Digit
headset_mic account_circle
mail
Sign In
  • Products

    Motor

    • Car Insurance
    • Two Wheeler/Bike Insurance
    • Commercial Vehicle Insurance
    • Taxi/Cab Insurance
    • Auto Rickshaw Insurance
    • Truck Insurance

    Health

    • Health Insurance
    • Super Top-up Health Insurance
    • Arogya Sanjeevani Policy
    • Corporate Health Insurance
    • Health Insurance Portability

    Other

    • International Travel Insurance
    • Flight Delay
    • Shop Insurance
    • Home Insurance
  • Claims

    • File a Claim
    • File Health Claim
    • File Motor Claim for Garages
    • COVID-19 Assistance
    • Claim Status
  • Renewals
  • Become an Agent
  • Digit Products

    Motor Insurance

    • Car Insurance 25% OFF
    • Two Wheeler/Bike Insurance
    • Commercial Vehicle Insurance
    • Taxi/Cab Insurance 15% OFF
    • Auto Rickshaw Insurance
    • Truck Insurance

    Health Insurance

    • Health Insurance
    • Super Top-Up Health Insurance
    • OPD Health Insurance
    • Arogya Sanjeevani Policy
    • Personal Accident Insurance
    • Corporate Health Insurance

    Other Insurance

    • International Travel Insurance
    • Flight Delay
    • Shop Insurance
    • Home Insurance
  • Claims

    File a Claim

    File Health Claim

    File Motor Claim for Garages

    COVID-19 Assistance

    Claim Status

  • Renewals

    Become an Agent

  • Support
    Sign In
    • edit Edit Policy
    • download Download Policy
    • person_pin My Service Requests
    • check Check Policy Status
    call 1800-258-5956 mail_outline hello@godigit.com whatsapp 70260 61234

    Our WhatsApp number cannot be used for calls. This is a chat only number.

  • My Account
    account_circle
    • autorenew Renew My Policy
    • download Download My Policy
    logout SIGN OUT
    call 1800-258-5956 mail_outline hello@godigit.com whatsapp 70260 61234

    Our WhatsApp number cannot be used for calls. This is a chat only number.

  • login
  • about
  • contact
  • careers
More Products

Motor

  • Car Insurance
  • Two Wheeler/Bike Insurance
  • Commercial Vehicle Insurance
  • Taxi/Cab Insurance
  • Auto Rickshaw Insurance
  • Truck Insurance

Health

  • Health Insurance
  • Super Top-up Health Insurance
  • Arogya Sanjeevani Policy
  • Corporate Health Insurance
  • Health Insurance Portability

Other

  • International Travel Insurance
  • Flight Delay
  • Shop Insurance
  • Home Insurance

Support

close
account_circle
  • edit Edit Policy
  • download Download Policy
  • person_pin My Service Requests
  • check Check Policy Status
  • autorenew Renew My Policy
  • download Download My Policy
logout SIGN OUT
call 1800-258-5956 mail_outline hello@godigit.com whatsapp 70260 61234

Our WhatsApp number cannot be used for calls. This is a chat only number.

Do the Digit Insurance

Trusted by 3 Crore+ Indians

  • Health
    Health
  • Pay as you Drive
    Car Side View
    Car
  • trending icon

    Third-party premium has changed from 1st June. Renew now

    Motorcycle Side View
    Bike
  • auto rikshaw
    Commercial
  • Covers COVID-19
    Travel Airplane
    Travel
  • More products
    More
ENTER YOUR CAR NUMBER
keyboard_arrow_right
DON'T KNOW YOUR CAR NUMBER?
keyboard_arrow_right
renew digit policy keyboard_arrow_right

I agree to the  Terms & Conditions

{{(!carWheelerCtrl.registrationNumberCardShow || carWheelerCtrl.localStorageValues.vehicle.isVehicleNew) ? 'I know my Reg num' : 'Don’t have Reg num?'}}
keyboard_arrow_right
It’s a brand new Car
keyboard_arrow_right
renew digit policy keyboard_arrow_right

