Tax implication on lic matured amount

Swady (Digital World) (115 Points)

10 April 2017  
Hi, my father had invested in LIC children moneyback policy long time back. Now the matured amount will be getting credited to my bank account. What would be the tax implication of this? I want to use this amount to support my family expenses. Will it be a wise decision to transfer this amount to a Liquid/Debt Fund with quarterly div payout option OR a tax saver elss fund?