ulip

Unit Linked Insurance Policy (ULIP) under Finance Act, 2021

Income Tax - Unit Linked Insurance Policy means a life insurance policy which has components of both investment and insurance and is linked to a unit. In other words, Unit Linked Insurance Plan is a hybrid investment option which consists of a component of insurance as well as investment to serve the needs of the respective investors. The […]...

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Taxability of ULIP

Income Tax - Unit Linked Insurance plans had become one of the favorites of high-net-worth Individuals in the past few years. With their EEE feature (i..e eligible for 80C deductions, exemption of bonus received, no tax on amount received at maturity) and returns linked with investment in Equity & debt along with life cover was all that was [&hell...

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No tax exemption on Ulips with yearly premium above ₹2.5 lakh

Income Tax - ULIP is a Unit Linked Insurance Policy. Until 31.1.21,all amount received with respect to ULIP on maturity/death/withdrawal is totally exempt u/s 10(10)(D). But in Budget 2021-22, an amendment has been introduced. So following points need to be considered w.e.f.1.2.21: 1. W.e.f.1.2.21 if any person takes a ULIP wherein the total premium f...

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Taxation of proceeds of high premium ULIP

Income Tax - Budget 2021- Taxation of proceeds of high premium unit linked insurance policy (ULIP) Clause (10D) of section 10 of the Act provides for the exemption for the sum received under a life insurance policy, including the sum allocated by way of bonus on such policy in respect of which the premium payable for any of […]...

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Govt attempts taxation parity between mutual fund & ULIPS

Income Tax - The Finance minister has proposed amendments in the Income Tax Act in an attempt to make the taxation of money received from Unit Linked Insurance Policies (ULIP) of life insurance companies on par with equity mutual funds....

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IRDA – Calling applications for Offline Agents Training Institutes

Income Tax - IRDA has twin objectives of development of the industry as well as protection of the policyholder. Both the objectives are interlinked and unless the policyholders' interests are protected the industry cannot achieve the required penetration. The policyholder protection acquires much more significance for IRDA as the rural population is e...

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LIC launches Samridhi Plus under Ulip portfolio

Income Tax - Life Insurance Corporation of India today launched 'Samridhi Plus' under its unit linked portfolio offering insurance protection, safety and growth. Samridhi Plus safeguards policyholders' investment from market fluctuations, LIC said in a statement here. ...

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DTC: LIC wants tax breaks on policies primarily used for investment rather than protection retained

Income Tax - The Life Insurance Corporation of India has made a strong case for continuing tax breaks on life insurance policies bought with an investment objective. Referring to the Direct Tax Code proposal that extends tax-breaks to only those policies that have a sum insured of at least 20 times the premium paid, LIC chairman TS Vijayan said the im...

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FM Addresses Global Insurance Summit at Mumbai

Income Tax - Union Finance Minister, Shri Pranab Mukherjee has asked the insurance companies to create awareness among the poor and vulnerable section of the society especially the people living in rural areas so that they can avail the benefits of financial services. He further said that they may be informed about the benefits of the life insurance a...

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DTC : Annual deduction raised to Rs. 1.5 lakh

Income Tax - Under the DTC Bill, the annual deduction has been raised to Rs. 1.5 lakh. From the bill It appears that investments in PPF, PF, NPS, pure life insurance policies, savings schemes as notified by the government are eligible for this deduction under EEE category....

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SEBI V IRDA – Unfolding Turf War

The feud between the two regulatory authorities, in the aftermath of sebi’s ban on ulips, has turned out to be quite a sensitive topic. In the recent days, that has, as ever so, come to be ballooned by the media into a sensational one. In that, the media has dutifully arisen to the occasion, and i...

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IRDA – Calling applications for Offline Agents Training Institutes

NA - (08/12/2011) - IRDA has twin objectives of development of the industry as well as protection of the policyholder. Both the objectives are interlinked and unless the policyholders' interests are protected the industry cannot achieve the required penetration. The policyholder protection acquires much more significan...

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Insurance- Group Products under Linked platform – Compliance with recent Circulars and Regulation on Unit Linked Products (ULIPs)

CIRCULAR NO. IRDA/ACTL/ULIP/124(2)/10/2010, - (27/10/2010) - CIRCULAR NO. IRDA/ACTL/ULIP/124(2)/10/2010, DATED 27-10-2010 This has reference to the following circulars & regulation issued by the Authority: 1. IRDA/ACT/CIR/ULIP/102/06/2010, dated June 28, 2010 2. IRDA/Actl/Cir/ULIP/124/08/2010, dated 4th August, 2010 3. IRDA (Treatment of discontinued Link...

