Life Insurance - Kotak Life Insurance Company in India

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

Difference between Section 80C, 80CCC, 80CCD & 80D

Difference between Section 80C, 80CCC, 80CCD & 80D
  • 28th Jan 2022 |
  • 1,134

Tax deductions are claims made to reduce taxable income that come from a taxpayer’s various investments and other additional costs. The advantage of taking an income tax deduction is that it lowers your overall tax payment, thereby allowing you to save money on your taxes.

Various Types of Deductions According to Sections

Tax paying individuals have many tax-saving instruments and investments that help them save on their taxes significantly as per the following sections of the Income Tax Act of 1961:

Section 80C

Under this section of the Income Tax Act, an individual can claim deductions worth ₹1,50,000 on their taxable income. Both individuals and the Hindu Undivided Family (HUF) are eligible for deductions and benefits under Section 80C. Any Indian citizen who has an income higher than the exempted limit as per the act can seek exemptions under this section.

Section 80CCC

Contributions or installment payments made towards annuity or pension plans are qualified for an Income tax deduction under Section 80CCC Income Tax. The amount paid on the acquisition of new insurance, as well as payments made toward the renewal or continuation of an existing policy, is included in the Section 80CCC exemption limit. /p>

Section 80CCD

Income Tax 80CCD deals with the contributions that are made to the below-mentioned pension schemes:

  • National Pension Scheme (NPS)
  • Atal Pension Yojana is APY.

Segment 80CCD (1)

It deals with the tax deductions that are available to the independently employed/Central Government/Other Employer. Salaried workers are qualified for a most extreme allowance of 10% of their salary, while independently employed citizens can deduct 10% of their gross income.

Segment 80CCD (2)

This part examines the employer’s contributor towards the NPS commitment. The limit is 10% of the employee’s salary as a part of the Income Tax 80CCD.

Area 80CCD (1B)

Under this section, an individual can opt for an additional tax benefit of ₹50,000 for investments that have been made in the NPS. The total savings can hence, amount to a sum of ₹2,00,000.

Section 80D

A tax exemption is accessible under tax-saving under 80D for the charge paid for health insurance. A citizen can deduct up to ₹25,000 for protection for themselves, their companion, and their dependent children under Section 80D. Assuming your family elders are under 60 years of age, you can get an extra derivation for their protection up to ₹25,000 under tax-saving under 80D. Furthermore, if they are past the age of 60, they can deduct ₹50,000 under this section. Additionally, the deduction allowed as per this section is ₹1 lakh if both the family members and the parent(s) are over 60 years of age.

Section 80CCC of the Income Tax Act as well as other sections in the IT Act as prominent tax saving options that help individuals save money on the contributions made in certain specific funds that are mostly offered by life insurance. So, investing in such tax-saving schemes and reaping their benefits is always a good option!

Kotak Guaranteed Savings Plan


  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • @ Guaranteed Loyalty Additions
  • Accrued Guaranteed@ Additions

Ref. No. KLI/22-23/E-BB/490


Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Role of Life Insurance in Your Financial Portfolio

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

How to Check Income Tax Returns Status Onine?

What is Section 80C Deduction Limit?

All about Online Income Tax Calculator

Tax-Free Income in India

TDS Due Dates of FY 2020-21 For Return Filing

Do Beneficiaries Pay Taxes on Life Insurance?

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

How to Get Form 16?

What Investment Options Come with Tax Incentives?

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

All about TDS on Salary under Section 192 – Kotak Life

धारा 80सी आयकर अधिनियम, 1961

5 Unusual Investments You Didn't Know for Saving Taxes in India

How to Check Income Tax Refund Status Online in India

E-Filing of Income Tax Returns in India

Types of Riders in Insurance Policy

Interest Imposed Under Section 234A, 234B and 234C

Income Tax Filing For NRI in India

How to File Income Tax Return - Everything You Need To Know

How to File Form 16 for Salaried Employees?

9 Tax Changes in Budget 2019 that may Impact Your Personal Financial Planning

Tax-Savings Investments and Options in India

What is the Difference between Form 16 and Form 16A?

How to File TDS Return?

What is TDS Slab?

All about TDS Payment Online & Due Dates

Tax Saving Options other than Section 80C

Types of Income Tax Return (ITR) Forms

What Is Advance Tax and How Is It Calculated?

Impact of GST on Life Insurance in India

आयकर स्लैब 2021-2022

Income Tax Exemption for Disabled

Guide for Tax Calculation on your Salary

How to save tax for salaried person?

Form 16, Form 16A, and Form 16B?

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

Income Tax Deductions for Disabled Person Under Section 80U

Difference between Section 80C and 80CCC of the Income Tax Act, 1961

What is ITR 5 Form and How to File ITR 5?

What is TDS Refund Process?

What is Form 16B?

