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Maturity amount on insurance policy

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09 September 2021 If SBI life insurance policy is taken and the sum assured is suppose Rs. 5,00,000/-, premium paid is Rs. 50,000/- per year for 5 years. Is deduction allowed for such premium ? . Also if the maturity amount suppose RS. 3,20,000 /- is received in the bank account, whether such maturity amount is taxable.?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
09 September 2021 Assuming the policy was taken after 1st April 2012, the yearly premium paid Rs. 50,000/- does not exceed 10% of sum assured 5 lakhs, hence it is covered u/s. 10(10D) of IT act; thus the maturity amount will be tax exempt.
2. Maturity amount of Rs. 3.20 lakhs will not alter the tax-ability criteria of the policy.
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