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.
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.