Impact of Tax changes

Any sum received under any non ULIPs, issued on or after 1 April 2023, shall be taxable if the amount of premium payable for any of the years during the policy term exceeds ₹5,00,000

• True

• False

Income will be taxed according to the Income Tax slab

• True

• False

Choose the correct option

Customer purchases one policy on or after 1st April 2023

• Annual premium is greater than 5 lakhs hence the proceeds received from this policy at maturity will be TAXABLE

• Maturity proceeds will be non taxable

Choose the correct option

Multiple policies owned by Mr A issued on or after 01st April 2023.

Policy 1 2 Lac

Policy 2 2 Lac

Policy 3 2 Lac

• Customer can choose any two policies whose sum of total premium is <= 5 Lac as tax-free

• Rest of the policies will be taxable

• Such customer can buy one more policy of 1 Lac with us and that policy will be considered tax-free

• All of the above

Customer is payor in two policies

i. Policy 1 : where he is proposer with Premium 5L

ii. Policy 2: where his wife/ major child is proposer with Premium 5L

Choose the correct statement

• 2nd policy proceed will be taxable

• Proceed from Both policies are Taxable

• Proceed from Both policies are Tax free

What are the Ways to maximize savings

• Focus on higher Deferment & Income plans

• HUF: Extra 5L limit for HUF policies

• Income options have tax advantage over lumpsum options

• All of the above

Tax free withdrawal limit in pension plans is

• 40%

• 80%

• 60%