How is withdrawal of PF contribution taxed?

livemint.com:

I am a 62-year-old retiree and my employee’s provident fund (EPF) contributions from five different employers over the years have been linked to one universal account number (UAN) since January 2010. Will the accumulated credit in my EPF account attract income tax on withdrawal? —Name withheld on request As per the relevant provisions of the Income-tax Act, withdrawal of accumulated balance in the EPF account is exempt from tax provided the employee has rendered ‘continuous service’ with his employer for period of five years or more.

Further, if the employee changes his job and transfers the balance in his PF account from the erstwhile employer to the PF account of the new employer, then the period of employment with the previous employers is also included in computing the period of ‘continuous service’. We understand that you have been contributing to PF since January 2010, under the same UAN (Universal Account Number).

Further, it is assumed that you have also transferred the balance in your PF accounts with the erstwhile employers (though under the same UAN) to the new employer, as per the prescribed process (i.e., all PF accumulation at your credit stand in one PF account at the time of superannuation). In such case, since the total service period exceeds 5 years, the withdrawal of accumulated balance up to the date of cessation of last contribution, shall be exempt from tax in your hands.

Any interest accrued on such accumulated balance post cessation of employment, shall however be taxable in your hands. I bought two policies of LIC Jeevan Saral in 2009 and 2012. Each had sum assured of ₹10 lakh, with a monthly premium of ₹4,083 and a maturity period of 20 years. I surrendered these policies in July after paying