I agree to the  Terms & Conditions

Terms and conditions

    false false
    Enter valid registration number
    DON'T KNOW REGISTRATION NUMBER?
    keyboard_arrow_right
    I KNOW MY REGISTRATION NUMBER
    keyboard_arrow_right
    IT'S A NEW BIKE
    keyboard_arrow_right
    RENEW DIGIT POLICY
    keyboard_arrow_right

    I agree to the  Terms & Conditions

    Continue with {{bikeCtrl.lastVisitedData.lastVisitedUrl.indexOf('DigitPaymentGateway/payments') !== -1 ? 'payment completion': 'previous choice'}}

    {{bikeCtrl.lastVisitedData.vehicle.makeModel | toTitleCase}} {{bikeCtrl.lastVisitedData.vehicle.variant? (bikeCtrl.lastVisitedData.vehicle.variant|toTitleCase): (bikeCtrl.lastVisitedData.vehicleCharacteristics.vehicleType | toTitleCase)}}

    {{bikeCtrl.lastVisitedData.vehicle.licensePlateNumber}}

    {{bikeCtrl.selectedPlanDisplay[bikeCtrl.lastVisitedData.dropOffSelectedPlan? bikeCtrl.lastVisitedData.dropOffSelectedPlan: bikeCtrl.lastVisitedData.selectedPlan]}}

    -

    ₹{{((bikeCtrl.lastVisitedData.dropOffSelectedPlan ? bikeCtrl.lastVisitedData.dropOffGrossPremium:bikeCtrl.lastVisitedData.chosePlan.grossPremium) .replace('INR ','')).split('.')[0] | rupeeFormatWithComma}} (Incl 18% GST)

    keyboard_arrow_right
    IT'S A NEW BIKE
    keyboard_arrow_right
    RENEW DIGIT POLICY
    keyboard_arrow_right

    I agree to the  Terms & Conditions

    Continue with {{twoWheelerCtrl.lastVisitedData.lastVisitedUrl.indexOf('DigitPaymentGateway/payments') !== -1 ? 'payment completion': 'previous choice'}}

    {{twoWheelerCtrl.lastVisitedData.vehicle.make |toTitleCase}} {{twoWheelerCtrl.lastVisitedData.vehicle.model | toTitleCase}} {{twoWheelerCtrl.lastVisitedData.vehicle.variant? (twoWheelerCtrl.lastVisitedData.vehicle.variant |toTitleCase):''}}

    {{twoWheelerCtrl.lastVisitedData.vehicle.licensePlateNumber}}

    {{twoWheelerCtrl.lastVisitedData.selectedPlan}}

    -

    ₹{{((twoWheelerCtrl.lastVisitedData.quickQuoteResponse.plans[twoWheelerCtrl.lastVisitedData.selectedPlan].resposeBody.grossPremium) .replace('INR ', '')).split('.')[0] | rupeeFormatWithComma}} (Incl 18% GST)

    • Geography
    • Country
    {{geography.name}}

    Popular Countries (You can select more thane one)

    • {{country}}

    DONE
    Please select geography

    I agree to the  Terms & Conditions

    As mandated by Spanish Authorities your travel insurance needs to extend 15 days after your trip ends.
    We will extend your coverage period accordingly.

    false false false false false false false false false false false false

    Port my existing Policy

    keyboard_arrow_right
    or renew digit policy keyboard_arrow_right
    Chat with an expert

    I agree to the  Terms & Conditions

    You can select more than one member

    • -+ Max kids
      (s)
    ENTER YOUR REGISTRATION NUMBER
    keyboard_arrow_right
    DON'T KNOW YOUR REGISTRATION NUMBER
    keyboard_arrow_right
    or renew digit policy keyboard_arrow_right

    I agree to the  Terms & Conditions

    Terms and conditions

    Terms and conditions

    Do the Digit Insurance
    • Health
    • Car
    • Bike
    • Commercial
    • Travel
    • More Products

    Section 80CCC of Income Tax Act

    section 80ccc of income tax act
    (Source: fincash.com)

    Retirement is a crucial phase for every individual who needs to secure a monetary backup. Financial security such as pension and insurance aids retired individuals significantly.

