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The good news is ‘NO’ you will not face a tax bill on the proceeds when your policy reaches its maturity period. Note that the premiums paid on your regular policies are taxed but the cash value that is accumulated towards maturity are tax-free even if you are a higher tax rate payer.

However, the return of a qualifying policy loses their untaxed standing if you stop paying premiums on a policy in fewer than ten years when taking it out, or before three-quarters of the policy term (whichever comes first). Thus if you had stopped paying the premiums of your policy, you'd have had to pay additional taxation.

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