Lic policy- tax rebate reversed- min no of years

Hi,

What is the minimum number of years required to hold and pay for an LIC policy before its Tax rebate features gets reversed?

For ex: I paid for an LIC policy during 2011-2012 for 15000rs and wish to not pay further premiums. (Skip premiums from 2012-2013 year). Will I have to pay tax for this amount when I file tax for 2012-2013?

As per Sec 80C(5), where in any previous year, an assessee terminates his contract of insurance or where contract ceases to be in force by reason of failure to pay any premium in case of any single premium policy, witinh 2 years after the date of commencement of insurance

The aggregate amount of the deductions of income so allowed in repsct of previous year or years preceding such previous year shallbe deemed to be the income of the assessee of such previous year and shall be liable to tax.

Hence, you will have to pay tax in the Asst Year 2012-13.