1. Under New Direct Tax Code - You can save tax only for the premium of policies which gives a life cover of at least 20 times of the annual premium. If any life insurance policy is not met this condition you will not get tax exemption for the premium amount and also the income arise from the policy is taxable.
  2. At present life insurance policies are exempted under section 80C of income tax act and you can get exemption of Rs. 1,00,000 for life insurance and other tax free investments. But under New Direct Tax Code the maximum exemption limit is Rs. 50000 for life insurance, Tuition fee of children and Medical Insurance together.