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.
RiverSource claims that with term life, customers can enjoy the following benefits: An income-tax-free death benefit; Protection on one life; 10-, 15-, 20- and 30-year term policies; Guaranteed premiums for the term you select; Flexibility to convert to a RiverSource permanent life insurance policy and credits may be available to help pay for it