Case Name : Chandulal harijiwandas vs. CIT
Citation :  63 ITR 627 (SC)
Court : Supreme Court
Section : 88
Meaning : Life insurance in a broader sense comprises any contract in which one party agrees to pay a given sum upon the happening of a particular event contingent upon the duration of human life, in consideration of the immediate payment of a smaller sum or certain equivalent periodical payments by another party.