@pooja555 , first Namaste; you need to tell me (a) are you US citizen/Resident ( Green Card ) / Resident for Tax purposes; (b) when did you come here ; (c) was this a whole life insurance and if so how much did did you pay in over the years + what was the amount paid top you when cancelled /lapsed; (d) was the policy a private policy you paid or was it from your employer in India (?); (e) LIC or which insurer ( i.e. public sector or private sector ---- any other information that you can share. For the amounts involved , approximate numbers would be good enough
If it was in the USA, it is only the gain that may be taxable , depending on circumstances.
