Insurance Policy

1. It is well-settled law that insurance maturity amount will be taxable under the head Income from Other Sources. (u/s 56)
2. However, there has been a wide debate on whether any deductions will be allowed on the above maturity amount. 
3. According to sec 80C deductions will be allowed towards premium paid on insurance to the extent of 10% of the maturity amount. If the balance amount is not claimed as a deduction, then the same can be claimed as deduction u/s 57(iii) at the time of maturity of such insurance policy. 
4. In the above case to the extent of deductions not claimed u/s 80C, the amount of premium paid will be allowed as deductions u/s 57(iii) against maturity amount. 
Please correct me if the above interpretation has an alternative view.