(8)[ In this section,-(i)"contribution" to any fund shall not include any sums in repayment of loan;(ii)"insurance" shall include-(a)a policy of insurance on the life of an individual or the spouse or the child of such individual or a member of a Hindu undivided family securing the payment of specified sum on the stipulated date of maturity, if such person is alive on such date notwithstanding that the policy of insurance provides only for the return of premiums paid (with or without any interest thereon) in the event of such person dying before the said stipulated date;(b)a policy of insurance effected by an individual or a member of a Hindu undivided family for the benefit of a minor with the object of enabling the minor, after he has attained majority to secure insurance on his own life by adopting the policy and on his being alive on a date (after such adoption) specified in the policy in this behalf;(iii)"Life Insurance Corporation" means the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956);(iv)"public company" shall have the same meaning as in section 3 of the Companies Act, 1956 (1 of 1956);(v)"security" means a Government security as defined in clause (2) of section 2 of the Public Debt Act, 1944 (18 of 1944);(vi)"transfer" shall be deemed to include also the transactions referred to in clause (f) of section 269-UA.]
