What are the tax benefits of a savings insurance plan ?

Savings insurance plans offer tax benefits under Section 80C# and Section 10(10D)# of the Income Tax Act. The premium amount is eligible for a deduction of up to Rs. 1, 50,000 per year from your taxable income under Section 80C#. Your premium should be less than 10% of the sum assured to be eligible for the tax benefit. Under Section 10(10D), the maturity and insurance benefits payable when the policy ends are tax-free.