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Taxability of ULIP

What is ULIP?

ULIP stands for Unit Linked Insurance Plan. It is very popular tax saving instrument as on one hand it given life insurance cover and on other hand good return too. However, it is subjected to market risk because the sum is invested in mutual fund units. Amount received on maturity or otherwise is taxable in some cases. Here we will discuss about Taxability of ULIP.

Tax Saving by ULIP

The amount invested in ULIP is eligible for deduction u/s 80C of the Income Tax Act, 1961 upto Rs. 1.50 lacs. ULIP may be taken in own name/ name of spouse/ name of any child (married or unmarried, dependent or independent), for tax saving.

Taxability on Redemption of ULIP

Amount received back from ULIP (including bonus, if any) is exempt u/s 10(10D) of Income Tax Act, 1961. But, there are some exceptions:

  1. If premium payable for any year is more than 10% of Capital sum assured(for policy issued after 01.04.2012). But, if insurance is on life of a person having disability u/s 80U or disease u/s 80DDB, then 15% will be considered instead of 10%.
  2. Where policy is issued on or after 01.04.2021 and premium payable for one or more ULIP for any year exceeds Rs. 2.50 lacs.
  3. In case of Keyman Insurance.
  4. Amount received u/s 80DD(3).

However, if the amount is received on death, it is not taxable in case of point 1 & 2 above.

To read our other posts on Taxation & Finance, Click Here.

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