Tax implication on ULIP Surrender

[ulipmess]

I have a ULIP that I would like to surrender. The ULIP was bought in July 2008 and I have paid premiums for four consecutive years. The ULIP isn't performing well. As per the policy, there are no surrender charges after four premium payments. I have claimed IT exemption from the date of policy inception till last year.

If I surrender the policy, what will be the tax implication? Will I be paying the tax for the last few years that I have filed? I have read on this website that depending on whether the policy is Type I or Type II, my taxes will be calculated. On the policy I could not find anywhere which mentions whether I hold Type I or Type II.

Can someone guide please?

[Manish_Kumar]

On the policy I could not find anywhere which mentions whether I hold Type I or Type II.

Can someone guide please?
Check death benefit of your Ulip policy -
Type I - Ulips give out either the sum assured or the fund value, whichever is higher.
Type II - Ulips give out both the sum assured as well as the fund value.

[Manish_Kumar]

Good read - What are Type I and Type II ULIPs? (http://www.policywala.com/forum/showthread.php/2053-What-are-Type-I-and-Type-II-ULIPs?)