Surrender of Unit linked endowment plans are not taxable after completion of 5 years
I bought LIC's Endowment Plus Unit Linked Plan in Oct 2010, with one-time premium of ₹4 lakh and sum assured of ₹5 lakh. I surrendered it in December 2015 after 62 months and received ₹5.5 lakh. How will this amount be taxed?
- Tirth Raj Dabas
As you have completed 5 years, there will be no taxation on surrender of your LIC Endowment Plus Unit Linked Plan. The entire surrender amount will be tax free.
This article was originally published on June 15, 2016.
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