Specification of Unit Linked Insurance Plan under section 80C qualifies LIC Mutual Fund ULIP for assessment years starting 2006-07. The Central Government, exercising powers under clause (xi) of sub section (2) of section 80C of the Income tax Act, 1961, specifies the Unit Linked Insurance Plan (formerly Dhanraksha 1989) of the Life Insurance Corporation Mutual Fund for the purposes of that clause for the assessment year 2006 07 and subsequent assessment years by Notification No. 224/2005 dated 3 11 2005.