HDFC ULIP POLICY SURRENDER VALUE TAXABLE OR NOT
This query is : Resolved
16 November 2023
Premium amount of Rs.95000 paid to HDFC SL ProGrowth Flex Plan for five years. Sum assured is Rs.38,00,000 after 10 years. If the Policy is surrendered after 5 years lock-in-period, what will be the tax effect on the excess amount received? The premium amount of Rs.95000 is not claimed deduction u/s.80C in the previous years.
15 January 2024
If surrendered within five years, gains are taxable. The gains become tax-free if you stay invested for more than five years. ULIPs are unique in nature, providing a blend of financial protection and investment potential while offering you tax benefits based on the duration of your investment.
18 January 2024
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