Hi,
I had taken two HDFC ULIP Policies (Endowment and Pension) in October 2007, which I had to surrender in March 2012, because of personal emergencies. I received the amount in March 2012 itself. I was told by HDFC people that the surrender value i would receive will be Tax-free. However, I am not so sure. Can you please clarify. Also, if the surrender amount i have received is taxable, how to go about it.