ULIPs are now Taxable | Impact of Union Budget 2021 on ULIP's taxation
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- Опубліковано 11 вер 2024
- Budget 2021 proposed to limit exemptions on proceeds from unit-linked insurance plans that have so far allowed large investors to receive tax-free returns. The Narendra Modi government proposed to amend the clause in the Income Tax Act pertaining to taxation of proceeds from ULIPs, according to the Finance Bill, 2021. For ULIPs taken on or after Feb. 1, the maturity proceeds of policies with an annual premium of more than Rs 2.5 lakh will be taxable on par with equity-linked mutual fund schemes. Individuals holding multiple ULIPs with an aggregate premium in excess of Rs 2.5 lakh will have to pay tax on the proceeds. ULIPs combine life insurance and investments into equity and debt. In the event of the policyholder’s demise, either the sum assured or proceeds of the investments, whichever is higher, are paid out to the nominee. This amount paid to the nominee, the government said, will continue to be tax free. Under the existing provisions, all proceeds from ULIPs are tax free, irrespective of the amount of premium paid by the individual.
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This budget amd gov is more focused on closing loop holes in existing system, they didn't increase tax just bcz they will gain from this..tht is a good news for honest citizens
Closing loop holes for only salaried persons only. Not for businessman. First income then advance tax through tcs. Uskebad kuch saving Karo to uspe bhi tax. Wah... epf me tax mutual fund me tax, short n long term capital gain me tax, Ulip pe tax. But speculating is free. Futures n option trades will not be audited under 10 crore turnover ..😂😂😂😂
this dude has drunk the gomutra! 🤣
@@dawnofkitty yes I do..
@@prashants3382 education wasted
Biggest Learning of this video: Investment and Insurance should be seperately managed. We should stay away from mixed product like ULIP
Even when ULIP was tax free still I would choose MF and never buy Ulip for Investment purpose.
ULIP are basically scam.. I invested 1.7 lakhs for 15 months with very poor returns even though market was good and then realized most of my money are going to charges and commissions. They should ban these
Seems poor study of Insurance
@@arun-ql8nc ulips are never for 15 months
@@amrutakoli6992
Insurance is most important , The day a person starts earning the one should first take a health insurance and a term insurance . But again insurance is not at all for investment . Insurance and investment should always be saperate.
It's my opinion
@@nileshgupta5657 ur option is on upto you but your mindset is wrong dear
Seems in future, LIC endowments will also become taxable..
Sir ek video ispe ho jae : "Bad Bank" - asset reconstruction company as suggested in Budget 2021. How this will function/work ?
All the npa's of the banks will be bought by this bad bank ,so that banks will be free from npa.
This bad bank after buying the npa's from banks it will take care of restructuring reconstruction and auction....etc
@@pavanreddy1321 ok.. so basically Bad bank will do same task what LIC is doing for govt for years 😁🤣
There's already GST on the payments, now this tax will crush investors. How Greedy can a government get?
Sir,
What if the existing ULIP?
And the policy premium is paid every year.
is it consider as new investment on existing policy ? And budget is applicable?
Or the budget is applicable to new policy taken in 2021-22?
No policy is contract once done it will not change.
@@shefalidutta7138 okay
Thank you
please make video on impact of this announcement over PF/VPF contributions
sir a video on HDFC Life is needed.
Is ULIP and ULIF different ?
If say , Mr. X invest 5L in one ULIP For 10 yrs & on 50L , maturity rec'd is say 70L , then only 10L will bcm taxable ????
And also 1L basic Limit , So Tax will be on 9L@10% , Right ????
Does the 2.5L is inclusive of the 2.5L for PF/VPF that was just announced for this 10(10D) section or is this 2.5L separate from the 2.5L for PF/VPF that was announced?
Video Request : Can you put out a LIFE insurance and General Insurance Sector analysis video their business model and all the things to keep an eye on P&L and balance sheets
Your subscriber base is increasing like Nifty
Hello Parimal Sir,
Could you please give some simple analysis on Abbott India?
Sir please share your thoughts on Tata Power.
Is it good to buy at this point of time and what are the growth prospectus in the Future.
A proper Fundamental and Comparative covering all the points in a video is required.
Thank You for encouraging us to become an investor.
Sir please make a video on hdfc life insurance company stocks.
Sir I have one doubt..
