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of <h1>Life Insurance Payouts Generally Tax-Exempt Under Section 10(10D), With Key Exceptions for Certain Policies and Premium Limits.</h1> Under section 10(10D) of the Income Tax Act, amounts received from life insurance policies, including bonuses, are generally exempt from tax. Exceptions include sums from policies under section 80DD, Keyman insurance policies, and policies issued after April 1, 2003, where the annual premium exceeds 20% (or 10% for policies after April 1, 2012) of the capital sum assured. Additionally, for policies issued after April 1, 2013, covering specified persons, the premium must not exceed 15% of the capital sum assured. Exemptions remain for policies issued before March 31, 2003, and amounts received upon death.
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