Unclaimed Insurance Policy Benefits

Tax Glossary Definition

Unclaimed Insurance Policy Benefits

Insurance proceeds that remain unclaimed by the policyholder or nominee. Taxability depends on the nature of the policy. If the maturity proceeds are ordinarily exempt under Section 10(10D), they remain exempt even when claimed later. Otherwise, they are taxable when received.

Example: Life insurance maturity amount received after 5 years of being unclaimed — taxable only if not eligible for exemption under §10(10D).

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