I have received ULIP Maturity benefit this year in an amount of Rs. 97,000 and a TDS of Rs. 2,200 is deducted at the time of maturity. I have paid the premium in installments of Rs. 5,000 per year for 10 years. My question is - Can I get this amount refunded by filing my returns and in such case, what amount has to be considered as income from ULIP, is it Rs.97,000 or Rs.47,000.

  • Asked By: Swaroopa
  • On: 19th Feb 2012 7:47 AM
  • Answered Within: 4 Days
MIC Expert



The entire amount that you have received from your insurance company as maturity benefit, i.e. Rs 97000 should be tax free under section 10(10)D provided your Sum Assured is 5 times the Annual Premium that you have paid in ALL the years. If this rule has been exempted even in 1 year, the returns would not be tax free and you would be required to pay tax on the same.

Hope your query is resolved. If not, please feel free to get back to us and we wil try to resolve your query at the best.

  • Answered By: MIC Expert
  • On: 23rd Feb 2012 9:15 AM
Swaroopa likes the answer.

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