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.
How it Works. A mortgage term life insurance policy helps guarantee your loved ones a tax-free benefit in the event of your death â funds they can use to help with mortgage payments. Policy terms are available for 15 or 30 years. Premiums can be paid monthly, quarterly, semi-annually, or annually.