Hi,
We need to see the policy documents. Which pension policy was it.
Most of the insurance companies have taxation clause in the policy document itself.
Two weeks before mayurity of my Pension policy I was advised to take an Single premium ULIP to get tax free income after 5/10 years. from pension policy I was to get around Rs 30 lakhs. The ulip I purchased was For Rs 25 lakhs. The remaining amount was returned to me. While closing pension policy ( issuing me single premium ULIP simultaneously) the insurance company has not deducted any TDS from my maturity amount.The company says no tax is required to paid since this is rein vestment of funds. IS it correct? IF I have to pay tax , am I required to pay on the entire amount including my original investments of about Rs 15 lakhs?
The Insurance company has ias issued to me Premium paid certificate for ULIP.
Hi,
We need to see the policy documents. Which pension policy was it.
Most of the insurance companies have taxation clause in the policy document itself.
That depends on the policy. I need to see the policy documents and why was it declared tax free.
Secondly such single premium ULIP policy are generally not eligible for even 80C so do check this as well.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Dear Sir,
hope you are doing well !!
It is advisable to share the policy document with us for appropriate advise.