Employeeâs contribution â Section 80CCD (1) Allowed to an Individual who makes deposits to his/her Pension account. Maximum deduction allowed is 10% of salary (in case of taxpayer being an employee) or 10% of gross total income (in case of tax payer being self-employed) or Rs 1, 50,000 whichever less is.
This applies to current, former and retired employees. Premiums you pay for employees' group life insurance that is not group term insurance or optional dependent life insurance are also a taxable benefit.
While the benefit payable under your Basic Term Life Insurance provides important protection, it may not adequately replace the loss of your income to your family. That is why you may want to consider supplemental life insurance. You have the option to purchase supplemental term life insurance for yourself. Your insurance becomes effective on the first day of the month following: the first date of eligibility (or usually your date of hire)