Taxability of Mutual Fund with proper example

Can any1 plz tel me what is taxabilty in case of mutual fund which is counted as units and we also took ded'n U/S 80-C, eg. i am investing 10000/- per month in Max New York Life Insurance and for tht i am getting accumlated Units for each premium. So on maturity what abt taxabiltiy 1)if i shown in Assets 2) if i debited to cap a/c every year. And tell me whether it is fully exepmt from tax?????? plz rly soon.........