Lic maturity proceeds

Full maturity proceeds is taxable......

Section 10 of IT act....

In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included—

Sub-sec. 10(d)   ...any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, other than—

(a)  any sum received under sub-section (3) of section 80DD or sub-section (3) of section 80DDA; or

(b)  any sum received under a Keyman insurance policy; or

(c)  any sum received under an insurance policy issued on or after the 1st day of April, 2003 but on or before the 31st day of March, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds twenty per cent of the actual capital sum assured; or

(d)  any sum received under an insurance policy issued on or after the 1st day of April, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds ten per cent of the actual capital sum assured:

Provided that the provisions of sub-clauses (c) and (d) shall not apply to any sum received on the death of a person:

Provided further that for the purpose of calculating the actual capital sum assured under sub-clause (c), effect shall be given to the Explanation to sub-section (3) of section 80C or the Explanation to sub-section (2A) of section 88, as the case may be :

Provided also that where the policy, issued on or after the 1st day of April, 2013, is for insurance on life of any person, who is—

 (i)  a person with disability or a person with severe disability as referred to in section 80U; or

(ii)  suffering from disease or ailment as specified in the rules made under section 80DDB,

the provisions of this sub-clause shall have effect as if for the words "ten per cent", the words "fifteen per cent" had been substituted.

Explanation 2.—For the purposes of sub-clause (d), the expression "actual capital sum assured" shall have the meaning assigned to it in the Explanation to sub-section (3A) of section 80C;

As per sub-sec 10(D)(d) of IT act.....