Last-Minute Tax Saving with LIC. Section 80C Guide

How Much Can You Save?

Under Section 80C (old tax regime), you can deduct up to ₹1,50,000 from taxable income. If you're in the 30% bracket, that's a tax saving of ₹46,800. In the 20% bracket: ₹31,200.

But remember: 80C limit is SHARED with PPF, ELSS, EPF, home loan principal, etc. Deduct what you've already invested before deciding how much to put in LIC.

Best Plans for Quick Tax Saving

• •Single Premium Endowment (717): Pay once, no recurring commitment. Good if you have surplus cash.
• •Dhan Sanchay (967): Short premium term (5-10 years), guaranteed returns. Professional favorite.
• •Dhan Varsha (966): Single premium with guaranteed additions. Pay ₹1L+, get guaranteed returns.
• •New Jeevan Anand (915): If you can commit to 15-25 years of premiums. Best long-term value.
• •AVOID buying insurance ONLY for tax saving. make sure you actually need the coverage

Process for Quick Purchase

• •Contact an LIC agent (or use PolicyBros. chat with us on WhatsApp)
• •For single premium plans: You can buy within 2-3 days if no medical required
• •For regular premium plans: Proposal → medical (if needed) → first premium → done
• •Keep the premium receipt for 80C proof submission to your employer
• •Policy bond will be mailed later. the receipt is sufficient for immediate tax proof

Important Warning

Don't buy insurance you don't need just to save ₹30-50K in taxes. A ₹50,000 premium locks you into a 15-20 year commitment. If you can't maintain it, the policy lapses and you lose money. Only buy if the plan genuinely fits your financial goals. PPF or ELSS are easier to exit if you change your mind.