Any sum received under a Life Insurance Policy including bonus shall be exempt:
A. in all kinds of policies
B. in all kinds of policies except when received under a Keyman Insurance Policy
C. in all kinds of policies except when received under Keyman Policy or under a policy covered under Section 80DDA(3).
D. in all kinds of policies except when received under Keyman insurance Policy or such policy as is covered under Section 80DD(3) or policy issued, if the premium paid for any year exceeds 10%/15% as the case may be, of actual capital sum assured, except on death.
Answer:D
Any sum received under a Life Insurance Policy including bonus shall be exempt:
A. in all kinds of policies B. in all kinds of policies except when received under a Keyman Insurance Policy C. in all kinds of policies except when received under Keyman Policy or under a policy covered under Section 80DDA(3). D. in all kinds of policies except when received under Keyman insurance Policy or such policy as is covered under Section 80DD(3) or policy issued, if the premium paid for any year exceeds 10%/15% as the case may be, of actual capital sum assured, except on death.