There is no due of tax if you have a ULIP that was issued on or after February 1, 2021, and you pay a yearly premium of less than Rs 2.5 lakh, or 10% of the value assured. The returns on that ULIP, or the maturity amount received (including bonus), would be taxable if you had paid a premium of Rs 2.5 lakh or more for a policy introduced on or after February 1, 2021. Furthermore, you need to keep in mind that if the premium paid for any ULIP was less than 10% of the total guaranteed, returns on any policy bought between April 2012 and February 2021 are fully tax-free. If the premium was less than 20% of the amount insured, the maturity amount of ULIPs bought before April 2012 was free of tax.