Can term insurance be claimed under 80D? Getting confused with all the tax sections!

Hey Finanjo fam! Tax season is around the corner and I’m trying to figure out my deductions. I have a term insurance policy (ICICI Pru iProtect Smart) and I’m paying about 15k annually in premiums.

I know health insurance premiums can be claimed under 80D, but what about term insurance? Some people are telling me it goes under 80C, others say 80D. I’m getting totally confused!

Also, I have both term insurance and a separate health insurance policy. Can I claim both under different sections or is there some limit I need to worry about?

Your situation breakdown:

  • Term insurance (₹15k) → Section 80C :white_check_mark:
  • Health insurance → Section 80D :white_check_mark:
  • Both can be claimed separately with their respective limits

Important note: If you’re already maxing out 80C with PPF, ELSS, etc., your term insurance premium will still count toward the ₹1.5 lakh limit but won’t give additional tax benefit.

I made this same mistake in my first year - claimed term insurance under 80D and got an IT notice!