15. Exemption in the case of life insurances.—(1) The tax shall not be payable 19[in respect of any sums paid by an assessee to effect an insurance on the life of the assessee or on the life of a wife or husband of the assessee or in respect of a contract for a deferred annuity on the life of the assessee or on the life of a wife or husband of the assessee], or as a contribution to any Provident Fund to which the Provident Funds Act, 20[1925 (XIX of 1925)], applies 21* *.
(2) Where the assessee is a Hindu undivided family, there shall be exempted under sub-section (I) any sums paid to effect an insurance on the life of any male member of the family or of the wife of any such member.
22[(2A) Nothing in sub-section (1) or sub-section (2) shall apply to so much of any premium or other payment made on a policy other than a contract for a deferred annuity as is in excess of ten per cent, of the actual capital sum assured; and in calculating any such capital sum no account shall be taken of the value of any premiums agreed to be returned or of any benefit by way of bonus or otherwise which is to be or may be received either before or after death either by the person paying the premium or by any other person and which is not the sum actually assured.]
(3) The aggregate of any sums exempted under this section shall not, together with any sums exempted under the 23[first proviso] to sub-section (1) of section 7 24[and any sums exempted under 25[section 58F]], 1[exceed in the case of an individual, 2[one-fourth] of the total income of the assessee or eight thousand rupees, whichever is less, and in the case of a Hindu undivided family, 2[one-fourth] of the total income of the assessee or sixteen thousand rupees, whichever is less
