A definitive guide to Surrender Value Taxation

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1 UNOVEST A definitive guide to Surrender Value Taxation Do you have to pay tax or not? July 2017 By: Vipin Khandelwal Navi Mumbai Rs. 500

2 DISCLAIMER The information presented in this guide is based on current tax laws and their interpretation. The author is a SEBI Registered Investment Adviser. However, he is not registered with IRDA the insurance sector regulator. This guide intends to educate and inform investors. The author cannot be held responsible for any gain/loss caused to the reader by acting upon the advice or recommendations. 2

3 Index INTRODUCTION #1 IS THE SURRENDER VALUE OF AN INSURANCE POLICY TAXABLE? #2 IS AN INSURANCE POLICY A CAPITAL ASSET? #3 TDS ON YOUR INSURANCE POLICY PAYOUT #4 IS THE SURRENDER VALUE OF MY INSURANCE POLICY TAXABLE? #5 TRADITIONAL PLANS AND SURRENDER VALUE TAXATION #6 PENSION PLANS AND SURRENDER VALUE TAXATION #7 ULIPS AND SURRENDER VALUE TAXATION #8 SINGLE PREMIUM PLANS AND SURRENDER VALUE TAXATION #9 HOW TO SHOW THE SURRENDER VALUE IN THE INCOME TAX RETURN? #10 DO I HAVE TO REVERSE THE TAX BENEFITS TAKEN UNDER SECTION 80C? RECAP 3

4 Introduction Insurance has been one of the most mis-sold products in the history of financial services. This has happened more so in the last 2 decades. As investors realised their mistake, each one of them wanted to get out of it and make amends as soon as possible. Thus started the surrender of these unwanted policies. The product structure itself was difficult to understand and on top of it the tax laws made the whole process even worse. Very few understood that the surrender of their policy could attract the taxman s attention. And it did! Over the last few years, I have been receiving several queries about taxation of surrender values of insurance policies. It is not possible to answer every query on my blog article or through s that I receive. Hence, I have created this step-by-step guide to help you understand the various aspects of taxation related to different types of insurance policies. With this guide, you can know if you need to pay any tax on the receipts from your insurance policy. I look forward to your comments and feedback. Send me an to vipin@unovest.co. Happy to hear about how this guide helped you, if at all. In your service, Vipin Khandelwal 4

5 #1 Is the surrender value of an Insurance Policy taxable? The most important principle to be kept in mind to determine the taxability of your insurance policy is the one provided by Section 10 (10D) of the Income Tax Act, The section states that any receipt of amount on maturity of an insurance policy is not considered as a part of taxable income, if: a) The insurance policy was bought during April 1, 2003 to March 31, 2012 and has a Sum Assured equal to or more than 5 times the premium. b) The insurance policy was bought after April 1, 2012 and has a Sum Assured equal to or more than 10 times the premium*. * In case of disability, such Sum Assured is considered as 7.5 times the premium. Effectively, if you brought an endowment plan in 2009 with a sum assured of Rs. 10 lakhs and a yearly premium of Rs. 1 lakh, then on maturity, any amount received through this policy is tax free under Section 10 (10 D). If in the above case, the sum assured is only Rs. 5 lakhs, then the entire amount becomes taxable. DEATH BENEFIT IS COMPLETELY TAX-FREE. It is to be noted that any benefit received on the death of the insured person is completely tax-free irrespective of any section. Any other amount received through a policy that does not fall under the above categorization is subject to tax on maturity. So, that was taxation on maturity of a life insurance policy. 5

6 What if you have surrendered your insurance policy? Surrender means that you give up your policy before the maturity. For example, if the policy period was 10 years, you decided to give up the policy after 5 years. The above Premium vs Sum Assured principle along with other criteria goes into determining if the surrender value of your policy is taxable or not. We will consider the same in further sections of this guide. 6

