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of <h1>Union Budget 2023-24: New Tax Rules for Life Insurance Policies with Premiums Over Rs 5,00,000 Effective April 2023.</h1> The Union Budget 2023-24 and Finance Bill propose amendments to curb misuse of tax exemptions on life insurance policies. Previously, high net worth individuals exploited exemptions under clause (10D) by investing in high-premium policies. The Finance Act 2021 addressed this for ULIPs with premiums over Rs 2,50,000. The new proposal extends similar measures to other life insurance policies with premiums exceeding Rs 5,00,000, effective from April 1, 2023. Income from such policies will be taxable under 'income from other sources,' except if received on the insured's death. These changes will apply from the assessment year 2024-25 onward.
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