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.
Our group term life plans for 2â99 groups are level term insurance policies, so they offer protection for a specified period of time and pay a death benefit to the beneficiary. Term policies donât accrue cash value. The AD&D benefit amount is the same as the basic life coverage selected.