7 #2 Is an insurance policy a capital asset? Several individuals have regarded an investment-based insurance policy as a capital asset and hence, treat only the gains as taxable. Some have also gone as far to index the cost of the policy and hence calculate and pay taxes on this reduced rate. In good common sense, this seems to be the fair thing to do. But unfortunately, as per the current tax laws, this treatment does not work with insurance policy payouts. The IT Act of 1961 defines what is a capital asset and the exemptions applicable. In my own interpretation, an insurance policy does not figure as a capital asset. The premium that you pay is for coverage of risk. When you pay premium on an insurance policy, you have a guarantee to receive the sum assured or the embedded value in the policy, in an eventuality of death. This benefit can far exceed the value of the premiums you have paid. Unlike an investment in mutual funds, fixed deposits or Postal Schemes, the insurance premium is not a capital contribution. Due to this reason, the gains made on insurance policy are not treated as capital gains. Also, the capital gains rate (long term or short term) as also indexation is not available. This understanding is important to ensure that you treat your payouts correctly from the point of view of taxation. 7

8 #3 TDS on your Insurance Policy payout Since, not all payouts from insurance policies are exempt from tax, there is a provision for TDS on taxable policy payouts. In 2014, an amendment to Section 194DA was done to ensure that TDS or Tax deducted at source is applicable for any insurance payouts over Rs. 1 lakh. (Source) For Resident Indians, this TDS is deducted at the rate of 2%. For Non-Residents, the TDS rate is the effective rate of tax as per current tax laws, usually 30% in case of NRIs. Please note that the TDS is only an advance tax withheld by the insurance company and deposited with the Income Tax department on your behalf. When you file your tax returns, you can show this TDS as tax already paid and pay the balance tax or claim a refund, as the case may be. Pro Tip: A TDS on your payout is also an indication that your insurance policy may not be tax-free. However, you should check further. 8

9 #4 Is the Surrender Value of my insurance policy taxable? As mentioned before, the taxability will depend on the facts related to your insurance policy. Let s use a checklist to gather the required facts and then apply them to your insurance policy. Most of this information is available in your insurance policy document. Else, you should call up your agent or the insurance company. 1. Check the Policy Type a. Traditional (Money Back, Endowment) b. Pension c. ULIP 2. Check the Buy Date and which of the following does it fall into a. Upto March 31, 2003 b. From April 1, 2003 to March 31, 2012 c. From April 1, Check the premium amount 4. Check Premium Frequency a. Regular b. Single 5. Check the Sum Assured a. Minimum 5 times the premium amount if buy date is between April 1, 2003 to March 31, 2012 b. Minimum 10 times the premium amount if buy date after April 1, Premium already paid for (years) a. 2 years in case of Traditional Plan 7. Policy held for (years) a. 2 years in case of Traditional 9

10 b. 2 years in case of single premium policy c. 5 years in case of ULIP or Unit Linked Pension Plan 8. Section 80C benefit taken a. Yes b. No Once you have the information, go to further sections to know about the applicability for your specific case. We are going to cover 4 types of cases: 1. Traditional Plans 2. Pension Plans 3. ULIPs 4. Single Premium Plans Read on. 10

11 #5 Traditional Plans and Surrender Value taxation A traditional plan comes in the variants of Endowment and Money Back policies. LIC is the frontrunner in selling traditional plans. Typical names of traditional plans are: 1. Jeevan Anand 2. Jeevan Saral 3. Jeevan Shree 4. New Money Back Policy 5. Jeevan Mitra The value of a traditional plan is not openly available. Only when you enquire with the insurance company, will you come to know the current value. In the case of surrender of traditional plans the guideline is as follows: If you have paid 2 or more premiums in a traditional plan, then any amount received on the surrender of such a policy does not attract any tax in your hands. This is subject to the Premium and Sum Assured criteria along with the start date of the policy as mentioned before. Sum Assured should be a. At least 5 times the premium amount if buy date is between April 1, 2003 to March 31, 2012 b. At least 10 times the premium amount if purchased on or after April 1, 2012 If your policy does not fulfill this criterion, it is fully taxable in any case. 11

12 CASE STUDY: I have bought LIC New money back policy in Dec-2013 and I don t want to continue now (2016). I am paying the premium of Rs. 3,200 per month and Sum Assured is Rs. 5 Lakhs. If it is to be surrendered, what are the tax implications. VIEW: In this case, since the premium has been paid for more than 2 years and the sum assured (Rs. 5 lakhs) is more than 10 times the annual premium (Rs. 38,400), the surrender value will attract zero tax. 12

