We understand that you had purchased a life insurance policy from LIC in 2013 and had made a one-time premium payment of ₹100,155 towards purchasing this policy.
Maturity proceeds under single-premium life insurance policies are not exempt. Premiums exceeding 10% of the sum assured are taxable. Indexation benefits may be available for long-term capital gains
Insurance Regulatory and Development Authority of India’s (IRDAI) monthly data shows that the annualized premium equivalent (APE) has been muted for the first two months of FY24.