Following sums payable by an employer shall be taxable perquisite in the hands of all employees, whether it is paid directly or through a fund (other than recognised provident fund or approved superannuation fund or deposit-linked insurance fund),

- to effect an assurance on the life of the assessee; or

- to effect a contract for an annuity

Note: Employee can claim deduction u/s 80C for LIC premiumpaid by employer