SBI life insurance maturity withdrawal is taxable or not

1. According to sec 10(10D), LIC maturity amount will be exempted if the premium paid is not more than 10% of the sum assured. 
2. I am assuming you have paid the premium for the entire year which comes to Rs. 59,520 (4,960*12). This is in excess of 10% of the sum assured (2,31,000*10%=23,100), hence the maturity amount will not be exempt in the hands of the receiver. Hence, deduction of TDS u/s 194DA @ 1% on the amount of Rs. 2,31,000 would have been deducted. 
3. Hence, in the given case the entire amount of Rs.2,31,000 will be taxable under the head "Income from Other sources" in the year of receipt. 
Please correct me if the above solution has an alternative view.