LIC Jeevan Tarang policy

[Insured]

I have purchased LIC Jeevan Tarang policy by Single premium payment. I was under impression that the maturity proceedings are exempt from tax like other insurance polocies. But I came to know by one newspaper article that matuirty proceedinds of single premium policies are not expemt from tax. For Jeevan Tarang, the maturity benefits are paid annualy based on the accumulations & not as lumpsum like other policies. In that how this will be
treated as per the tax rules ?

[Policy_expert]

As per Income Tax Rules:
Wherever the sum assured is not 5 times the premium paid even if it is a single or regular premium policy then the premium paid is eligible for deduction under sec. 80c only to the extent it fulfils above requirement and maturity proceed is not exempt from tax.

This will be the governing rule irrespective of how the maturity proceeds are paid.

Hope I have answered your query.