LIC Maturity amount

No tax Liability on LIC Maturity Amount , LIC Maturity Amount Exempted As per Section 10(10D).

But for the insurance policies, where sec. 10(10D) not applicable; it is taxable.

Section 10(10D) of the Income Tax Act, 1961. A life insurance policy serves as a financial protection for you and your family by offering you a lump sum to meet personal and medical expenses. ... Section 80C offers deductions of up to Rs.1.5 lakh on life insurance premiums paid in a particular year.