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Section 10(10D) of Income Tax
Section 10(10D) of the Income Tax Act gives exemption on any income received as death benefit or maturity benefit from a life insurance policy. This includes sum assured as well as bonuses received, if any, of endowment plans, whole life plans, cash back policies, ulips and term policies. Annual premium paid in any year should not be more than 20 times the sum assured during the policy's term. 10 (10D) exemption is not applicable to pension plans and annuities.