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of <h1>Tax Exemption on Life Insurance: Keyman Policies, Section 80DD(3), and Specific Premium Conditions Explained.</h1> Any sum received under a life insurance policy is exempt from tax under certain conditions: if received for the insurance of a dependent handicapped person as per Section 80DD(3), under a Keyman insurance policy, or from policies issued between April 1, 2003, and March 31, 2012, where the annual premium exceeds 20% of the capital sum assured. For policies issued on or after April 1, 2012, the exemption applies if the annual premium exceeds 10% of the capital sum assured. Additionally, sums received upon the policyholder's death under these conditions are fully exempt.
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