Is LIC taxable if withdrawn

This query is : Resolved 

20 September 2010 I would like to know if Life insurance policy amount withdrawn after a period of 2 years from date of commencement is taxable if withdrawn.

20 September 2010 it is exempt from tax u/s 10

21 September 2010 I Think there should be a lockin period to get the exemption.


24 September 2010 it will be lock in period of 5 years

24 September 2010 it will be lock in period of 5 years

29 October 2010 If LIC which comes under 80C benefits will have lock in period. Usually 5 years. You cannt withdraw. If withdrawl, you will loose benefits which u had earlier

Normally you cannt allow to withdrw



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