Received Rs 5 Lakh in FY 24-25 from LIC Jeevan Labh: Do I Need To Pay Tax in AY 25-26?

Poojitha Raam Vinay | Last updated: 25 July 2025

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If you've received a Rs 5 Lakh maturity payout from your LIC Jeevan Labh policy in FY 24-25, understanding its tax implications for AY 25-26 is crucial. Generally, maturity proceeds from life insurance policies are tax-exempt under Section 10(10D), provided certain conditions regarding premium payments and policy issue dates are met. However, for policies issued on or after April 1, 2023, if the aggregate annual premium exceeds Rs 5 lakh, the maturity amount may be taxable unless it's a death benefit.

LIC Jeevan Labh is a limited premium endowment plan that offers both life cover and maturity benefits. Its a non-linked, with-profit plan, meaning it participates in bonuses declared by LIC. This plan offers tax-saving benefits under 80C and 10(10D). Is the ₹5 Lakh Maturity Amount Taxable? The

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About the Author

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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Received Rs 5 Lakh in FY 24-25 from LIC Jeevan Labh: Do I Need To Pay Tax in AY 25-26?

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