Is amount received on maturity of LIC Taxable?

I want to ask whether the amt. recd on maturity of LIC policy is taxable in that previous year or not?

and if taxable ; under which head?

Replies (17)

No. It is not taxable.

Originally posted by : Dipjyoti Majumdar

No. It is not taxable.
maturity of endowment policies are not taxable, however the maturity of keyman insurence, pension policies cummutation is taxable.

You can get full tax benefits on the maturity amount and the withdrawal amounts under Section 10(10) D, of the Income Tax Act, 1961

Dear Mr.Utsav,

As per Section 10(23D) any amount received from LIC ON maturity wil fully exempted and not chargeable to tax. So no tax on amount received on maturity income.

I,Ronak Darji,being Insuarance Consultant in LIC at Vadodara(Gujarat) Chapter having knowledge of All issue related to LIC. You can ask for any query as well as investment in LIC.

For any Query Just Send me E-mail- ronak.jdarji @ gmail.com.

Regards,

Ronak Darji

it is not taxable, it is shown in the personal account..

maturity amount is not taxable

Originally posted by : RONAK DARJI

Dear Mr.Utsav,

As per Section 10(23D) any amount received from LIC ON maturity wil fully exempted and not chargeable to tax. So no tax on amount received on maturity income.

I,Ronak Darji,being Insuarance Consultant in LIC at Vadodara(Gujarat) Chapter having knowledge of All issue related to LIC. You can ask for any query as well as investment in LIC.

For any Query Just Send me E-mail- ronak.jdarji @ gmail.com.

Regards,

Ronak Darji

Please dont abuse your profession atleast

sec 10(23D) is dealt with mutual funds, for LIC maturity claims sec 10(10D)

 

https://www.licindia.in/tax_benefit.htm

thanks everyone for helping me out....

agree with all........

It is treated as capital receipt in personal A/c.

Agree with the views of other members............

no, it is not taxable

Sir I have surrendered my LIC's Money Plus policy plan no. 180 after completed 5th year in march 2012, i have deposited Rs. 10000  yearly for 5 years i.e. Rs.50000 and I have received Rs.51000 on prematured. So I want to know that is Money Plus policy prematured amount is exempt from Income Tax and is covered u/s 10(10d) and should i show this amount in income tax return in A.y. 2012-13 for Rs.51000 or only Rs.1000. so please reply me as early as possible so i can submit my  Income Tax Return.

Thanks and Regard

Nitesh Kumar

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
21 October 2026
CA INTER/ BCOM WITH EXPERIENCE

CA S KUMAR GUPTA & CO

Amritsar

CA Inter

View Details
Company
15 October 2026
Senior Accountant

Continental Belting Pvt Ltd

Mumbai

B.Com

View Details
Company
ARTICLESHIP 20 October 2026
CA ARTICLE

AMKN & CO

Noida

CA Inter

View Details
Company
12 October 2026
Finance

I-Genext Consulting Private Limited

New Delhi

CA

View Details
Company
12 October 2026
AUDIT , ACCOUNTS AND TAXATION

KDSS

New Delhi

B.Com

View Details
Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details