5.(1) Subject to the provisions of sub section (1A), wealth tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee (vi) the right or interest of the assessee in any policy of insurance before the moneys covered by the policies become due and payable to the assessee: Provided that in the case of a policy of insurance the premium or other payment whereon is payable during a period of less than ten years, the amount that shall not be included in the net wealth of the assessee under this clause shall be a sum that bears to the value of the right or interest of the assessee in the policy the same proportion as the number of years during which the premium or other payment on the policy is payable bears to ten; It may be stated that the above proviso was not there at the relevant time and it has been inserted by Finance Act, 1974 with effect from 1.4.1975 but since an argument was based on it we have thought fit to reproduce the same.