Deduction for life insurance premia and related contributions permits individuals and HUFs to claim tax deductions subject to specified conditions. An individual or a Hindu undivided family is entitled to a deduction for amounts paid or deposited in the tax year for items enumerated in Schedule XV, including life insurance premia, deferred annuity and provident fund contributions, provided such aggregate does not exceed the statutory ceiling and the conditions specified in Schedule XV are met when computing total income for that year.