{"id":233192,"date":"2024-06-03T19:59:31","date_gmt":"2024-06-03T19:59:31","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/?p=233192"},"modified":"2024-06-03T19:59:31","modified_gmt":"2024-06-03T19:59:31","slug":"is-surrender-value-of-lic-market-plus-policy-taxable","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/is-surrender-value-of-lic-market-plus-policy-taxable\/","title":{"rendered":"Is surrender value of LIC Market Plus policy taxable?"},"content":{"rendered":"

The surrender value of LIC Market Plus policy is taxable under certain circumstances. <\/p>\n

The surrender value of an insurance policy is the amount the policyholder receives if they choose to terminate the policy before its maturity date. This surrender value can be subject to taxation depending on various factors. In the case of LIC Market Plus policy, the surrender value is taxed according to the Income Tax Act, 1961.<\/p>\n

If the surrender value of the LIC Market Plus policy exceeds the total premiums paid, then the excess amount is considered as income and is taxable under the head \u201cIncome from other sources\u201d. The surrendered amount received by the policyholder is considered as a part of their total income for that financial year and is taxed according to their income tax slab rate.<\/p>\n

It is important for policyholders to consult with a tax advisor or financial planner to understand the tax implications of surrendering their LIC Market Plus policy and to ensure compliance with tax laws.<\/p>\n

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