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Scheme of insurance or annuity

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....(31 of 1956) or any other insurer as defined in clause (28BB) of section 2 of the Income-tax Act, 1961, or (ii) accumulate the contributions in respect of each beneficiary and purchase an annuity from the said Life Insurance Corporation of India or any other insurer at the time of the retirement or death of each employee or on his becoming incapacitated prior to retirement : Provi....