I had one query regarding a policy
Name : ICICI Pru Lifestage pension
Year of investment : 2010
Premium paid: 1 lac yearly for 3 consecutive years (2010,2011,2012)
Policy is a ULIP details policy brochure attached herewith the mail
Want to know if I surrender this policy right now is the value taxable? I have read various articles on the net and the picture is quite confusing.
In some they write if the Premium paid amount is less than 20% of the sum assured for ULIP before 2012 April the surrender value is non taxable otherwise as in my case the Sum assured is 0 the surrender value will be added to the tax slab.
In some they write if the ULIP has completed 5 yrs and all premiums are paid the surrender valueis Tax free
I am totally confused w.r.t the tax implications of the surrender value now!!! Request you to guide on the same.
Yes boss it is very clearly mentioned on the policy document Sum assured is Rs 0
It is a ULIP policy which is the combination of Insurance+Investment. In such a case, how can the sum assured be ZERO? Check with insurer and update me about the same.