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.
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