    Section 80CCC of the Income Tax Act extends individuals with tax benefits over pension plans with a life insurer in India to support this need.

    However, there are specific terms that need to be fulfilled by taxpayers.  Keep reading to learn more about this section of the Income Tax Act.

    What Is Section 80CCC?

    Section 80CCC of the Income Tax Act 1961 allows individuals to claim tax exemptions against the contribution made to specific pension funds.

    An individual can claim deductions up to ₹1,50,000 against the purchase of a public insurance policy or renewing an existing policy.

    For instance, one can claim deductions when purchasing a life insurance policy from LIC or relevant public insurance companies.

    This section also allows deductions against periodical annuity as per Section 10 (23AAB).

    However, the pension amount and bonus or interest accumulated on this annuity will be applicable for taxation in the receipt year.

    Individuals should check terms under Section 80CCC of the Income Tax Act.  It is clubbed with the rules under sections 80CCD and 80C.

    Hence, it is crucial to read the terms against this section on the official website. Additionally, taxpayers need to check the eligibility parameters to streamline the filling.

    Who Is Eligible to Claim Deductions Under Section 80CCC?

    The eligibility parameters to claim deductions under Section Section 80CCC are as follows.

    • Any individual who has purchased or subscribed to an annuity plan can claim the deduction. This plan should be from a public insurance company or the ones approved under this section.
    • Both Indian residents and NRIs can avail the deductions.
    • Hindu Undivided Family or HUF can't claim benefits under Section 80CCC.

    Individuals must follow certain factors such as -

    • Avoid surrendering the annuity plan in parts or whole.
    • Choosing an insurance policy that doesn’t offer a pension.
    • Opting for a pension plan that extends incomes on maturity.
    •  Policy approved by the Insurance Regulatory and Development Authority of India.

    Let's check the crucial terms applicants need to know before filing a tax.

    What Are the Crucial Terms of Pension Fund Deduction Under Section 80CCC?

    The conditions that a taxpayer must fulfil to claim deduction under Section 80CCC are as follows.

    • Taxpayers who have contributed a certain amount towards renewing or buying an insurance policy from LIC or other insurance firms.
    • An individual cannot claim exemptions on bonuses or interest earned from a policy.
    • The proceeds from a policy are taxable.
    • The surrender value of an annuity plan is treated as income. This is taxable in both part or whole form.
    • Deductions will be applicable on the sum paid for the previous year.
    • Individuals can claim a deduction for a year when the pension fund is paid in one go.

    Let’s check how to claim the deductions and 80CCC tax benefits. This will help you understand the concept better.

    How to Claim Deduction Under Section 80CCC?

    After investing the funds as per Section 80CCC, individuals can file their taxes after maturity. They have to visit the official Income Tax website for tax filing.

    They can claim the tax benefits on the amount invested, not on interest or bonus.

    The Government specifies that the 80CCC deduction limit is up to ₹1,50,000. However, a taxpayer needs to qualify the eligibility parameters and terms specified under this section.

    Let’s take an example to understand this concept.

    For instance, an individual has a taxable income of ₹5,00,000. This brings down the net taxable income to ₹3,50,000.

    How Is Section 10 (23AAB) Interlinked With 80CCC?

    Section 23AAB allows tax exemptions against income earned by a pension fund. This clause has no relation with the taxpayer.

    The accumulated funds paid to a policyholder as a pension is taxable.

    This is some useful data on Section 80CCC of the Income Tax Act. Individuals should also check the income tax 80CCC exemption limit and related terms before tax filing.

