On maturity of normal Life Insurance Policy the sum assured is not taxable. What in case of money back policies when the return starts coming in do they become taxable?
On maturity of normal Life Insurance Policy the sum assured is not taxable. What in case of money back policies when the return starts coming in do they become taxable?
Under the provisions of section 10(10D) of the Income-tax Act, 1961, Maturity/Death claims proceeds of life insurance policy is exempted from income-tax.
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Yes. life insurance are exempted from Tax.