Income Tax Act, 1961
Section 9: Ins. by Act 20 of 2002, s. 4 (w.e.f. 12003).
9. Ins. by Act 20 of 2002, s. 4 (w.e.f. 12003).
75
1[(10D) any sum received under a life insurance policy, including the sum allocated by way of
bonus on such policy, other than—
(a) any sum received under sub-section (3) of section 80DD or sub-section (3) of
section 80DDA; or
(b) any sum received under a Keyman insurance policy; or
(c) any sum received under an insurance policy issued on or after the 1st day of April, 2003
2[but on or before the 31st day of March, 2012] in respect of which the premium payable for any
of the years during the term of the policy exceeds twenty per cent. of the actual capital sum
3[assured; or]
4[(d) any sum received under an insurance policy issued on or after the 1st day of April, 2012
in respect of which the premium payable for any of the years during the term of the policy
exceeds ten per cent. of the actual capital sum assured:]
Provided that the provisions of 5[sub-clauses (c) and (d)] shall not apply to any sum received
on the death of a person:
Provided further that for the purpose of calculating the actual capital sum assured under
5[sub-clause(c)], effect shall be given to the 6[Explanation to sub-section (3) of section 80C or
the Explanation to sub-section (2A) of section 88, as the case may be:]
7[Provided also that where the policy, issued on or after the 1st day of April, 2013, is for
insurance on life of any person, who is—
(i) a person with disability or a person with severe disability as referred to in section 80U;
or
(ii) suffering from disease or ailment as specified in the rules made under
section 80DDB,
the provisions of this sub-clause shall have effect as if for the words “ten per cent.”, the words
“fifteen per cent.” had been substituted.]
8[Explanation 1].—For the purposes of this clause, “Keyman insurance policy” means a life
insurance policy taken by a person on the life of another person who is or was the employee of the
first-mentioned person or is or was connected in any manner whatsoever with the business of the
first-mentioned person] 7[and includes such policy which has been assigned to a person, at any time
during the term of the policy, with or without any consideration;]
9[Explanation 2.—For the purposes of sub-clause (d), the expression “actual capital sum assured”
shall have the meaning assigned to it in the Explanation to sub-section (3A) of section 80C;]
any sum received under a life insurance policy, including the sum allocated by way of
bonus on such policy, other than—
any sum received under sub-section
of section 80DD or sub-section
of
section 80DDA; or
any sum received under a Keyman insurance policy; or
any sum received under an insurance policy issued on or after the 1st day of April, 2003
2[but on or before the 31st day of March, 2012] in respect of which the premium payable for any
of the years during the term of the policy exceeds twenty per cent. of the actual capital sum
3[assured; or]
4[
any sum received under an insurance policy issued on or after the 1st day of April, 2012
in respect of which the premium payable for any of the years during the term of the policy
exceeds ten per cent. of the actual capital sum assured:]
Provided that the provisions of 5[sub-clauses
and
of section 80C or
the Explanation to sub-section
of section 88, as the case may be:]
7[Provided also that where the policy, issued on or after the 1st day of April, 2013, is for
insurance on life of any person, who is—
a person with disability or a person with severe disability as referred to in section 80U;
or
suffering from disease or ailment as specified in the rules made under
section 80DDB,
the provisions of this sub-clause shall have effect as if for the words “ten per cent.”, the words
“fifteen per cent.” had been substituted.]
8[Explanation 1].—For the purposes of this clause, “Keyman insurance policy” means a life
insurance policy taken by a person on the life of another person who is or was the employee of the
first-mentioned person or is or was connected in any manner whatsoever with the business of the
first-mentioned person] 7[and includes such policy which has been assigned to a person, at any time
during the term of the policy, with or without any consideration;]
9[Explanation 2.—For the purposes of sub-clause
of section 80C;]