ULIP surrender tax treatment?

POSTED BY Vivek ON June 1, 2011 10:42 am ONE COMMENT

I have a ULIP with iciciprulife and it has completed 5 years. Please tell me following things

1) If I surrender the policy this financial year, will the surrender value be tax free?

2) Can I claim income tax rebate on the premium paid this financial year before surrendering the ULIP in this financial year?

Thanks

 

One reply on this article “ULIP surrender tax treatment?”

  1. Vivek

    1) Yes , The surrender value will be tax free if the premium was less than 20% of Sum assured

    2) Yes

    Manish

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