LIC Refund is taxable or not, if anybody know then please tell me its urgent
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LIC Refund
Replies (3)
what is LIC refund?
You mean surrender value or maturity claim ?
1. LIC refunds money when you pay extra premium or reimburses certain expenditure like medical expenses.
2. On Money Back Policies: It is Exempt ( Provided annual premium is less than 20% of Sum assured)
3. On Death : Tax free
4. On Maturity of Policy : Tax Free ( Provided annual premium is less than 20% of Sum assured)
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