L These conditions will not apply to the death benefits. Death benefits under traditional policies will be tax-free. Annuity Plans Tax Benefits Under New / Old Tax Regime These are pension plans where either they are immediate annuity plans (you invest a lump sum and the pension will start immediately) or deferred annuity plans (you invest regularly and after a certain period, the pension will start). Annuity Plans (Pension Plans) Tax Benefits under Old Tax Regime Annuity plans come under the purview of sections 80C and 80CCC of the Income Tax Act 1961. This deduction is clubbed with all the other items eligible for deduction under sections 80C and 80CCD with an aggregate cap of Rs.1,50,000. The deduction is only available in the year in which the contribution is made. Annuity Plans (Pension Plans) Tax Benefits under New Tax Regime As usual, there are no tax benefits under the new tax regime as Sec.80C is not part of the new tax regime. The pension tha...