    Frequently Asked Questions

    Can I claim deductions under Section 80CCC for a general LIC policy?

    No, one can't claim deductions under Section 80CCC against a general insurance policy. It should be related to pension.

    No, one can't claim deductions under Section 80CCC against a general insurance policy. It should be related to pension.

    Are deductions under Section 80CCC applicable for NRIs?

    Yes, NRIs with a pension policy can claim deduction under Section 80CCC.

    Yes, NRIs with a pension policy can claim deduction under Section 80CCC.

    Please try one more time!

    Request URL:
    Status Code:
    Request Payload:
    Response Data:

    More article about Income Tax in India

    Income Tax Benefits for Senior Citizens

    Income Tax Slabs in India

    Income Tax Slab for Senior Citizen

    Individual Income Tax Slab

    Income Tax Slab for Women

    How to Save Tax in India

    Deductions under Section 80C

    Tax Saving Options other than 80C

    How your Family can help you save Tax?

    New Income Tax Slabs for Senior & Super Senior Citizens

    Benefits of Filing Income Tax Return ITR

    How to File ITR Online?

    How to File Income Tax Return Online for Salaried Employees?

    ITR Filing for Businesses & Individuals

    How to get Income Tax Return Copy Online?

    What is ITR 2 in Income Tax?

    What is ITR 4 in Income Tax?

    What is ITR 1 Form Sahaj?

    What is ITR-3 Form?

    How to File Income Tax Return ITR?

    How to File ITR for Non-Salaried Person

    How to File TDS Return

    Last Date of Filing Income Tax Return (ITR)

    All you need to know about Income Tax Returns

    Capital Gains Tax: Long Term & Short Term Gains

    How To Get Income Tax Refund (TDS Refund)

    How to Check Income Tax Refund Status Online

    Different Types of Income Tax Return Forms in India

    How to Download ITR Acknowledgement Online?

    What happens if ITR is not Filed?

    What is the Penalty for Not Filing ITR?

    How to do e-Verification of ITR?

    File ITR for Pensioners & Retired Govt Employees

    Home Loan Tax Benefits

    Section 80TTA of Income Tax Act

    What is TDS?

    Section 194H of Income Tax Act

    Section 194A of Income Tax Act

    Section 80DDB of Income tax Act

    What is TAN Card

    Section 80GG of Income Tax Act

    Section 80E of Income Tax Act

    Section 80CCD of Income Tax Act

    Section 80D of Income Tax Act

    What is Income Tax Form 16

    What is ITR Form 16A

    What is ITR Form 26AS?

    Section 194I of Income Tax Act

    Section 115BAC of Income Tax Act

    What is Excise Duty in India?

    What is Indirect Tax?

    Deductions Under Section 80GGA of Income Tax Act

    Difference Between Section 80G and 80GGA

    Tax Credit vs. Tax Deduction

    Section 80U of the Income Tax Act

    What is Deferred Tax?

    Section 80CCG of Income Tax Act

    Section 80CCC of Income Tax Act

    Section 80DD of Income Tax Act

    Section 80EE of the Income Tax Act

    Difference Between Direct and Indirect Tax

    Tax Exemption Rules on Marriage Gifts in India

    Section 80G of Income Tax Act

    Section 24 of Income Tax Act

    Section 80GGC of Income Tax Act

    Income Tax for NRIs

    Income Tax Filing for Freelancers in India

    Differences Between Long Term & Short Term Capital Gains

    What is Profit Before Tax

    Section 43B of Income Tax Act

    Section 154 of Income Tax Act

    Section 195 of the Income Tax Act

    Section 192A of the Income Tax Act

    Section 80CCF of the Income Tax Act

    Tax Rebate under Income Tax Section 87A

    Depreciation Rates as Per the Income Tax Act

    What is Profit After Tax

    Section 24B of the Income Tax Act

    Statement of Financial Transaction under Section 285BA

    Section 276B of the Income Tax Act

    Section 44AD of Income Tax Act

    Section 54EC of the Income Tax Act

    Section 148 of the Income Tax Act

    Section 10 of the Income Tax Act

    Section 54 of Income Tax Act

    Section 44AB of Income Tax Act

    Section 194O of Income Tax Act

    What is AIS (Annual Information Statement)

