Where do i declare my insurance maturity amount in itr

So, the sum received on maturity of the Ulip will be exempt from tax, if the premium paid by you in any of the previous years didn't exceed 20% of the actual sum assured. This tax-exempt amount needs to be reported in Schedule EI in ITR forms 2, 3 and 4 and in under 'exempt income' in ITR Form 1."

Where is LIC maturity amount in ITR?

The entire amount that you will receive as a maturity benefit from a LIC life insurance policy is tax-free. This includes the total bonus amount as well. This LIC tax benefit is applicable under Section 10(10D) of the Income Tax Act of 1969.

Where can I show my life insurance in ITR?

Section 80C is one of the most popular sections available in the income tax. If a policyholder has paid a premium on life insurance to insure his or her life or on the life of the spouse or any child of the assessee and in the case of HUF, then such premiums paid are eligible for benefit under section 80C.

Where should I put LIC premium in ITR?

Premium on life insurance policy can be claimed as deduction under section 80C.In case of an individual, deduction is available in respect of policy taken in the name of taxpayer or his/her spouse or his/her children.

How do I claim my maturity amount?

The maturity claim can be filed at the end of the policy term. The life insured has to file for the claim along with the documents like original policy documents. After the verification of the documents, the insurance company will process the claim and make the payment to the policyholder.