Graded deduction framework under Section 80C: tiered deduction rates introduced and annuity contracts with cash-commutation options excluded. Amendment revises Section 80C to prescribe a three-tier graded deduction calculated with reference to the aggregate of specified sums, replacing a flat cap approach. It also substitutes sub-clauses to qualify deferred annuity and similar contracts only where they do not permit the insured an option to receive a cash payment instead of annuity payments, thus excluding contracts with a commutation option from eligibility.