Do You Pay Tax When An Endowment Policy Matures?
Do You Pay Tax When An Endowment Policy Matures?
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Janny
No, you won’t necessarily face a tax bill on the proceeds when your policy matures. As stated under the Section 80C and Section 10(10D) of the Income Tax Act, 1961, you will get a tax exemption on maturity and final payouts. Although it could really depend from company to company, state to state or nation to nation.