All premiums paid are exempted from income tax under sector 80 c and all claims, maturity etc are exempted under 10 10 d. LIC plans have been the preferred method of saving tax with all age groups. In fact people with their first salary start savings with lic. Lic plans offer triple benefits of life cover, best returns and tax saving.
All premium payment are exempted from income tax under section 80C.
Yes, the survival benefit, claims are all exempted from tax under 10 (10) (D) section of income tax act.