how much ulip investment

abhilashgupta 1
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dear sir, i am an insurance advisor in a private life insurance co., my client has given me 200000/- Rs. TWO lac only in cash, then i made demand draft from this amount and deposite this D.D. to the LIFE INSURANCE COMPANY along with the PAN CARD COPY (as ID PROOF and INCOME PROOF) and PASSBOOK photocopy (as INCOME PROOF AND ADDRESS PROOF) AND HE SAYS I WILL NOT GIVE YOU CHEQUE BECAUSE I DONT WANT TO SHOW THIS AMOUNT IN MY PASSBOOK ALSO DON'T WANT TO SHOW TO THIS AMOUNT TO INCOME TAX DEPARTMENT.

MY CLIENT IS SHOWING 2 LAC ANNUAL INCOME IN LAST YEAR AND HE IS FILING INCOME TAX RETUN YEAR BY YEAR SINCE YEAR 2000, WILL THIS INVESTMENT IS CAUGHT BY INCOME TAX DEPARTMENT, ALSO SIR TELL ME HOW HE WILL GET HIS MONEY BACK (PATIAL OR FULL WITHDRAWAL AFTER PAYMENT OF FIVE INSTALLMENTS (AFTER FIVE YEARS) OR AFTER TEN YEARS(MATURITY) AS A WHITE MONEY.

THANKS AND REGARDS

cash-payment pan-mandatory insurance-premium ulip
1 Answers

Since 1st July, 2011, its mandatory for customers to submit their PAN card number while paying a life insurance premium of Rs. 50,000 or above. Client's insurance policy would be linked to his PAN. Insurance company may submit this premium payment data to income tax department.

There can be scrutiny if income tax department see such high amount premium payment from a person.

On withdarawl, insurance company will only pay through an account payee check/DD on insured person's name or direct bank transfer only to person account.

Pankaj Batra5212
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