(2)The deduction under sub-section (1)(b) shall be allowed only if the following conditions are fulfilled:––(a)the scheme referred to in sub-section (1)(b) provides for payment of an annuity or lump sum amount for the benefit of a dependant, being a person with disability––(i)on the death of the individual or the member of the Hindu undivided family, in whose name the scheme was subscribed; or(ii)on attaining the age of sixty years or more by such individual or the member of the Hindu undivided family, and the payment or deposit to such scheme has been discontinued;(b)the assessee nominates the dependant, being a person with disability or any other person or a trust to receive the payments on behalf of and for the benefit of such dependant.
