Section 80C (along with 80CCC and 80CCD) of the Income Tax Act allows deductions upto Rs. 1.50 lakh for various investments/payments including Life insurance premiums, home loan installments, saving schemes such as PPF, VPF, NSC, ELSS etc.
Note : The maximum deduction under 80C, 80CCC & 80CCD (combined) is
Rs. 1.5 Lakh
FY 2015-16 NPS Contribution upto Rs. 50000 (in addition to 1.5 Lakh) is deductible under 80CCD(1B)