19 January 2021
HDFC LIFE ULIP Plan Premium- 1lakh/year. Tenure-15 years Insurance amount- 10 Lakh Started in Feb 2014.
So, it has been 7 years since I bought this ULIP and now I want to surrender it as the lock-in period of 5 years is over.
I can surrender it and get full fund value as it is more than 5 years. My question is
1) How will this affect my 80C deduction (which I have already claimed) especially for the last 2 years? 2) What is the tax implication for surrender value? Is it fully exempt after lockin period?
CAclubindia
