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New taxation provisions will definitely affect the popularity of Ulips New taxation provisions will definitely affect the popularity of UlipsPremium Share Via Read Full Story This year’s Union budget has proposed to remove the exemption on new unit-linked insurance plans (Ulips) with a high premium. The objective is to remove the tax arbitrage that existed, where income from an equity oriented mutual fund was taxable, and income from a Ulip where the return was entirely tax-free. How do the new provisions work, and what are the issues? Under the amended provisions, if a Ulip is issued on or after 1 February 2021, and the premium for any year is more than ₹2.5 lakh, the income from that policy would not be exempt. Such a policy would be regarded as a capital asset, and the returns on the policy would be taxable as capital gains. If it is an equity oriented Ulip (monthly average of 65% of assets is in equities), long-term capital gains from the policy would be taxable at the

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