Valuation of life insurance premiums: taxable portion set by investment allocation intimation and policy nature. Determination of taxable value under Rule 32(4) of the CGST Rules treats gross premium less any investment allocation intimated to the policyholder as the taxable amount; absent intimation, single premium annuity policies are valued at ten percent of the premium, other mixed-benefit policies at 25% in the first year and 12.5% thereafter, and pure risk-cover policies at the full premium. Amounts excluded from taxable value under Rule 32(4) are not considered non-taxable or exempt for input tax credit reversal under Section 17(1) read with Rules 42 and 43.