80C : Tax benefit on surrender/termination of policy

[lokeshz]

There is one clause in Income Tax act that if the premium is not paid for 2 continuous years from commencement (the insured may not want to continue), the 80C tax benefit taken in previous year(s) would be reversed. Is it applicable to Term Plan also?

Similar Threads:

• Surrender policy
• Termination even after 12 policies and 1 Lac + premium (Visitor agent)
• How can I calculate the surrender value of my policy?
• Surrender Value of LIC’s Money plus policy
• Surrender Value of LIC policy?

[MTG]

Yes, its applicable to term insurance also.