Lumpsum LIC amount received

Subject to the provisions of 10(10D) , Maturity value of Insurance Policy are exempted. Hence if has no other taxable Income , he is not liable to Income Tax and file return of Income.

Note: Period, when the Policy has been taken and percentage of premium (10%, 15%,20%) are to be  considered for availing exemption both for premium paid (80C) and receipt of maturity proceeds (10(10D).