Direction: Below, a passage is given with five blanks labelled (A)- (E). Below the passage, five options are given for each blank. Choose the word that fits each blank most appropriately in the context of the passage, and mark the corresponding answer. Life insurance policies can be useful tax __ (

Direction: Below, a passage is given with five blanks labelled (A)- (E). Below the passage, five options are given for each blank. Choose the word that fits each blank most appropriately in the context of the passage, and mark the corresponding answer.

Life insurance policies can be useful tax __ (A) __ tools because the policyholder is __ (B) __ for tax benefits under the Income Tax Act 1961 (Act). Though there are multiple modes for saving tax, life insurance is one of the most __ (C) __ tax planning instrument. Plans from Max Life Insurance can be used for protection, long-term savings and tax planning. There are two kinds of income tax benefits available to individuals with respect to long-term savings being made in Life Insurance __ (D) __. When you invest in life insurance, the government __ (E) __ the premium amount you pay towards insurance from your taxable amount. Even if you pay premiums worth Rs 1.5 lakh for multiple policies, the maximum __ (F) __ you can avail of is Rs 1 lakh. Section 80 C encompasses investments from all the sources– life and health insurance premiums, investments in PPF, government bonds, etc.to a ceiling of Rs 1 lakh per annum. The basic objective of a life insurance policy is to provide protection. Tax saving is an __ (G) __.

Which of the following words most appropriately fits the blank labeled (E)?

1). Pays
2). Deducts
3). Takes
4). Subtracts

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