Certain tax-saving investments made during a financial year can,under section 80c of the income tax act, 1961,Be claimed as deduction. Some of the popular ones are:Life insurance

A maximum deduction of Rs 1,50,000 can be claimed under section 80c on premiums paid for a life insurance policy. Premium paid for self, spouse or child is eligible for deduction under this section. Additionally, the proceeds received are completely tax free for the receiver as per section 10(10d).

Health insurance

You can claim tax deductions on premiums paid for health insurance for yourself and your family under section 80d. If you're a senior citizen, you can claim a maximum deduction of Rs 30,000 per year.

ULIPs

ULIPs provide the dual benefit of insurance and investment. Deductions can be claimed for money invested in ulip under section 80c (life insurance) up to Rs 1,50,000.