I have taken a ulip of max life on 20dec 2016,with 5pay option and 5year locking period. I have not taken any benefit under section 80c. Now I want to surrender the policy.
Is there any tax liability on surrender value which I will get after the end of locking period
RKSinha
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Tax liability on Pre mature surrender of ulip within locking period.
Replies (3)
Check the ratio of sum assured value of the policy to premium paid annually....... for better clarification......
Ratio is 1:10, I.e. Premium is 10%,of sum assured.
The Surrender value of the ULIP plan after 3/5 years (depending on the type I or II) is completely tax-free under 10(10D).
Refer: taxation of insurance policies
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