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Payments under Life Insurance and Pension plans are eligible for tax exemption as per the Income Tax Act 1961 (Act).

Premiums paid under a life insurance policy are eligible for deduction under Section 80C* of the Act.
Contributions to a pension plan are eligible for deduction under Section 80CCC* of
the Act.
The proceeds under a life insurance policy are exempt under Section 10(10D) of the Act, subject to the provisions of the said section.

*As per the prevailing law, the aggregate amount of deduction under section 80C, 80CCC and section 80CCD shall not exceed one lakh rupees.

Please Note: The above information only provides a general overview of some aspects of the tax laws applicable to life insurance/pension plans. Please consult a tax advisor before taking any action.

Service Tax:
Service tax and education cess will be additionally charged to the policyholder on the applicable charges/premium as notified by the Government of India from time to time.

Service Tax and Education Cess will be charged with effect from December 26th 2008, on certain charges levied towards the management of Unit Linked Insurance Plans. Therefore in addition to the Service Tax and Education Cess being currently levied on the risk cover i.e. on the mortality charges, from the effective date service tax will also be additionally levied on charges such as premium allocation, policy administration, fund management, switching and miscellaneous charges.

This levy of Service Tax and Education Cess is in accordance with Section 65(105)(zx) of Finance Act 1994, as amended by Finance (No.2) Act 2004 and Section 65(105)(zzzzf) of Finance Act 2008 (with effect from May 16,2008), at the rate of 12.36% which is subject to change from time to time.

The Service Tax and Education Cess currently levied at the rate of 12.36% shall be, with effect from February 24th 2009, levied at the rate of 10.30%. This change in rates of Service Tax and Education Cess levied is in accordance with Government of India notification No. 8/2009-ST, dated February 24th 2009, which is subject to change from time to time.

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Insurance is the subject matter of solicitation | ING Vysya Life Insurance Company Limited. IRDA Registration No. 114

Registered & Corporate Office: ING Vysya House, 5th Floor, # 22 Mahatma Gandhi Road, Bangalore 560001, India

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