Income Tax on LIC amount received

Hello Experts,

I had some LIC policies between 2003-2008 but I had stopped paying yearly premiums after 4-5 premiums. Now I decided to encash them (as I'm in need of some money). I surrendered some of these policies (as their maturity was in future) and some already matured so I submitted to get the maturity amount.

My question:

1. What are the tax implications on the amount which I received from LIC as surrender value or maturity value ?
2. Will tax be levied on the total amount received or is there any deduction ?
3. Is there any legal way to minimize tax on the amount received.

Please guide me.

Regards,

Jaimit