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The central government has notified new rules to tax the Unit Link Insurance Plan (ULIPs). People who were planning to opt for ULIPs in order to get tax-free proceeds will have to reconsider and check whether or not they are eligible for such exemptions under the new rules.
ULIPs are a mixture of insurance and investment tool. The insurance company would divide your money, it would use some part of the premium money to invest in equity/shares, and the rest of the funds are utilized to cover your insurance. As the money is put into diverse portfolios and provides a balance in risk and secure investment, many people opt for this option. A Major plus point for investing ULIPs is that it helps the investor claim tax deduction under 80C.
New regulations introduced to tax ULIPs
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