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we are in the lic insurance sector and an insurance advisor for life. protects from financial loss, which is one form of risk management, primarily used to sidestep against the risk of uncertain loss. a person or entity that provides insurance is known as an insurance company, insurance, carrier of the underwriter. an entity or person who buys insurance is known as an insured or as a policyholder. the loss may or may not be financial, but it must be reducible to financial terms and usually involves something in which the insured has an insurable interest established by ownership or a pre-existing relationship. we are in life insurance corporation of india (lic), is an indian state-owned insurance group and investment corporation owned by the government of india. i 80c: an individual will be entitled to deductions for whole of amounts paid od deposited in the current financial year in the following schemes, subject to the maximum of rs,1,50,000/- insurance premium paid on the policies of assessee, spouse, and children including premiums paid under ulips. premium paid under deferred & immediate and immediate annuity plan (pension plans). contribution to provident fund/ppf (up to rs.1,50,000/-) contribution to national pension scheme. savings in tax saving mutual funds/ equity liquid savings scheme. repayment of housing loan principle. tuition fees paid for the full-time education of any 2 children. postal term deposits under term deposit rule 1981/nse. amount paid under senior citizens savings rules, 2004 fixed deposit with the banks /postal office minimum of 5 years term (tax savings scheme) a max of 50,000/- under national pension scheme is exclusive & in addition to 1,50,000/- for those who are below 60 years of age.
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