Query - Tax on Jeevan Anand Policy

[Taxman]

Hello Sir,

I just read that -
As per Section 10(10D) of Income Tax Act, 1961, any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy is exempt from tax.
However, this rule does not apply to following amounts:
* Sum received under Section 80DD(3).
* Any sum received under a Keyman Insurance Policy.
* Any sum received other than as death benefit under an insurance policy which has been issued on or after April 1, 2003, and if the premium paid in any of the years during the term of the policy is more than 20% of the sum assured.

I am having the LIC policy where my premium is 100450 Rs and Sum assured in 500000 Rs..They will pay back around 6 lakhs to me in 2011 and my Jeevan Anand policy 1st premium is on Sep 2005..

Do I have to shell out lot of tax for the year 2011....Kindly let me know the details. Is there any alteration i can do to avoid tax?

Thanks

Dr.Jeyasingh

Received through PM.

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