Life Insurance Information

In the table titled "Life Insurance Premium", you will see the message "No data found" if there is no prior declaration. If you are creating a new declaration by editing an earlier declaration, you would see values similar to those presented below.

As soon as you click on the

icon on top of the right extreme column in the table, you will see a row with blank fields appearing inside the table where you can enter details of life insurance premium that you have paid or will be paying for the year. Please click on the respective cells to update the details.

You can create as many rows as you wish to enter details of all your insurance premiums paid during the year by clicking the

icon. If you wish to delete any of the rows, you could do so by clicking on the

icon at the end of the row.

Field	Instruction
Policy No.	Please enter the insurance policy number. If you do not have a value for this field, please enter "TBE." TBE stands for "To Be Entered." Tanqaa forces you to make an entry because this field is a mandatory field.
Insured Person	Please enter the name of the insured person for whom the policy has been taken. If you do not have a value for this field, please enter "TBE." TBE stands for "To Be Entered." Tanqaa forces you to make an entry because this field is a mandatory field.
Relationship	Please select the relationship of the insured person to yourself from the drop down.
Policy Amount	Please enter the total policy amount (in Rs). The amount can have a maximum of two decimal places.
Premium	Please enter the total annual premium amount (in Rs). The amount can have a maximum of two decimal places.

Your investments allow you to get a tax reduction under the so-called "Deductions under Chapter VI-A" of the Income Tax Act. While an employee can investment any amount under different heads, a maximum of Rs. 1,50,000 (1.5 Lakhs) can be deducted from an employee's gross total income while arriving at the taxable income.

Please note that if the premium amount is greater than 20% of the policy amount, Tanqaa will take into account only 20% of the policy amount as the premium amount for the purpose of tax rebate calculation. This is in line with the requirement of the Indian income tax law.

Investment Under Section 80C	Proof to be submitted	Guidelines
Life insurance premium	Photocopy of all premium receipts issued by the insurance company along with copy of the insurance policy	Policy should be issued by a company approved by the Insurance Regulatory and Development Authority (IRDA) Late payment fees charged will not be considered as premium paid Receipts should be of the current year only Policy can be in the name of individual, spouse, & children

Whenever you submit receipts to your organization, amounts in the investment receipts should be the same as the amounts entered in the tax declaration screen of Tanqaa.