section 10(10D), any amount received under a life insurance policy, including bonus is exempt from tax. However, following receipts would be subject to tax:
5. Exemption is available only in respect of amount received from life insurance policy.
6. Exemption under
section 10(10D) is unconditionally available in respect of sum received for a policy which is issued on or before March 31, 2003.
7.Amount received on the death of the person will continue to be exempt without any condition.