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Hi,

I had taken Aviva ULIP in 2007 with a premium Rs. 75000 per annum. I paid 5 premium so far.

Current surrender value is 322000(Around 50k loss). 

Do I have to pay tax for this money if I surrender the policy now? and how much is the tax?

Ramprasad

3 Answers

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1 Ashal Jauhari May 27, 2013 at 3:27 pm

Dear Ramprasad, the surrender amount ‘ll be tax free if your sum assured is more than 3.75L Rs.

Thanks

Ashal

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2 Ramprasad May 27, 2013 at 4:43 pm

HI Ahsal,
Thanks, Sum assured was 7.5 lakhs and premimum years were 20.
So if I surrender, it is not taxable? then when is it taxable?

Ramprasad

Reply

3 Ashal Jauhari May 27, 2013 at 6:20 pm

Dear Ramprasad, as you have completed the basic 3Y holding period, the amount to you is tax free.

thanks

Ashal

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