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Is there any Tax Benefit on the premium I pay for my life insurance policy?

Rebate is available under Section 80C of Income Tax Act, 1961. For the financial year 2008-09, the basic income tax exemption limit has been raised from Rs. 1,10,000 to Rs. 1,50,000. The exemption for women asseesees has been raised from Rs. 1,45,000 to Rs. 1,80,000, and for senior citizens it’s raised from Rs. 1,95,000 to Rs. 2,25,000.

What are the Tax Benefits in case I opt for a Pension Plan?

After the maturity of my policies, will the maturity proceeds be taxable?

If I pay the premium on policy for my wife/husband, can I claim Tax benefits?

If I purchase a Unit Linked Insurance Plan (ULIP) and I choose to discontinue my policy, can I claim any tax benefits?

What are the Tax benefits available on medical insurance premiums?

Is Service Tax applicable on ULIP products?