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👉🏻 Starting from 1st April 2023, the tax will be levied on proceed of life insurance which will include:
📌 Sum Received including Bonuses in between the policy
👉🏻 However, no tax will be applied if the sum is released on death of the individual
❌ And no tax is levied on ULIPs because it already has a tax structure in place (if premium > 2.5 lacs)
❌ Even Term Insurance proceeds won’t be taxed since the payment is done on death of the individual
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(life insurance tax term insurance ulips) | Posted on 04/Sep/2023 20:43:32
