TechTalk: Understanding exit tax on savings and investments

Exit tax is payable on a ‘chargeable event’ and applies to the growth on the fund over the original investment. A ‘chargeable event’ is one of the following:

• Maturity of the policy, including on death
• Encashment of the policy, either full or partial
• Assignment of the policy, either full or partial
• On the 8th year anniversary and every 8th year thereafter

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