    Section 40A2 of Income Tax Act

    Section 40A3 of Income Tax Act

    Section 40A(2) of the Income Tax Act

    Corporate Tax in India

    How to Calculate Capital Gain?

    Section 139 of the Income Tax Act

    Section 194C of the Income Tax Act

    Section 194J of the Income Tax Act

    Show more
    Download Digit App

    close

    Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.

    1. Digit Insurance
    2. Income Tax
    3. Section 80CCC of Income Tax Act

    Last updated: 2023-03-23

    Digit
    • about
    • contact
    • career
    Products
    • Car Insurance
    • Bike Insurance
    • Travel Insurance
    • Health Insurance
    • Property Insurance
    • Shop Insurance
    • Group Health Insurance
    • Arogya Sanjeevani Policy
    • Commercial Vehicle Insurance
    • Super Top-up Health Insurance
    • Flight Delay
    Resources
    • Blog
    • Press
    • Download Policy
    • Grievance Redressal Procedure
    • Cancel e-Mandate
    Agent & Partnerships
    • Become an Agent
    • Become Digit POSP
    • Garages claim intimation
    Services
    • Claims
    • Renewals
    • Digit Cashless Garages
    • Digit Cashless Hospitals
    Get our app
    Download man
    App Store Google Play

    Other Products
    • Fire Insurance
    • Burglary Insurance
    • Building Insurance
    • Bus Insurance
    • Tractor Insurance
    • Commercial Van Insurance
    • Passenger Carrying Vehicle Insurance
    • Heavy Vehicle Insurance
    • Goods Carrying Vehicle Insurance
    • Activa Insurance
    • Jupiter Insurance
    • Bullet Insurance
    • Student Travel Insurance
    • Schengen Visa Travel Insurance
    Health Insurance Guides
    • Individual Health Insurance
    • Family Health Insurance
    • Health Insurance for Parents
    • Health Insurance Premium Calculator
    • Compare Health Insurance
    • Health Insurance for Senior Citizens
    • Health Insurance with Maternity Cover
    • Corona Kavach Policy
    • Corona Rakshak Policy
    • हेल्थ इन्शुरन्स
    • फैमिली हेल्थ इन्शुरन्स
    Car Insurance Guides
    • Third Party Car Insurance
    • Comprehensive Car Insurance
    • Zero Depreciation Car Insurance
    • NCB in Car Insurance
    • IDV Calculator for Car
    • Bumper to Bumper Car Insurance
    • Car Insurance Calculator
    • Own Damage Car Insurance
    • Comprehensive vs Third Party Insurance
    • Compare Car Insurance
    • Find Vehicle Registration Details Online
    Bike Insurance Guides
    • Third Party Bike Insurance
    • Comprehensive Bike Insurance
    • Zero Depreciation Bike Insurance
    • NCB in Two Wheeler Insurance
    • IDV Value Calculator for Bike
    • Add-on Cover in Bike Insurance
    • Bike Insurance Calculator
    • Own Damage Bike Insurance
    • Comprehensive vs Third Party Bike Insurance
    • Compare Bike Insurance
    • Royal Enfield Insurance
    • TVS Insurance
    • Hero Bike Insurance
    Other Guides
    • Types of Insurance
    • Types of General Insurance
    • Types of Motor Insurance
    • International Driving License
    • Visa on Arrival for Indians
    • Visa Free Countries for Indians
    • Comprehensive vs Zero Depreciation
    • Coronavirus Health Insurance
    • Coronavirus Symptoms Checker
    • Indian Passport Rank
    • Digit Illness Group Insurance
    • Hero Splendor Insurance
