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Life insurance and retirement plans are effective ways of saving taxes.
The tax breaks that are available under our various insurance and pension policies are described below:
1 Our life insurance plans are eligible for deduction under Sec. 80C.
2 Our Pension plans are eligible for a deduction under Sec. 80CCC.
3 Our health insurance plans/riders are eligible for deduction under Sec. 80D.
4 The proceeds or withdrawals of our life insurance policies are exempt under Sec 10(10D), subject to norms prescribed in that section.
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