3.Deduction u/s 80C Deduction u/s 80C shall be allowed only to an Individual and a Hindu Undivided Family (HUF). 2. Total amount deposited in various approved saving schemes or 1,00,000 p.a. whichever is less shall be allowed as deduction. 3. The limit of 1,00,000 also includes the amount of deduction allowable to assessee u/s 80CCC and 80CCD. 1. 4. Life insurance policies can be obtained in the name of the assessee, spouse and children and in case of HUF in the name of any or all the co-parceners of the HUF. Deposits in Unrecognised Provident Fund does not qualify 2) Payment of Life Insurance Premium