Taxability of life insurance policy maturity

abhishek agarwal (BRANCH CREDIT MANAGER) (796 Points)

01 July 2019  

How is proceeds from maturity from conventional policy plan from private Insurance player such as Kotak, etc be taxed -

1. assuming insurance premium is exceeding 10% of  basic sum assured

2. assuming insurance premium doesn't exceed 10% of basic sum assured

3. Also whether cost can be deducted from policy maturity amount considering full amount is taxable as Income from other sources.