Newly amended Section 44AD

Section 44AD was amended by Finance Act 2009 and is applicable w.e.f. A.Y. 2011 - 2012.

The explanation to the above clause states:

“eligible business” means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of forty lakh rupees.

Is the above newly amended provision applicable to an individual carrying on Life Insurance and General Insurance Business?