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Insurance Pension plans Tax Benefits of 2014
when we talked about tax benefits of Pension plans than it calculated in completely different manner as compared to the traditional plans and ulips. There would be three cases of consideration when it comes to taxation of pension plans in India.
Case A: Death of Policyholder
The proceeds received by the family member upon death of the policy holder is completely tax free under section 10(10D).
Case B: Surrendering the policy before maturity
Surrendering the pension plan before maturity has serious tax implications. First of all, the premiums that you have claimed as part of deduction under section 80 C will be reversed and you will have to pay tax on it. Secondly, the entire surrender value will be added to your income and you will have to pay tax on it according to your tax slab. According to latest rules of IRDA, 2/3rd of the surrender value received should be used to purchase annuity plan.
Case C: Upon maturity
The maturity proceeds under pension plans are tax free up to 1/3rd of the amount. Rest 2/3rd of the maturity amount needs to be used to purchase annuity plans as specified by IRDA.
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