How much proceeds is taxable income of Mario? Explain briefly.

Born of a poor family on 14 February 1948, Mario worked his way through college. After working for more than 12 years in Mario Bros Manufacturing Corporation, Mario decided to retire and avail of the benefits under the very reasonable retirement plan maintained by his employer. On the day of his retirement on 30 April 1998, his endowment insurance policy, for which he was paying an annual premium of P1,520.00 since 1978 also matured. He was then paid the face value of his insurance policy in the amount of P50,000.00.