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.
Think about term life as renting property compared to owning it. Term life is an economical way to provide life insurance protection, with no accumulated cash value, for a limited period of time you choose, e.g., 10, 15, 20, or 30 years. Affordable coverage that will expire when the time period you selected is up.