Why reserves and surplus are counted in liabilities and not in assets.. Because reserves and surplus are just like cash which can be used anytime
Hi, Can you please discuss about annuity as a retirement option? It's returns and all because on policy bazaar , i am seeing some very high returns.
Can you make a video on how to save tax on long term gain? I hv heard we can sell our share after an year up to 1 lakh of gain and buy it again after 2 days. that way we can save that years tax?
please help
What will be impact of HDFC LIFE INSURANCE and SBI LIFE INSURANCE?
On time investment pe bhi yahi hoga
After ULIP is history, do we have any option left where the return is Tax free. Short term, long term anything beyond 1 lakh ?
Dear Sir,
Thank you for the bunch of information. I have 1 query please help me out in this ...
My client bought 5 Plans of LIC
3 Plan of Rs. 1 Lakh Premium in 2011 - LIC Endowment plus
2 Plan of Rs. 6 lakh premium in 2011 - LIC Samridhi Plus plan ( ulip)
total premium paid in 2011 is Rs. 15 lakh
& sales premature in 2017 with Profit of Rs. Rs. 12 lakh (15+12=27 Lakh sale)
Is this amount is taxable in the hands of assessee in year 2017/18 ?
If yes then at the slab rate taxable or taxable in capital gain ?
polycab...please make video on this stock
Is there anything left which is not taxable, let the team who prepares and proposes and then adds into budget know if anything is missing.. epf amount also they kept ceiling and they reduced it to 1.5 laks from 7.5 lakhs and taxable over that limit , they brought term policies under GST and I started paying more for same cover , no other option just accept and pay the taxes . Jai Hind!!!
Can we get some insight from you in reliance industries, nifty 13k to 14.5 k but still no participation of reliance in this rally
Sir one video on 15G and the tax on dividends received (or to be received)
Please ❤️🙏
Whthr exsisting ulip funds performance will be affected because of this new change in tax reforms?
Please post a video to explain the movement on Kelton tech.
Is it a potential pf stock?
thank god. Never got trapped in ULIPs
How to invest in US markets
Is it good ,?
We start invested 3lakh per year for 5 years since 2013 . Total premium paid 15 lakh and sum assured is 7 times of fyp, after 8th Yr fund value is 30Lakh . If I withdraw this amount now then please tell me tax liability .
I am also in same situation as yours , my fv is now 41lakh , sum assured 50lk. How much will be tax , kindly help me to know
Sir maturity in ulips are still tax free. Withdrawals are taxable as per tax.
😂
Have taken SBI Smart privilege plan 6 lakhs premium for five years.. term is 15 years. Premium taken and waiting for documents. Have free look period of 15 days.. should I cancel it..please help🙏🙏
What is the tax treatment about tax mutual funds?
Investment and redemption after 3 years?
Thanks Parimal Sir!
One of my friend had following query :
Tax implications regarding surrender value of ULIP policy.
Policy term : 10 years
Premium term :5 years
Lock in period : 5 years
Premium amount : 2 Lakhs
Sum assured : 14 Lakhs
Policy date : March 2017
Maturity date: March 2027
He wants to surrender in March 22 after lock in period ?
Taxation implications
Please reply
Whether surrender value taxable
Hi, can you advise what's your friend did with this situation, my policy mature in 2023
Sir will there be long term capital gain tax on ULIP which were already purchased before
Commenting for better Reach.
Could you please compare UTI equity MF and Axis Flexicap MF. Do you have better suggestions?
Waoow parimal sir great. Thanks
Sir can you tell me about ulip taxation for the following situation :
How tax will be calculated if anyone surrender ulip before locking period and the person has not taken any 80c tax benifits
So this is applicable from 1st Apr 2021?
What about the ulip purchased before 1st Apr 2021
No tax
@@ParimalAde thanks👍
So if I withdraw my ulip after 60 months I will get 100% of fund value as on date of surrender and entire amt will be non taxable along with interest earned for 5 years
@@rashmihegde2579 it's a contract it never get changed
Sir please analyse IDFC results and why stock price is going down
Nice video update on budget. Thanks
what abt one time premium payment
Can you make a video on Varun beverages why is it falling ?
What about partial widhrawal in ulip after lock in period 5 year.
What will be impact on life insurance companies because of this?
Sir one more thing why ulip equity funds don't generate much returns.are there fund managers not capable like mfs..