13 #6 Pension Plans and Surrender Value taxation Pension Plans are one of the most ugly products from the insurance stable. I call them a wolf in sheep s clothing. Let s see how. Some of the common pension plans are: 1. ICICI Pru Life Stage Pension Plan 1 & 2 2. ICICI Pru Life Super Pension Plan 3. HDFC Pension Plus Plan In case of pension plans, there is typically no Sum Assured and hence they fail the primary principle of Premium vs Sum Assured. Even in case of maturity, only 1/3 rd of the value of the pension plan is available tax-free. The remaining 2/3 rd amount has to be compulsorily invested into an annuity plan with an insurance company. Usually, the same company, which sold the pension plan to you, also offers the annuity. The annuity is a regular payout (yearly, quarterly, monthly) provided to you and has to be included in your taxable income in the year of receipt. The tax on such annuity has to be paid as per your tax bracket. When you surrender a pension plan, the entire surrender value becomes taxable as per your current income tax bracket. CASE STUDY 1: I received 2 maturity proceeds in FY on the following ICICI pru life policies: 13

14 1. ICICI Pru Life Time Super Pension policy- acquired in Feb The policy matured in Feb 2017 after the vesting period of 10 years. I had paid 3 annual premiums as per the policy to keep the policy alive. I received maturity proceeds in Feb 2017 after deducting 30% tax as I am an NRI. Can you advise if the proceeds are tax free or 1/3 rd tax free? 2. ICICI Pru Life Time Super Pension policy - acquired in July I surrendered the policy in June 2016 due to financial reasons before the vesting period of 10 years. I had paid 3 annual premium to keep the policy alive I received maturity proceeds in June 2016 after deducting 30% tax as I am an NRI. Can you advise if the proceeds are tax free or 1/3 rd tax free on this policy? VIEW In case 1, since the pension plan continued till maturity, 1/3 rd of the receipts are tax-free and the remaining 2/3 rd have to be converted to an annuity. In case 2, since the pension plan was surrendered before maturity, the entire surrender value is taxable. CASE STUDY 2: I have an ICICI Prudential LIFETIME PENSION Policy purchased in Feb Policy term is 20 years i.e. its maturity is in I want to surrender the policy now (2017). The premium paid value is approx. Rs lakh and the total current value of the units is approx. Rs. 2.5 lakh. What will be the tax liability? VIEW: Since it is a pension plan, the entire surrender value of Rs. 2.5 lakhs will be taxable, as per your tax bracket. 14

15 CASE STUDY 3: I had a ULIP from AVIVA details as follows- Aviva pension elite-unit linked Date commenced -11/2009 Plan term 20 years Date redeemed 06/2016 Premium Rs. 4 lakhs p.a. Paid premium 24 lakhs -upto 11/2014 (6 years)(from nri funds) Value of redemption Rs lakhs TDS paid Rs. 32,000 What are the tax implications and does one apply indexation to the gains? VIEW: Since, this is a pension plan and has been surrendered before maturity, the entire amount is taxable as per income tax bracket applicable in India. There are no indexation benefits available on any insurance policy, including this one. 15

16 #7 ULIPs and Surrender Value taxation ULIP or Unit Linked Insurance Policy is one where the investment portion is spread across multiple options including equity, bonds, cash, etc. The policy allocates representative units for each installment of investment made. The value of this policy is determined on the basis of the market value of its holdings and is reflected as a per unit value. And is available publicly. Some of the most common names, which individuals have invested in the past include: 1. Bajaj New Unit Gain Plus 2. ICICI Pru Elite 3. ICICI Pru Lifetime Super 4. LIC Market Plus In case of surrender of a ULIP, the first criteria to be kept in mind, is that of Premium vs Sum Assured. Sum Assured should be c. At least 5 times the premium amount if buy date is between April 1, 2003 to March 31, 2012 d. At least 10 times the premium amount if purchased on or after April 1, 2012 Apart from that, the surrender value payout is tax-free only if you surrender the ULIP after 5 years of holding. CASE STUDY: I ve two ULIPs before All have crosses their lock in periods and I want to withdraw those investments. The details as below. 16

