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          <h1>Changes to Mutual Funds and Unit Linked Insurance Policies Under Section 97, Finance Act 2021: New Provisions Explained.</h1> Section 97 of the Finance (No. 2) Act, 2004, as amended by the Finance Act, 2021, introduces changes to the treatment of mutual funds and unit linked insurance policies. Specifically, it adds provisions regarding the sale, surrender, or redemption of units in equity-oriented funds to insurance companies upon maturity or partial withdrawal, applicable to policies issued on or after February 1, 2021. Additionally, a new clause is inserted defining 'unit linked insurance policy' as per the Income-tax Act, 1961.

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