IT upon Employer-Employee insurance

Parveen Garg (12 Points)

18 July 2019  
dear sir,
a public limited listed company becomes proposer and payer for insurance plan of it's directors. company pays the premiums regularly and claims this as expenses of company. before maturity, Insurance policies are assigned to directors and directors receive the maturity payouts. is this payout in the hands of a director tax free u/s 10(10d).