tax on partial refund from ULIP/Life Time policies

HI

Is partial refund from ULIPS (icici prudential life time plans) taxable? Whats the case if policy is surrendered? Lock-in period of the policy is already completed i.e. policy was taken in 5 years back.

Premium: Rs 30,000 per anum

Insurance cover = Rs 4 lakhs

 

Please suggest

Replies (1)
Since 5 years hv compltd, u need not pay tax.

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