At least this article today on www.indiatimes.com says so: http://economictimes.indiatimes.com/articleshow/1534177.cms So what other options left for me to save tax? I already have two insurance policies and seems like they will go to waste. Surely the government has become beggars and want to become rich by our money. Without this rebate on insurance premium, 1/3rd of my salary will be gone to government.!!! They have submitted the proposal and it will not take much time to implement that.