Taxation of amount recd on redemption of units of insurance policy

[rajul begani]

Sir,

I had taken a policy of Rs.2,00,000 .I had paid  premium amount Rs.25,000 for 4 years. I have redeemed  the ICICI prudential balaced fund after the 4  years i.e. after 3 years of lock in period. I would like to know the taxability of the same if i had recd, Rs.1,46,000.00 on the same.

AI Summary

Clarification sought on tax implications for redeeming insurance policy after four years with specific premium and payout details. A user inquired about the tax implications of redeeming an insurance policy after four years, having paid premiums totaling Rs. 100,000 on a policy worth Rs. 2,00,000, and receiving Rs. 1,46,000 upon redemption. The query, posted on a discussion forum, received two replies. One respondent asked if the issue had been resolved, to which the original poster replied that it had not yet been clarified and requested further guidance.