Budget 2012 Income Tax: Exemption and decuction for Life Insurance policies now require Sum Assured atleat 10 times of premium

Consequential amendment has been made in section 10(10D) and 80C of Income tax requiring Sum Assured to be at least 10 times of premium to require getting the benefits of the mentioned sections. This is consequential to the guidelines of IRDA requiring the policies to provide at least 10 times Sum Assured.