you are already a registered user.

Is LIC maturity amount tax free?

The maturity proceeds of a life insurance policy enjoy exemption under section 10(10d) of income tax act provided the premium paid in respect of the life insurance policy does not exceed 10% of the sum assured for any year during the premium paying term for the policies issued after 01-04-2012.

Is amount received from LIC is taxable?

As per Section 10(10D) of the Income Tax Act, the sum assured received on maturity or surrender of a policy or upon the policyholder's death is completely tax-free.

How can I know my LIC policy number by SMS?

You just need to send SMS on 56677 to know status of your LIC policy. If you want to know premium of your LIC policy, you need to type 'ASKLIC PREMIUM' and send the SMS on 56677. If your policy has lapsed, you can type 'ASKLIC REVIVAL' and send it on 56677.

Can I pay LIC premium in EMI?

In a statement the life insurer stated, "From December 1, 2019, any credit-card originated payments towards renewal premium, new premium, or repayment of loan and interest on loans against the policies will not attract any additional charges or convenience fee its parlance." ... You can also pay using 'LIC PayDirect'.

How can I check my LIC policy status?

How To Check LIC Policy Surrender Status Online?
  1. Visit the official website of LIC.
  2. Register as a new user and if you are already registered then click 'login here'
  3. Login to the LIC portal and select 'Enrol Policies' displayed on the left side of the page.
  4. Click on 'Click to Enrol New Policies' and hit on 'Proceed'

How can I get my LIC policy number online?

While creating an account on the website of LIC, the policyholder is required to provide his/her own credentials. The same (credentials) can be used to locate one's policy number. Simply log into the LIC portal using the accurate credentials, and your policy number will be displayed on your account webpage.

Is LIC removed from 80C?

No, the new tax regime does not allow Section 80C deductions on the premiums paid towards a life insurance policy. You would, therefore, not be able to claim the deduction under the new tax regime.

How can I save tax?

Below-enlisted are the 7 best tax saving options other than Sec 80C.
  1. National Pension Scheme (NPS)
  2. Interest on education loan (Section 80E)
  3. Rajiv Gandhi Equity Savings Scheme (Section 80CG)
  4. Home Loans.
  5. House rent allowance (Section 80GG)
  6. Health Insurance (Section 80D)
  7. Medical treatment under Sec 80DDB.

What are comes under 80C?

80C allows deduction for investment made in PPF , EPF, LIC premium , Equity linked saving scheme, principal amount payment towards home loan, stamp duty and registration charges for purchase of property, Sukanya smriddhi yojana (SSY) , National saving certificate (NSC) , Senior citizen savings scheme (SCSS), ULIP, tax ...

Is life insurance tax free?

Answer: Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren't includable in gross income and you don't have to report them. However, any interest you receive is taxable and you should report it as interest received.

Is Jeevan Anand maturity amount taxable?

The LIC Jeevan Anand is a traditional participating whole life endowment policy plan. ... The LIC New Jeevan Anand Plan offers tax exemption on the amount of premium paid under Section 80C and the claim amounts i.e. Death or Maturity Benefit under Section 10(10D) of the Income Tax Act, 1961.

What happens if LIC premium is not paid?

Revival Of Lapsed Policies

If your policy has lapsed due to non-payment of premiums within the due date, the terms and conditions of the policy contract are rendered void, till you revive your policy. Always keep your policy in force to ensure that your family gets their financial protection assured by your policy.

How can I get LIC 80C certificate?

LIC Premium Paid Certificate Download For Income Tax Purpose Online
  1. Register Online for LIC e-Services. ...
  2. Login to e-Service Portal. ...
  3. Go to the Basic Services. ...
  4. Go to Policy Premium Paid Statement. ...
  5. Select Policy for Premium Paid Statement. ...
  6. Generate a premium paid certificate.

Are all LIC policies eligible for 80C?

The investment in life insurance can be deducted up to Rs 1,50,000. (Rs. ... It a common perception that Premium Paid on all Life Insurance Policies qualifies for deduction under section 80C of the Income Tax Act,1961 and full premium amount qualifies for deduction under section 80C.

Are all LIC policies covered under 80C?

All tax exemption for payment of LIC premiums are offered as per section 80C of the Income Tax Act, 1961.

Do LIC agents pay first premium?

Though, Agents earn the commission for the policies they sale. LIC offers 25% to 35% commission on the policy premium for the first year, then 7.5% for 2nd & 3rd Year + 5% till the policy maturity.

What if LIC premium is paid twice?

Duplicate payment made through Bill Pay will be refunded to our service provider to be credited back to Policyholder's account. The refund process shall take 6 to 8 days.

Can I use credit card to pay LIC premium?

Here is how you can pay your LIC premiums using your credit card: Step 1: Log in to LIC's website: visit ... Select the options - Net-banking, credit card and debit card - to make the premium payment. It provides real-time payment of renewal premium-dues through the online portal.

Is there any discount on LIC premium online?

Avail 10% Off With Lic Premium Payment Offers

Never miss this chance to acquire an exclusive 10% discount on sitewide orders by using our voucher code on the checkout page.