Each week, I try and answer generic questions on personal finance. You can use the form below to ask your question. Here is this week’s edition.
Siva: Hi Sir, I have started a LIC policy (Jeevan Anand for 20 year period) as a last minute tax saving option 6 years back. I am paying 27000 P.A as premium. I have used this for 80c exemption for the last 6 years. I have few questions on closing this policy 1) Do I need to pay tax for last 6 years. 2) Do I need to pay tax for the amount I get back from LIC this year 3) I know they wont give back 27K*6 as closure amount, What is the normal range I can expect