Is amount received by surrender ULIP policy after 7 years taxable?

POSTED BY sandeep_mane ON January 27, 2014 5:58 pm ONE COMMENT

I have taken ICICI lifetime super ULIP policy in Jan2007 & premium have been paid regularly till jan2013. Now I want to surrender this policy & invest amount received ( fund value) in mutual funds for better returns.

Just i want know that , is the amount received taxable? if yes, what is the calculations?

with regards,

sandeep mane.

One reply on this article “Is amount received by surrender ULIP policy after 7 years taxable?”

  1. ashalanshu says:

    Dear Sandeep, if the policy in question is not a pension plan, it’s surrender value taxfree but in case the policy is a pension plan, you w’d have to pay tax on the entire surrender value, considering it your income.

    Thanks

    Ashal

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