Is the maturity proceeds of insurance policy taxable

my HDFC insurance policy (SAMPURN SAMRIDHI DEATH BENEFIT) matured on 7/7/2016, the maturity proceed was 2,51,269, tax deducted 2513/-.

The premium paid was 50,000 for 5 years. while filing ITR someone told me that the proceed is taxable ? 

But i heard that life insurance proceeds are exempt from tax.

Kindly clarify whether it is taxable or not, if yes how much?