17 Premium 1 Rs. 12,000 (Yearly), Sum assured Rs. 1,20,000 (10 times of premium) Premium 2 Rs. 30,000 (Yearly), Sum assured Rs. 20,00,000 (~70 times of annual premium) Can you please advise what would be my tax amount on above policies if surrendered now in 2017? VIEW: In both the cases, the minimum 5-year period is exhausted. Also the Sum Assured is more than 5 times the premium (policy bought before March 31, 2012), hence the surrender value will be completely tax free. 17

18 #8 Single Premium Plans and Surrender Value taxation Single premium policies are those in which you pay just 1 premium and the policy remains in force for its entire term. Some of the common names of single premium plans are: 1. Bajaj Allianz Shield Plus Single Premium 2. LIC Endowment Plus Single Premium 3. ICICI Pru Life Link Wealth Single Premium The first condition is that a Single Premium Policy has to be held for minimum 2 years. Next, the Premium vs Sum Assured condition has to be checked. In the earlier years, the Sum Assured on Single Premium policies was only 1.25 times the Premium amount. That is where these policies failed to get the tax benefit under Section 10 (10D). For example, suppose you bought a single premium policy in 2007 for 10 years, which means it matures in One time premium for this plan was Rs. 10 lakhs. Now, if the Sum Assured in this policy is Rs. 50 lakhs (5 times the premium), there is no tax liability on it. However, if the Sum Assured is only Rs lakhs, then the maturity amount is fully taxable. Even in case of surrender, the same criterion applies and makes the entire surrender value taxable as per your tax bracket. 18

19 CASE STUDY: Name of Policy: Reliance Insurance Single Premium Single premium paid: Rs. 1.6 lakhs Sum Assured: Rs. 2 lakhs Surrender Value: Rs lakhs Year of purchase: 2008 Year of surrender: 2016 VIEW: As we can see, while the insurance policy was held for more than 2 years, it fails to fulfil the basic criteria of Premium vs Sum Assured. As a result, the entire surrender value is taxable. 19

20 #9 How to show the surrender value in the Income Tax Return? The Income Tax return should reflect the amount (taxable or not) that you receive as surrender value. If the surrender value is taxable, then it should be shown under INCOME FROM OTHER SOURCES. If the surrender value is NOT taxable, then it should be shown under schedule of EXEMPT INCOME. Usually, in the case of taxable surrender value, there is a TDS deduction as well. This TDS is captured under taxes already paid. You should reduce this TDS from the total tax that you have to pay to arrive at the balance tax payable or to claim a refund. 20

21 #10 Do I have to reverse tax benefits taken under Section 80C? This can be determined by a simple rule. If you have held the policy for 5 years from the date of purchase, then you do not have to reverse any benefits that you took under Section 80C of the IT Act, However, if the holding period is less than 5 years, then you will have to revise your past income tax returns and pay any additional taxes, if any, for those years. 21

22 Recap The following are important things to keep in mind with regards to taxation of surrender value of an insurance policy: 1. A traditional plan s surrender value is tax-free if it is held for more than 2 years and fulfills the relevant Premium vs Sum Assured criteria. 2. A pension plan s surrender value is fully taxable at your marginal rate of tax. 3. A single premium policy which does not fulfill the Premium vs Sum Assured criteria will be taxed at your marginal rate of tax (for surrender as well as maturity) 4. You should hold a traditional plan for at least 2 years and a ULIP for 5 years before the surrender value can become taxfree. 5. Capital gain benefits as well as indexation benefits are not available on an insurance policy. 6. The taxable surrender value of insurance policy is to be shown under Income from other sources in your IT return. 7. If the value of is exempt, it should be shown under Schedule of Exempt Income. 22

23 Comments and Feedback If you have found this guide useful, please do send in your comments and feedback to Many thanks. Do you know how to calculate the return on your insurance policy? Click to know how. 23

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