Tax deduction of rs 1,50,000 can be claimed on your taxable income under section 80C of the income tax act. The earlier limit under this section (i.e. Until FY 2014-15) was Rs 1,00,000. Investments that qualify for exemption under section 80C include:

• Premium payments for life insurance
• Investment in an equity linked savings scheme
• Contribution to public provident fund
• Investment in national savings certificate
• Home loan principal repayment
• Five-year bank fixed deposits
• Senior citizen savings scheme
• Unit linked insurance plan (life insurance)