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About life insurance

This query is : Resolved 
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(Querist)
05 June 2011 Hi,

If i wish to withdraw life insurance on which i am paying annual premium, can i do so.
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ca cs shriyans jain

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ca cs shriyans jain (Expert)
05 June 2011 Yes u can surrendr ur policy and vl get back ur amt paid, but if u withdrw withn 2yrs frm the commencment of policy then deductn allowd u/s 80c has to b treatd as income in yr of withdrwl.
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ca cs shriyans jain

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ca cs shriyans jain (Expert)
05 June 2011 Yes u can surrendr ur policy and vl get back ur amt paid, but if u withdrw withn 2yrs frm the commencment of policy then deductn allowd u/s 80c has to b treatd as income in yr of withdrwl.
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Prachi

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Prachi (Querist)
05 June 2011 But the policy is for 20 years and sum assured is around 6 lakhs. If I am paying annual premium of Rs.25000 since last three years, will I get 75000/- if i withdraw?
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ca cs shriyans jain

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ca cs shriyans jain (Expert)
05 June 2011 Not a prblm u can withdraw it.
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