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matured amount received from LIC

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(Querist)
20 June 2009 i have a LIC policy, which is to be matured within 15 days. i want to ask that matured amount will taxed or tax free.
please solve the querry and send the ans to (caamitbansal2007@gmail.com).

Thankx in advance
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CA.SHAHZAD SAYYED

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CA.SHAHZAD SAYYED (Expert)
20 June 2009 Dear Amit
The amount on LIC shall be exempt u/s 10(10D) of IT Act subject to 3 conditions
1)LIC taken under key man insurance policy
2)insurance taken for dependant suffering disability u/s 80DD
3)if any premium paid over 20% of principal sum
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Ankur Garg

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Ankur Garg (Expert)
20 June 2009 Agree
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CA.Nikhil Gupta

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CA.Nikhil Gupta (Expert)
20 June 2009 its exempted income
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