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IRDA suspends sale of universal life policies and will not allow sale of single-premium products under ULIPs

NA - (24/10/2010) - The Insurance Regulatory and Development Authority (Irda) has suspended sale of universal life policies, which were being promoted as an alternative to unit-linked insurance plans, from October 23. Sales have been suspended until the final guideline...

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LIC launches Endowment Plus Policy- ULIP plan under the new IRDA regime

NA - (23/09/2010) - Life Insurance Corporation of India has introduced its ULIP plan under the new IRDA regime, following the launch of its Pension Plus which is the first Unit-linked Pension Plan under the new regime.Endowment Plus is LIC’s 14th plan approved and the C...

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New ULIP norms applicable from 1st September 2010 are beneficial for policyholders

NA - (31/08/2010) - The new rules of the Insurance Regulatory and Development Authority (Irda) take effect from September 1. Ulips, which contributed 80 per cent of the total premium collected by private companies, will see a dramatic change. Irda has capped the difference between net and gross yields during the policy...

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Recent Posts in "ulip"

Unit Linked Insurance Policy (ULIP) under Finance Act, 2021

Unit Linked Insurance Policy means a life insurance policy which has components of both investment and insurance and is linked to a unit. In other words, Unit Linked Insurance Plan is a hybrid investment option which consists of a component of insurance as well as investment to serve the needs of the respective investors. The […]...

Read More
Posted Under: Income Tax |

Taxability of ULIP

Unit Linked Insurance plans had become one of the favorites of high-net-worth Individuals in the past few years. With their EEE feature (i..e eligible for 80C deductions, exemption of bonus received, no tax on amount received at maturity) and returns linked with investment in Equity & debt along with life cover was all that was [&hell...

Read More
Posted Under: Income Tax | ,

No tax exemption on Ulips with yearly premium above ₹2.5 lakh

ULIP is a Unit Linked Insurance Policy. Until 31.1.21,all amount received with respect to ULIP on maturity/death/withdrawal is totally exempt u/s 10(10)(D). But in Budget 2021-22, an amendment has been introduced. So following points need to be considered w.e.f.1.2.21: 1. W.e.f.1.2.21 if any person takes a ULIP wherein the total premium f...

Read More
Posted Under: Income Tax |

Taxation of proceeds of high premium ULIP

Budget 2021- Taxation of proceeds of high premium unit linked insurance policy (ULIP) Clause (10D) of section 10 of the Act provides for the exemption for the sum received under a life insurance policy, including the sum allocated by way of bonus on such policy in respect of which the premium payable for any of […]...

Read More
Posted Under: Income Tax |

Govt attempts taxation parity between mutual fund & ULIPS

The Finance minister has proposed amendments in the Income Tax Act in an attempt to make the taxation of money received from Unit Linked Insurance Policies (ULIP) of life insurance companies on par with equity mutual funds....

Read More
Posted Under: Income Tax |

FAQs on Settlement options under ULIPs

What is a settlement option under ULIP? It is an option to be exercised by the policyholder of a unit linked life insurance policy to receive the maturity proceeds in instalments....

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Posted Under: Income Tax |

Unit Linked Insurance Plan– A Combination of Insurance & Investment

A Unit Linked Insurance Plan, shortly and more popularly known as ULIP, is a combination offering both insurance and investment. Before going into the nitty-gritty of working of ULIP, it is first of all important to understand the benefits of the ULIP plan. The benefits of the ULIP plan differs according to the ULIP plan […]...

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Posted Under: Income Tax |

5 Last-Minute Income Tax Saving Instruments

By now, you might have already submitted investment proofs to your company’s finance department to claim a tax deduction. However, if you have been running behind date, here are some useful tips to save your hard-earned money and taxes before the D-day. ...

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Posted Under: Income Tax |

How your Life Insurance can provide Tax Benefits to you

Often, people opt into life insurance because of reasons that have to do with tax planning and saving. The importance of life insurance is not lost on anyone who has a family or dependents. Life insurance provides an essential financial shield for the family in the unfortunate event of the policyholder’s demise. So the decision [&hellip...

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Posted Under: Income Tax |

ULIPs: The Key To Your Financial Security

Today, investment planning is as important as earning. And why is that? In a volatile world like this, you never know what’s coming next for you. There might be an unexpected expense or rise in inflation, and all of this can create a financial imbalance in your life. The way you can deal with all […]...

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Posted Under: Income Tax |

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