Gifting a Term Insurance Policy

POSTED BY Ram ON December 6, 2012 11:48 pm COMMENTS (2)

I want to gift a term insurance policy to my son who is earning himself.

1. Can I claim tax benefit that I would have got if I had bought this policy for myself? Or would that benefit be claimed by my son?

2. Are there any other tax advantages that either me or my son can benefit?



2 replies on this article “Gifting a Term Insurance Policy”

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  2. your son cannot get any benefit if you pay. Obviously your son is not a minor so I dont think you will get any benefit either,. If you have registered as a HUF then you can get benefit.

    80C I lakh limit is a joke and is likely to be increased soon. So if your sons pay the premium he can benefit from it in the long run.

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