Sir please do video on Sterling and Williams
I became a First ever viewer of this video
Congratulations. You achieved a great milestone!
@@karthiksonu222 Need a LOL reaction for your comment!!
@@reubenjoseph7228 ha ha..
Grow up
What about all premium paid up Ulips? will this effect?
Applicable on next Financial year....?
Please make video on ABSL SMALL CAP FUND
Sir kindly make a video on Cochin Shipyard
Sir please make a video on direct and regular mutual fund
sir ulip plan ltc cash vocher scheme ko claim ker sakte h ya nhi
Would this also affect existing ULIPs taken before 1 feb 2021 where premiums are more than 250k. Pls clarify. Txs in advance.
Did you got any reply , I have same question
Great sir... 🙏👍
what is the taxes on single premium ULIP plans?
sir I have a policy of icici pru life co, in this policy my insurance is upto 6 years,after that no insurance cover is there in policy.I will receive yearly payout from the company for next 5 years starting from 7th year, there is no death benefit from 7th to 11th year. inthis case the payout received by me are taxable or not? kindly clarify.
Can you make a video for Brookfield reit ipo.
So those are taxable who did before 1 February?
Sir, Is LIC Jeevan Anand also taxable?
Please make video on NPS scheme
Plz make a video on Amber ent.
Sir can you please make a video on tax loss harvesting
Sir my endowment ulip policy one time premium I paid 80000 premium in 2010 I am teacher in slab 20 percent I get 157885 Rs after 10 year in Dec 2020 my policy amount is taxable in 20 percent slab or tax free sir please immediately
sir plz make video on Apollo tyres
Sir please make video on smallcase
Sir tata power pe ek video ho jaye plz
Will insurance premium come down
Thank you sir for updation 🙏
motherson sumi...please make video on this stock
Nice explained
Mr. Parimal what about the ULIPS which were started in 2005-06 and maturing in 2021. I mean how the tax will be calculated? Please revert back.
No change for old ULIPs
@@ParimalAde Thank you. I believe you do take Care of your subscribers.
Sir. L&T .PLEASE GIVE VIDEO FOR INVESTMENT
Closing loop holes for only salaried persons only. Not for businessman. First income then advance tax through tcs. Uskebad kuch saving Karo to uspe bhi tax. Wah... epf me tax mutual fund me tax, short n long term capital gain me tax, Ulip pe tax. But speculating is free. Futures n option trades will not be audited under 10 crore turnover ..😂😂😂😂
Bussiness is above naukari.
Promoting business is also above naukri.
No comments on gambling
@@jainapurvab you mean to say businessman tax ki chori kar skate hain. Isiliye tax collection system me businessman logo ke liye loop holes chahiye..
@@sangramkesharimohapatra4990 why u think bussinessman not paying taxes-
All CO are giving proper corporate taxes not to add investors also paying taxes.
However modern name be it , dictionary meaning of naukri remains same.
dont get offended plz , i am also a salaried.
@@jainapurvab agar businessman n corporates tax ki chori nahi karte to electoral bond ko unauditable banane ki kya jarurat thi. Political funding ke liye Jo billions ki electoral bond purchase hoti he wo paisa kanha se Ati he. Agar Sab tax paid money he to use chhupake dena(unauditable) ki kya jarurat hai
Ulip tax will applicable from 1st feb Or 1st April 2021
What about VPF?
Is partial withdrawal taxable??
Is this for existing purchase ? or new policy , can you please clarify
New policies
@@ParimalAde Thank you
Sir m apna ulip surrender krna chahta hu kya ye change mujhe effect karega
what about single premium ulip
Good update 👍
hindustan foods...please make video on this stock
How to know if a policy bought already is ULIP or not? I'm asking as my Parents have a few plans running so I would like to evaluate them for any more tax obligations.
Did you got any reply, I have same question
@@dileepnair1000 Nope
Is it applicable for old Investor or nee investors??
I want to know this
How about LIC Investment plans sir
Dislike for not mentioning Hindi in subject | FYI Hindi is not National language of India | Don’t mislead or use clickbaits by not mentioning them 🙄
Good video
Sir old ulip is also texable
finance minister ne kuch toh achha ki
Detail on tata motors
sanchay plan ki toh lag gyi :P
Nice
Hul share price
ULIP are Use Less Insurance Products 😎🔥
Ulips pahle hi koi fayde wale sauda ni tha aur ab upar se ye