personal income tax liability on receipt from lic policy taken u/ s 80ccd

if the premium payable in every year less than 10% of the actual sum assured, then the policy proceeds would be exempted in the hands of the insured section 10(10D).
in case of death of the insured, where his nominees receive the policy proceeds the same shall be tax free in the hands of the nominee(s) even if premium paid in any year crossed the prescribed percentage of sum assured.

Any amount received under a life insurance policy is exempt U/s 10(10 D) provided: 

1-annual premium does not exceeds 20 % of sum assured (if policy was issued prior to 1/4/12)

2-annual premium does not exceeds 10 % of sum assured (if policy was issued on or after1/4/12) 

3-annual premium does not exceeds 15 % of sum assured (if policy was issued on or after1/4/13)+(policy is name of a person suffering from decease specified u/s 80DDB OR 80 U)