    • Access Insurance
    • Scooty Insurance
    Calculators
    • SME Buddy Calculator
    • Home Loan EMI Calculator
    • Bike Loan EMI Calculator
    • Car Loan EMI Calculator
    • HRA Exemption Calculator
    • Sukanya Samriddhi Yojana Calculator
    • SIP Calculator
    • RD Calculator
    • SWP Calculator
    • GST Calculator
    • PPF Calculator
    • Personal Loan EMI Calculator
    • EMI Calculator
    • Individual Income Tax Slab
    • Tax Saving Options other than 80C
    Finance Guides
    • What is Credit Score
    • Public Provident Fund
    • How to Open PPF Account?
    • How to open Sukanya Samriddhi Account
    • What is GST?
    • GST Registration in India
    • PAN Card
    • Aadhaar Card
    • Property Tax
    • Road Tax
    • Passport Process
    • Income Tax Slabs
    • How to Save Income Tax in India
    • Tax Deductions under Section 80C
    Traffic Rules
    • PUC Certificate
    • Vehicle Registration Certificate
    • New Traffic Fines
    • Fine for Driving without Helmet
    • Types of Driving Licence in India
    • Driving Licence in Delhi
    • Driving Licence in Bangalore
    • Driving Licence in Jaipur
    • Bangalore Traffic Fines
    • Pune RTO Fine
    • Own Damage Insurance
    Business Products
    • Business Insurance
    • Management Liability Insurance
    • General Liability Insurance
    • Workmen Compensation Insurance
    • Fidelity Insurance
    • Professional Liability Insurance
    • Money Insurance Policy
    • Sign Board Insurance
    • Plate Glass Insurance
    • Erection All Risk Insurance
    • Contractors' All Risks Insurance
    • Directors and Officers Liability Insurance
    • Marine Cargo Insurance
    • Contractors Plant and Machinery Insurance
    RTO Offices in India
    • RTO Office
    • RTO Pune
    • RTO Ahmedabad
    • RTO Bangalore
    • RTO Mumbai
    • RTO Delhi
    • RTO Lucknow
    • RTO Thane
    • RTO Chennai
    Important Links
    • Digit Insurance Reviews
    • Car Insurance Reviews
    • Bike Insurance Reviews
    • Commercial Vehicle Insurance Reviews
    • Travel Insurance Reviews
    • Health Insurance Reviews
    • Mobile Insurance Reviews
    • Become a Digit Partner
    • General Insurance Agent
    • Health Insurance Agent
    • Motor Insurance Agent
    Car Brands & Models
    • Maruti Insurance
    • Toyota Car Insurance
    • Tata Car Insurance
    • Hyundai Car Insurance
    • Kia Car Insurance
    • Mahindra Car Insurance
    • Tata Tiago Insurance
    • Tata Nexon Insurance
    • Hyundai i20 Insurance
    • Creta Insurance
    • Baleno Insurance
    Downloads Do Not Disturb (DND) Public Disclosures Investor Relations Stewardship Policy IRDAI Privacy Policy

    CIN: U66010PN2016PLC167410, IRDAI Reg. No. 158.

    Go Digit General Insurance Limited (formerly known as Oben General Insurance Ltd.) - Registered Office Address - 1 to 6 floors, Ananta One (AR One), Pride Hotel Lane, Narveer Tanaji Wadi, City Survey No.1579, Shivaji Nagar, Pune-411005, Maharashtra | Corporate Office Address - Atlantis, 95, 4th B Cross Road, Koramangala Industrial Layout, 5th Block, Bengaluru-560095, Karnataka | Trade logo of Go Digit General Insurance Ltd. displayed above belongs to Go Digit lnfoworks Services Private Limited and is provided and used by Go Digit General Insurance Ltd. under license.