Whether 80C deduction is available if life insurance purchased for parents?
I have taken life insurance for wife and children and also for my parents. Can I avail deduction for all policies.
Premium is paid my own account through check or online transfer.
Dear
Read this
''Life Insurance Premiums: Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in Section 80C deduction. Please note that life insurance premium paid by you for your parents (father / mother / both) or your in-laws is not eligible for deduction under section 80C''
Thus you can claim deduction of LIP of Dependent Children and Spouse.
Answer by Gagan is right. Deduction under 80C on life insurance premium is available on premium paid for spouse or children and not for parents.
In your case you cannot deduct premium paid for your parents even if they are depended on you.
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