Under the Invest 4G Unit Linked Insurance Plan, you may be entitled to tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961. These include, first of all, tax benefit on the premium paid towards a ULIP. This amount of premium is allowed as a deduction under Section 80C of the Income Tax Act up to a limit of Rs 1.5 lakhs. The next tax benefit is in the form of tax savings on the withdrawals made or the amount you receive as a part of the policy, whether it is the maturity benefit received at the culmination of the plan or death benefit received by the beneficiary upon the death of the policyholder or a partial withdrawal during the term of the plan. All such receipts are tax-free in the hands of the receiver. The plan also allows for partial withdrawals, so that you can tend to any liquidity requirements or emergencies that strike. You can make these partial withdrawals in multiples of 1000s, 6th policy year onwards, provided all due premiums for first 5 policy years have been paid. These partial withdrawals made without completely surrendering the whole plan, are also completely tax-free. Apart from these, the ULIP plans tax benefits also extend to their exemption from the Long-term capital gains tax. Often referred to as the LTCG tax for short, this tax provides for the taxation of the profits made through long-term investments. ULIPs, including the Invest 4G, are exempt from this tax.