Taxation of redemption of ULIP after lock-in-period of 5 years

I have purchased some Ulip policies in August 2019 with premium paying term of 5 years and policy period varying from 10 years to 15 years. If I redeem the ULIP after lock-in-period of 5 years, ie. BEFORE the end of policy period, then

1) is the capital gains in the redemption value taxable

2) if it is taxable as LTCG, will indexation apply?

regards

Abhik Pal