Union Budget 2016: Salaried class demands separate deduction limit for life insurance products

Salaried class expects deduction in respect of payment of premium under life insurance policies.

Zee Media Bureau

New Delhi: With just less than a week remaining for the Finance Minister to present the Union Budget for 2016, the common man has started building up expectations from the Narendra Modi-led NDA government at the Centre.

Section 80C allows deduction up to Rs 1.5 lakh in respect of payment of premium under life insurance policies and for other specified payments.

The other specified payments include amounts invested in mutual funds, bank deposits, payments towards tuition fees etc.

The salaried class expects that government should provide a separate deduction limit of Rs 1 lakh for investment in various life insurance products.