Synopsis Currently, the maturity proceeds for all types of life insurance policies, which include death benefits, maturity benefits and accrued bonus, are tax-free if the premium does not exceed 10% of the sum assured for policies issued after 1 April 2012, and does not exceed 20% of the sum assured for policies issued between 1 April 2003 and 31 March 2012. Getty Images For life insurance policies issued on or after 1 April 2023, the tax exemption on maturity benefits under Section 10(10D) will only be applicable if the aggregate premium paid by an individual is up to Rs. 5 lakh. Currently, the maturity proceeds for all types of life insurance policies, which include death benefits, maturity benefits and accrued bonus, are tax-free if the premium does not exceed 10% of the sum assured for policies issued after 1 April 2012, and does not exceed 20% of the sum assured for policies issued between 1 April 2003 and 31 March 2012. This new exemption is not applicable to unit-linked insurance plans (Ulips). This will not affect the tax exemption provided to the amount received on the death of person insured, and will also not affect the insurance policies issued till 31 March 2023. Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Wednesday, 01 Feb, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies Economy More Adani Enterprises FPO Fully Subscribed on Final Day The ₹20,000-crore follow-on public offering (FPO) of Adani Enterprises Ltd (AEL) was fully subscribed on the final day of the offer Tuesday, January 31, thanks to late demand from family offices, corporates, and foreign investors. How Gautam Adani Lost $75b Market Value but Pulled off $2. 5b Issue after Short Attack It was around 5. 30 in the morning last Wednesday when senior Adani officials got the breaking news, hours before the anchor book — the institutional pillar of any issuance — of the ₹20,000-crore ($2. 5 billion) follow-on offer (FPO) of Adani Enterprises Ltd was to open. Flipkart Esop Sale: Big PeDay for Nigam, Chari The cofounders of PhonePe, Sameer Nigam and Rahul Chari, are expected to receive individual cash payouts of $20-25 million by completely liquidating their stock options in erstwhile parent company Flipkart, according to people aware of the development. Read More News on budget 2023 insurance proceeds taxation insurance premium union budget 2023 (Your legal guide on estate planning, inheritance, will and more. ) Download The Economic Times News App to get Daily Market Updates & Live Business News. . . . more less ETPrime stories of the day Real Estate Interest rates are rising, so are rental yields. Is it the right time to invest in property? 8 mins read 3 insights to kick-start your day, featuring Swiggy’s “poor judgement” 3 mins read Strategy Stock Radar: Technical charts suggest HDFC Bank is likely to hit fresh record highs in next 3-6 months; time to buy? 3 mins read Subscribe to ETPrime.