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Life Insurance Information

Life Insurance Information

Owned by T E Gautham
Last updated: Aug 09, 2022
2 min read

You can submit details of premium paid by you for maintaining a life insurance policy taken for yourself, your spouse and your children, in order to claim deduction under Section 80C.
In the table titled "Life Insurance Premium", you will see the message "No data found" if there is no prior declaration. If you are creating a new declaration by editing an earlier declaration, you would see values similar to those presented below.
 

As soon as you click on the  icon on top-left in he table, you will see a row with blank fields appearing inside the table where you can enter details of life insurance premium that you have paid or will be paying for the year. Please click on the respective cells to update the details.

You can create as many rows as you wish to enter details of all your insurance premiums paid during the year by clicking the icon. If you wish to delete any of the rows, you could do so by clicking on the  icon at the beginning of the row.

 

Field

Instruction

Policy No.

Please enter the insurance policy number.

Insured Person

Please enter the name of the insured person for whom the policy has been taken.

Relationship

Please select the relationship of the insured person to yourself from the drop down.

Policy Amount / Sum Assured (Rs)

Please enter the total policy / sum assured amount (in Rs). The amount can have a maximum of two decimal places. Please do not enter the premium information in this field.

Premium

Please enter the total annual premium amount (in Rs). The amount can have a maximum of two decimal places.

Proof Submission for Life Insurance Policies

 

Investment Under Section 80C

Proof to be submitted

Guidelines

Life insurance premium

Photocopy of all premium receipts issued by the insurance company along with copy of the insurance policy

  • Policy should be issued by a company approved by the Insurance Regulatory and Development Authority (IRDA)

  • Late payment fees charged will not be considered as premium paid

  • Receipts should be of the current year only

  • Policy can be in the name of individual, spouse, & children

Whenever you submit receipts to your organization, amounts in the investment receipts should be the same as the amounts entered in the tax declaration screen of HRWorks.