In section 88 of the Income-tax Act, with effect from the 1st day of April, 1996, -
(i) sub-section (3) shall be omitted;
(ii) in sub-section (7), in clause (i), for the words "contract of insurance, before premiums have been paid for two years; or", the following shall be substituted, namely :-
"contract of insurance, -
(a) in case of any single premium policy, within two years after the date of commencement of insurance, or
(b) in any other case, before premiums have been paid for two years; or".