Taxability/Exemption for Life Insurance Policy maturity proceeds

This query is : Resolved

V. P. Vidwans (Querist)
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19 September 2024 Sir/madam,
I had purchased a life insurance policy under the Unit Linked Insurance Plan. It was 10-years plan, involving 10 annual premiums of Rs. 120,000/- each. The sum assured was Rs. 840,000/-. The Policy was purchased in January 2014 & matured in January 2024. I paid all the 10 instalments regularly (totaling to Rs. 12.00 Lakhs).
On its maturity in January 2024, I received a cheque of Rs. 18,73,876/- from the Insurance Company, after deducting TDS of Rs. 35,467/- u/s 194DA. (Gross maturity amount Rs. 19,09,343/-; Gain of Rs. 709,344/-). The said amounts of Rs. 709,344/- and Rs. 35467/- are appearing in my Form 26AS. My Return is filed under the Old regime of income Tax & my taxable income is more than the minimum threshold amount required for taxation, even without considering the said gain of Rs. 709,344/-.

Please advise:
1) what would be the taxable amount out of the gain of Rs. 709,344/- &
2) whether I can claim the exemption u/s 10 (10D) despite the fact that the annual premium payable was more than 10% of the Policy amount.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 September 2024 1. Rs. 7,09,344/-
2. Not eligible.

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