Name of Plan: Guaranteed Wealth Protector LP
Age at the time of purchase of policy: 35
Sum Assured (in Rs): 1,010,000.00
Assured Benefit (in Rs): 510,050.00
Premium Amount (in Rs): 101,000.00
Total Premium Paid (in Rs): 303,000.00
Number of premium Paid: 3
Payment Frequency: Yearly
Date of Commencement of Policy: 21-Oct-2016
Premium Payment Option: 5 Pay
Premium Paying Term (Years): 5
Policy Term (Years): 10
Date of Maturity: 21-Oct-2026
Due Date of Last Premium: 21-Oct-2020
Policy Discontinuation: 06-Jan-2020
Policy Closed: 21-Oct-2021
Policy Amount Received: 307,420.06
How do we report the policy amount received in ITR-1, should we mention it under income from other sources? Is it an exempted income or taxable income?
Which amount should be entered while filing the ITR, is it the total premium paid or the policy amount received?
Hello @Deepa_Anand ,
Could you please confirm whether this is a life insurance policy? Additionally, is it a unit-linked policy?
Name of Plan: ICICI Guaranteed Wealth Protector LP – Non-participating unit linked life insurance plan
Age at the time of purchase of policy: 35
Sum Assured (in Rs): 1,010,000.00
Assured Benefit (in Rs): 510,050.00
Premium Amount (in Rs): 101,000.00
Total Premium Paid (in Rs): 303,000.00
Number of premium Paid: 3
Payment Frequency: Yearly
Date of Commencement of Policy: 21-Oct-2016
Date of discontinuation of policy: 06-Jan-2020
Date of DP fund closure: 21-Oct-2021
Period for which the policy was held: 5 years 0 months 0 days
Premium Payment Option: 5 Pay
Premium Paying Term (Years): 5
Policy Term (Years): 10
Date of Maturity: 21-Oct-2026
Due Date of Last Premium: 21-Oct-2020
Policy Discontinuation: 06-Jan-2020
Policy Closed: 21-Oct-2021
Policy Amount Received: 307,420.06
Is there a capital gains