Section 30 — Deduction on certain premium

The following sums shall be allowed as deduction in computing income
chargeable under section 26, being premium paid:—
( a) by any assessee in respect of insurance against risk of damage or destruc-
tion of stocks or stores used for the purposes of business or profession;
( b) by a federal milk co-operative society to effect or to keep in force an
insurance on the life of the cattle owned by a member of a co-operative
society, being a primary society engaged in supplying milk raised by its
members to such federal milk co-operative society;
( c) by the assessee as an employer, through any mode of payment other
than cash, to effect or to keep in force an insurance on the health of its
employees under a scheme framed in this behalf by—
( i) the General Insurance Corporation of India formed under section
9 of the General Insurance Business (Nationalisation) Act, 1972
(57 of 1972) and approved by the Central Government; or
( ii) any other insurer and approved by the Insurance Regulatory
and Development Authority established under section 3(1) of the
Insurance Regulatory and Development Authority Act, 1999
(41 of 1999).