Late Fee paid in Addition to Premium on LIC Policy Is Eligible for Deduction u/s 80C !

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One of the premium subscriber of this site , Sri Luxminarayan BhattadĀ  , has asked “whether late fee paid in addition to premium on LIC policy eligible for deduction us 80c? “. The question is very relevant , therefore, it has been given placement in main site. See the provision u/s 80C of the Income tax Act provides a number of types of deposits and expenses for the purpose of allowance of deduction upto Rs 1 lakh. So, let us first see , what is the actual text of law related to deduction for buying Life Insurance policy . The extract of the text given below :

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