1 Comment
  1. Prashant Thakur says

    The answer is a definite NO because premiums paid on personal life insurance is considered  personal expense and therefore not deductible while computing taxable income. 

    Personal life insurance premium expense are not deductible regardless of whether the insurance is government life insurance or regular commercial life insurance.

    What about taxablility of life insurance receipts ?

    Generally, life insurance proceeds received as a beneficiary due to the death of the insured person, aren’t taxable income ,so  you don’t have to report them. However, any interest you receive is taxable and you should report it as interest received. See IRSTopic 403 for more information about interest.

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