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Life Insurance Related queries

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(Querist)
28 January 2011 Dear Experts,

what is the consequence of terminating Life Insurance before maturity?Will the proceeds become taxable?

Secondly,on maturity is the sum assured taxable.In case of money back policies when the return starts coming in do they become taxable?

Regards,

Sukanya
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Guest (Expert)
30 January 2011 Read the provisions of sub-section (5) of sec. 80C

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