Meaning and introduction to insurance - class-XI

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Multiple Choice

An assessee has paid life insurance premium of Rs. 25, 000 during the previous year for a policy of Rs. 1, 00, 000. He shall __________________________.

  1. Not be allowed deduction u/s 80C
  2. Be allowed Deduction u/s 80C to the extent of 20% of the capital sum assured i.e.Rs. 20, 000
  3. Be allowed Deduction for the entire premium as per the provisions of section 80C
  4. None of the above
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