Need A Financial Product Forums Tax Savings Is receipts from surrendering LIC Market Plus ? I Policy taxable

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  • #47215

    I have been investing for last 3 years in pension plan ?LIC Market Plus ? I Policy?. During the payment period of this policy, I have not claimed any sort of tax benefit on it. A month before I have surrendered the policy and has already received the value. I just want to know whether the surrender value received from the policy is taxable or not.

    #47216

    Ashish Jain
    Member

    It does not matter whether you have claimed any tax benefit or not during the premium payment period. This being a pension policy, surrender value will be taxable in the year of its receipt.

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