Key man insurance

if beneficiary is the employer than taxable under section 28(VI)..

any sum received under a Keyman insurance policy including the

sum allocated by way of bonus on such policy.

Explanation.—For the purposes of this clause, the expression “Keyman

insurance policy” shall have the meaning assigned to it in clause (10D)

of section 10;]

If benificiary is employee than taxable in hand of employee under section 17