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Claim tax deduction for GST paid on insurance premium – The Financial Express NewsColony Before buying an insurance policy, it is important to compare prices across various policies. By Kapil Rana Under Section 80C and 80D of the Income Tax Act, 1961, taxpayers are allowed to claim tax benefit on premiums paid for life insurance and health insurance plans. This helps to promote the habit of investing in an insurance policy among people. While most people are aware of the tax benefit on premiums paid for insurance, they are unfamiliar with a similar benefit for GST paid on insurance premiums. In other words, taxpayers can avail tax benefit on insurance premiums as a whole, including the GST paid as per the policy. Related News Before buying an insurance policy, it is important to compare prices across various policies. On top of the cost-specific elements of insurance premium such as mortality amount, the insured person also needs to pay Goods and Services Tax (GS...