Maturity Amount from SBI Life Insurance : Is it to be treated as Income for me?

[NITESH009]

I have taken the Maturity Amount of 2.5 lacs from SBI Life Insurance.
1- Is it to be treated as Income for me?

2- Do I need to pay tax on it?

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[Expert]

I have taken the Maturity Amount of 2.5 lacs from SBI Life Insurance.
1- Is it to be treated as Income for me?
2- Do I need to pay tax on it?

Maturity Benefits are exempted Under Sec.10(10D) of the Income Tax Act.
Maturity benefits are tax free. However in cases where premium exceeds 20% of Sum assured in any year, benefits paid in excess of premiums paid will be taxable.

[NITESH009]

Thanks a lot - Expert!