Hello,
I have a ICICI Prudential Super Pension Plan, which I have paid premium for minimum period. The Plan matured in 2017 and have postponed the Vesting till 2020.
When I recently visited the ICICI Pru Branch and wanted to redeem, I was told that the entire corpus would be taxable unless I buy annuity with the same company (ICICI Pru). Below are my questions and I request experts to help clarify the same.
1. If I redeem now, is my entire corpus going to be considered as income and taxable at my slab (including my premiums)?
2. If I wait till vesting is completed, will I get any tax exemtions?
3. Someone told me that the corpus would be non-taxable since I waited till maturity. Is this true?
4. I understand, if I buy annuty.. this will be tax free. However do I have to buy annuity from ICICI Pru ONLY or redeem and use the amount to buy annuity from another Company - such as HDFC Life etc. who pays better pension?
5. Will I get any benefit if I wait till vesting period is completed or can redeem now?
Any clarification will be of great help. Thanks.
Regads,
Gopi
CAclubindia
