My friend has taken a life insurance policy. The policy documents state that income tax exemptions will be available at the prevalent tax rates. Does this mean that when the policyholder's nominee or the policyholder receives the sum assured or maturity benefit, let us say twenty years later, the exemption will depend on the law that is prevalent on that date? If on that date, amount received on life insurance is not exempt, the nominee or policyholder will not be able to avail the exemption?
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Tax exemption on insurance
Replies (1)
As per my opinion the deduction will be as per prevelent LAW. The law of that time my not allow it , than it will not deductible.
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