Income tax on insurance

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Dear sir/madam,

I bought a icici prudential single term plan in 2010 and showed some part of it under 80c at that time. I have redumpted this policy after 5 years completion (but the maturity period is for 20years). During redemption time icici prudential team deducted 2% of TDS on sum assured (premium + bonus) but in the starting they they said it is tax less amount, Now my question is do I need to pay tax for this amount or not required if yes Do i need to pay for assured amount or Bonus amount.

Replies (1)

Taxable. Bonus amount may be taken as taxable income.


CCI Pro

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