Scope of 10(10BC)

Y GOPI REDDY (GREAT POLITICAL LEADER) (378 Points)

13 February 2019  
Facts of the case

My relative got compensation from the LIC (based on Government of Telangana farmer insurance scheme )RS.500000/- on account of death being covered in the state farmer welfare insurance scheme

Amount of premium is paid by government to the LIC

Does the compensation is covered under above section10(10BC)?
if not what is tax treatment ?