Certain doubt - income tax

As per section 10(10D) of the Income-tax Act, 1961, any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy is exempt. However, the exemption will not be available if:

any sum received under an insurance policy issued on or after the 1st day of April, 2003 but on or before the 31st day of March, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds twenty per cent of the actual capital sum assured; or

(d) any sum received under an insurance policy issued on or after the 1st day of April, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds ten per cent of the actual capital sum assured:

Thus, while the entire amount of INR 13.93 lakhs should be exempt unless it falls within the exception mentioned above. 

In that case, first check whether the condition of 10% / 20%, as the case may be, is also satisfied. if the answer is yes, then the entire amount could be taxed. Having said this, you could consider claiming deduction of the premium paid since section 10(10D) debars from treating the entire amount as exempt. As the income will be taxed under Capital Gains / Income from Other sources, you can consider claiming expenses (i.e. premium paid) as deductible. A detailed study in this regard is needed