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All About How Your Life Insurance Policy Will Be Taxable From April 1, 2023 Onwards

All About How Your Life Insurance Policy Will Be Taxable From April 1, 2023 Onwards

Teena Jain Kaushal
Teena Jain Kaushal
  • New Delhi ,
  • Aug 20, 2023,
  • Updated Aug 20, 2023, 3:46 PM IST

 

The income tax department has issued a new circular clarifying rules on the taxability of non-unit-linked life insurance policies. This is following the budget announcement that the maturity proceeds of traditional policies having an aggregate premium exceeding Rs 5 lakh will become taxable. Sudin Sabnis, Partner, Nangia Andersen speaks with Teena Jain Kaushal, Editor-Money Today, Business Today, on the fine print of the new tax rule.

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