POSTED BY June 6, 2013 5:00 pm COMMENTS (6)ON
Hi to all.
I had bought 3 LIC policies (2 Jeevan Anand & 1 Komal Jeevan) in December 2008. I had paid 4 premiums (upto December 2011). After going through this site’s articles and fabulous forum, I did not pay any more premium (and Bought term plan). Now I want to Surrender these policies.
My question is- Will my surrender value be tax-free or will I be taxed according to my slab?
I had heard that if I surrender after 5 years from commencement of policy, then it will not be taxed. Is it true? So should I wait till after December 2013 to surrender?
Please enlighten me.