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How much tax should I pay?

ICICI Prudential LifeTime allows you to surrender the policy at anytime after completion of three policy years

I had invested in ICICI Prudential Life Time Plan (an ULIP product) in Feb 2004. I was paying ₹50,000 as annual premium. I paid premium for three years and after that there was a premium holiday. Now, the fund value is almost ₹4 lakh. If I surrender this policy now, how much tax should I pay? I am in the 30 per cent income tax slab.
- Ajay Kumar

ICICI Prudential LifeTime is a unit linked policy. It allows you to surrender the policy at anytime after completion of three policy years. There is no surrender penalty. Policyholder receives the fund value as on date of surrender. Refer the tax reckoner (Taxation on insurance products) for taxation on surrender of your policy. Check under Surrender- Unit Linked Insurance Plan (ULIP) / Traditional Plans.

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