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

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    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.


    Ashish Jain

    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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