1. Applicability: All Individuals
2. Exemptions: Any sum received under Life Insurance Policy, including sum allocated by way of bonus, is fully exempt except the following-
- Any sum received from policy u/s 80DD or u/s 80DDA,
- Any sum received under Keyman Insurance policy, or
- Any sum received under an Insurance policy, except on death, issued on or after 01.04.2003 in respect of which the premium payable for any of the years during the term of policy exceeds 20% of actual capital sum assured.
3. Actual Capital sum assured does not include-
- Value of premiums agreed to be returned,
- Bonus and/ or other benefits over and above the sum actually assured.
