Hi, I have a ULIP (ICICI Pru LifeTime Gold) that is going to mature in Janaury 2018. The details of the same are: Investment start date: 3rd Jan 2008. Policy Term: 10 years. Sum Assured: 2,30,000. Annual Premium: 46,000. I would like to know that since the policy is bought in 2008 and the annual premium is exactly 20% of the sum assured, am I liable to add the entire maturity amout in "income from other sources" or can I claim benefit under section 10(10D) of the Income Tax Act?
Hi ,
My apologies for late reply.
You don't need to add the proceeds from your policy in other income. It's exempt under section 10(10D).
All the policies issued on or before 31 March 2012, can have premium up to 20% of sum assured. Since, your premium is not exceeding 20%, you can claim exemption.
Please feel free to call/ revert in case you need more clarity
Thanks and regards
Abhishek Dugar
CA CS B.Com
Hello,
It will be mentioned in your policy documents if the maturity amount is exempt u/s 10(10D).
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Hi,
Please refer to your policy document on whether the maturity amount is taxable. It should be stated there.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
