LIC Jeevan Anand policy is taxable on maturity

LIC Life Insurance plan LIC Jeevan Anand 25 years term policy, the returns are 100% Tax-free in the hands of the policyholder and further free insurance cover claims paid to the nominee is also 100% tax-free in the hand of the nominee.

Maturity Claim: The maturity amount will be tax-free under Section 10 (10D) of the Income Tax Act, 1961. To claim this exemption, the Sum Assured should be at least 10 times the premium amount paid. Death Claim: Death claims received under the same will be free of tax under Section 10(10D) of the Income Tax Act, 1961.