Is 1010D exemption applicable for money received by terminated ULIP Policy? I have paid premium for 5 years and sum assued was 10 times of annual premium, please advice
2 Replies
SWARNAMALYA B
(285 Points)
Replied 30 November 2021
Section 10(10D) provides for exemption with respect to any sum received under ULIP, including the sum allocated by way of bonus on such policy. However, if the premium payable for any of the years during the term of the policy exceeds 10% of the actual capital sum assured, then no exemption under this section would be allowed with respect to the sum received under the policy. Such situation hereinafter referred to as 'excess premium'.Hence no exemption will be allowed in this case
Vishwesh
(Service)
(3 Points)
Replied 30 November 2021
In my case, premium payable is exactly 10% of basic sum assured, I am attaching screenshot of premium and sum assured for terminated policy, please advise.
Attached File : 3550184 20211130230223 screenshot 20211130 125457 onedrive.jpg downloaded: 131 times
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