Insurance is not just protection — it is one of the most accessible tax-saving tools for residents of Vasai-Virar. Most people claim only a fraction of what they are entitled to.
Important: These deductions apply only under the old tax regime. Consult a qualified CA for your specific tax situation. This article does not constitute tax advice.
Section 80C: Life Insurance Premiums
Life insurance premiums qualify for deduction under Section 80C up to a combined limit of Rs.1,50,000 per year — shared with PPF, ELSS, home loan principal and NSC. What qualifies: life insurance on your own life, spouse or children; ULIPs; endowment plans.
Section 80D: Health Insurance Premiums
| Who is covered | Maximum Deduction |
|---|---|
| Self, spouse and children all below 60 | Rs.25,000 |
| Self or spouse above 60 | Rs.50,000 |
| Parents below 60 | Rs.25,000 additional |
| Senior citizen parents above 60 | Rs.50,000 additional |
| Maximum possible | Rs.1,00,000 |
Maximising Both Together
A Virar-based professional can claim: Rs.1,50,000 under 80C plus Rs.75,000 under 80D = Rs.2,25,000 total deduction. In the 30 percent tax bracket, that is approximately Rs.67,500 saved in tax every year.
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Life insurance premiums qualify under Section 80C up to Rs.1.5 lakh per year combined with other 80C investments like PPF and ELSS.
Yes. Section 80C covers life insurance and Section 80D covers health insurance. They are completely separate sections — you can claim both simultaneously.