Economics · Economy
Consider the following statements related to retirement planning products in India: Statement I: Unit-linked Pension Plans (ULIPs) ensure that individuals receive a guaranteed income for life post-retirement. Statement II: ULIPs allow the entire maturity or retirement corpus to be withdrawn 100% tax-free under Section 10(10A) of the Income Tax Act, 1961. Which one of the following is correct in respect of the above statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statement I is incorrect, but Statement II is correct.
- 2Both Statement I and Statement II are incorrect.✓
- 3Both Statement I and Statement II are correct, but Statement II is not the correct explanation for Statement I.
- 4Both Statement I and Statement II are correct, and Statement II is the correct explanation for Statement I.
Correct answer
Both Statement I and Statement II are incorrect.
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