ICICI Prudential Issued me three Single premium Insurance policies in 2011 January. Insurance amount Rs. 6,50,000/- each. Now I learn that from ICICI Prudential that entire receipts are liable to tax. Presently surrender value is Rs. 6,21,000/- each. There was a lock in period of 5 years. while issuing the opolicy by The Branch Manager of ICICI Bank, I was told the payment will be Tax free, and now I donot find any mention of Taxation in the policy. The highest Officers of ICICI are mum on the subject. It appears that all are out to fool the customers.