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary

How to Pay Advance Tax Online in India

A Complete Guide for Filing ITR 3 Form

ITR 2 Form – Complete Guide

Pradhan Mantri Suraksha Bima Yojana

Financial Planning and Best investment options for Housewives

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

How to View 26AS and Download Form 26AS Online

Income Tax Deductions Under Section 80C

How can I get Form 16B from traces?

Tax Exemption and Scope of Coverage

5 Popular Tax-Saving Schemes in India

How to File ITR Online

7 Important Things to Remember While Investing in a Savings Investment Plan

9 Income Tax Myths That Could Cost You Money while Filing returns

Income Tax Benefits for Doctors

Sub-sections Under Section 80C of the Income Tax Act, 1961

Income Tax Exemption for Physically Handicapped Dependent

Can You Get Term Insurance Without Income Proof?

Tax Saving Guide for 2019-20

Understanding Tax Exemptions in ULIP (Old and New)

What is ITR & How to File Income Tax Return

ITR-6: Guide to filing ITR-6 Form online

Investing Lump Sum Amount

What is Section 10D of the Income Tax Act?

Tax Benefits for Startups in India

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

Tax Saving for Self Employed in India

How to file Form 16 online?

Tax Season Is Coming- Know How to Save Tax

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

What is Form 26AS - All You Need To Know

How To Save Tax Using Life Insurance?

How to Claim TDS Refund for Excess TDS Deduction

How Much Money This Budget 2019 Can Help You Save

How to Save Income Tax with Insurance

Problems People Face with Tax Returns after a Job Change

Why is Form 16 Important?

How to Check Income Tax Refund Status Online in India

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

A Comprehensive Guide to Understand the ITR 7 Form

How to Save Tax on Salary Arrears?

Tax Benefit of Investing in Term Plan

All You Need to Know About Section 80C

Insurance and Endowment: Everything You Need to Know!

What To Do If Your TDS Is Not Deposited With The Government?

What are the Different Types of Taxes in India?

Tax Structure in India

Tax Saving Tips: Best Ways to Save Income Tax for 2021

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

The Difference Between Gross Income & Total Income in Calculating Income Tax

Why Tax Planning Should Be an All-year Round Activity

What is Salary Protection Insurance and Why You Need It

Have You Considered Term Insurance a Part of Your Tax Planning?

ITR 1: Sahaj Form

9 Point Guide on how to File Income Tax Return Online

Income Tax Deduction Under Section 80CCC In India

What is the Difference Direct Tax and Indirect Tax

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2020-21 & 2021-22

What is Tax Evasion and What Are The Penalties For Tax Evasion In India?

How to Download Form 16?

Tax Benefits of ULIP Plans Available for NRIs

List of Important Income Tax FAQs

Things to Do After Filing Income Tax Returns

Financial Benefits and Government Schemes Every Woman in India Should Know

How To Save Tax Better with 80C

How to File Form 10E for Tax Relief on Salary Arrears?

Income Tax Filing Using Multiple Form 16

Section 44AD of Income Tax Act for AY 2020-21

Tax Saving Options for Salaried Employees

What is the TDS Rate on Salary?

What is Section 80C Deduction?

Are Financial Planning and Tax Planning the Same Thing?

Tax Planning and Tax Benefits of Life Insurance

Budget 2019: Impact on the Common Man in India

Tax Deductions You MUST Know

Tips to plan your savings in 2019

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy

Section 80E: Tax Exemption on Interest on Education Loan

Union Budget Highlights – 1st February 2022

Top 8 Tax-Saving Methods in India- Budget Planning

What is Tax Deduction at Source (TDS)?

Section 80G of Income Tax Act

Section 16 of the Income Tax Act (ITA), 1961

What is the Percentage of Tax Deducted at Source (TDS)?

How do I Calculate My Term Insurance Premium

How to e-Verify your Income Tax Return

Guaranteed Return Plans-Why is it a must for you?

Presumptive Taxation for Business and Profession

What is Form 16A?

What is Section 80CCC of the Income Tax Act 1961

How to e file ITR on Income Tax Government Portal

How to File Income Tax Return for First Time Tax Payers

Home Investment Plan to Buy Dream Home

How to File Income Tax Return without Form 16

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

What is TDS Exemption Limit?

How to View 26AS and Download Form 26AS Online?

धारा 80डी आयकर अधिनियम, 1961

Penalty For Late Filing TDS Return

What are the Tax Benefits of Sukanya Samriddhi Yojana (SSY)?

What are Direct Taxes? How to Avoid being Overtaxed?

Save Income Tax by 31st March: Here Is a Checklist

Saving Income tax in 2017 - 18

When Should TDS be Deducted and Who is Liable to Deduct it?

What is Challan 280? How to Pay your Income Tax Online with Challan 280?

What is Section 80C - Explained in Detail

Why January Is an Important Month for Saving Tax?

Section 80C Deductions as per Income Tax Act, 1961