How is surrender of LIC Samridhi Plus Plan taxed?

I paid ₹15 lakh in LIC Samridhi Plus plan on 29/3/2011 and have received ₹22.50 Lakh on 31/3/2016. What are the income tax implications of this for my ITR for the AY 2016-17?
- Sunil

LIC's Samridhi Plus is a Unit Linked plan which is considered as a life insurance policy for taxation purpose. Since you have completed the 5 year lock in period, the surrender value of your ULIP will be tax free under section 10 (10D).

This article was originally published on August 11, 2016.