• National
  • World
  • Auto
  • Sports
  • Business
  • Health
  • Entertainment
  • Tech
  • Career
  • More
    • Politics
    • Food
    • Insurance
    • Travel
    • Personal Finance
    • Market
    • Crypto
    • Lifestyle
What's Hot

Couple was dancing on the road in Iran, the government sentenced 10 years

February 1, 2023

IND vs NZ: Suryakumar’s steps slowed down as soon as he reached Ahmedabad, said – came back

January 31, 2023

Surya’s talk turned out to be completely different from Hardik on pitch ruckus, know what he said

January 31, 2023
Facebook Twitter Instagram
Facebook Twitter
News NCRNews NCR
Subscribe
  • National
  • World
  • Auto
  • Sports
  • Business
  • Health
  • Entertainment
  • Tech
  • Career
  • More
    • Politics
    • Food
    • Insurance
    • Travel
    • Personal Finance
    • Market
    • Crypto
    • Lifestyle
News NCRNews NCR
Home » Big rule related to insurance policy, which you should know, otherwise loss can happen
National

Big rule related to insurance policy, which you should know, otherwise loss can happen

EditorialBy EditorialApril 4, 2021Updated:April 4, 2021No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Reddit
Share
Facebook Twitter LinkedIn Pinterest Email

In terms of investment, people buy unit-linked insurance policies ie ULIPs. The government has also made rules for ULIPs. They change from time to time.

Tax rules have been changed on the maturity of ULIPs.

There are different rules regarding insurance policy. If you take a policy and do not know these rules, then a lot of losses may have to be incurred. In such a situation, it is very important for you to keep their information. In terms of investment, people buy unit-linked insurance policies ie ULIPs. The government has also made rules for ULIPs. They change from time to time. In such a situation it becomes important for you to know about them.

The government has imposed tax on the amount received on the maturity of the unit-linked insurance policy ie ULIP. Earlier, the amount received on maturity was tax-free under section 10 (10D), but from April 1, under this section, you will be able to get tax-free amount only if your investment is less than 2.50 lakhs per annum. That is, you will have to pay tax on the amount received on maturity of Ulik for an investment of more than Rs. 2.50 lakhs per annum. However, this rule will be effective on policies sold after 1 February 2021.

Capital gains will be taxed

Since the government’s announcement, capital gains on ULIPs will be taxed in the same way as mutual funds. Gains of more than 1 lakh rupees in any one financial year attract 10 percent long-term capital gains tax. From now on, ULIPs with an annual premium of more than 2.5 lakh rupees will not get this benefit of tax exemption.

If you want to get the benefit of tax exemption on Ulip maturity, then your sum assured should be 10 times the annual premium. If it is less then the government will have to pay tax on maturity.

What other conditions will be taxed?

The government has made many other rules, under which you may have to pay tax on the maturity of ULIPs. You will have to pay tax even if your equity component is more than 65 percent. In this stage LTCG tax will be levied. At the same time, if the equity component is 65 percent or less, then under debt fund, 20 percent tax will be levied.

What is ULIP?

It is a unit linked insurance product. Its special thing is that insurance and investment benefits are available here. They are offered by insurance companies. When you pay the ULIP premium, a part of it is used by the insurance company to provide you insurance coverage and the rest is used to invest in debt and equity. The combination of insurance and investment in ULIPs comes with a lock-in period of 5 years.

Also read- Don’t worry about rising petrol prices, bring this scooter and drive 5KM for 1 rupee

.

income tax insurance policy Tax on ULIP ULIP Tax utility utility news
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Editorial
  • Website

Newsncr.com latest publishes news from the automobile, investment, real estate, technology, and related sectors. But in addition to that, we also cover lifestyle topics, like fashion, food, travel, and health. Along with all these, we also keep an eye on rising topics like cryptocurrency, startups, venture capital.

Related Posts

Uttarakhand’s tableau wins first prize in 74th Republic Day Parade

January 31, 2023

Chief Minister Yogi said that tampering with Sanatan Dharma means playing with humanity

January 31, 2023

Budget Session: Oppn seeks discussion on Adani, BBC film row; Govt says ready for all

January 31, 2023
Our Picks

Mirzapur’s Dimpy Pandit is very glamorous in real life, shares such pictures

January 31, 2023

Anupama 2 years success: Anupama Rupali Ganguly became emotional, said- lost my father, but when I set ..

January 31, 2023

‘Jawan’ director Atlee’s house echoed, wife gave birth to a son

January 31, 2023

Sara Khan, Arjun Manhas’ film ‘The Era of 1990’ trailer released, film based on piracy scam

January 31, 2023
Don't Miss
World

Couple was dancing on the road in Iran, the government sentenced 10 years

By EditorialFebruary 1, 20230

The name of this blogger couple is Astiyaz Haghighi (21) and Amir Mohammad Ahmadi (22).…

Sports

IND vs NZ: Suryakumar’s steps slowed down as soon as he reached Ahmedabad, said – came back

By EditorialJanuary 31, 20230

Indian explosive batsman Suryakumar Yadav became very emotional as soon as he reached Ahmedabad. he…

Sports

Surya’s talk turned out to be completely different from Hardik on pitch ruckus, know what he said

By EditorialJanuary 31, 20230

Regarding the pitch of Ikana, Hardik Pandya had said that it is not according to…

Entertainment

Mirzapur’s Dimpy Pandit is very glamorous in real life, shares such pictures

By EditorialJanuary 31, 20230

dark mode NewsNCR | Edited By: Mohd. israfil khan Updated on: Jan 31, 2023 |…

About Us
About Us

NCR News: Read the Latest News, Viral News, Local News, India news, Health news, finance news, business news, technology and auto news.

We're accepting new partnerships right now.

Email Us: [email protected]

Our Picks

Couple was dancing on the road in Iran, the government sentenced 10 years

February 1, 2023

IND vs NZ: Suryakumar’s steps slowed down as soon as he reached Ahmedabad, said – came back

January 31, 2023

Surya’s talk turned out to be completely different from Hardik on pitch ruckus, know what he said

January 31, 2023
Must Read

Christmas Recipes: Make this special Christmas cake at home for children, know its recipe

December 23, 2021

China Plane Crash: All 132 people on board the plane that crashed in China have been confirmed, 120’s DNA has been identified

March 26, 2022

The new oil warfare: Opec strikes in opposition to the US

October 7, 2022
Facebook Twitter Instagram Pinterest
  • About us
  • Contact
  • Contribute For Us
  • Privacy Policy
  • Disclaimer
© 2023 News NCR. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.