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Taxability of matured value of LIC policy
Is matured amount received of life insurance policy of LIC taxable.If yes how ?
Replies (3)
Hi,
When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D)
When the Annual premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D)
and if Annual Premium paid on the policy exceed the 10%,/ 20% as the case may be, than (Maturity value less all Premium Paid) is taxable as income from other sources.
and if Annual Premium paid on the policy exceed the 10%,/ 20% as the case may be, than (Maturity value less all Premium Paid) is taxable as income from other sources.
Is maturity value = sum assured plus bonus
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