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        Case ID :
        Income Tax

        What are the cases where any sum received for life insurance policy u/s 10(10D) shall be exempt.

        17 May, 2018

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        Manual - Exempted Income u/s 10 - Income Specific

        Any sum received under a life insurance policy shall be fully exempted in following cases :

        1. If any sum received on insurance of a dependent handicapped Section 80DD(3)

        2. Any sum received under a Key man insurance policy

        3. Any sum received under an insurance policy issued on or after 1-4-2003 but before 1-4-2012 in respect of which the premium payable for any of the years during the term of the policy exceeds 20% of the actual capital sum assured.

        4. Any sum received under an insurance policy issued on or after 1-4-2012 in respect of which the premium payable for any of the years during the term of the polcy exceeds 10% of the actual capital sum assured.

        Note: Any sum received under (3) & (5)  shall be fully exempt if such sum is received on the death of the person.

         

        Life insurance exemption under section 10(10D) lists categories where policy receipts are fully tax-exempt from income tax. Exemption under Section 10(10D) covers amounts received on life insurance policies in defined categories: proceeds on insurance of a dependent handicapped person, proceeds under key man policies, and proceeds where annual premiums exceed specified proportions of the actual capital sum assured for policies issued in particular periods; proceeds under the premium ratio exceptions are stated to be fully exempt if received on the death of the person.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Life insurance exemption under section 10(10D) lists categories where policy receipts are fully tax-exempt from income tax.

                              Exemption under Section 10(10D) covers amounts received on life insurance policies in defined categories: proceeds on insurance of a dependent handicapped person, proceeds under key man policies, and proceeds where annual premiums exceed specified proportions of the actual capital sum assured for policies issued in particular periods; proceeds under the premium ratio exceptions are stated to be fully exempt if received on the death of the person.


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