1. Marcelo took out a life insurance policy for Php 1,000,000 naming his only son as beneficiary. The term of the insurance policy is 20 years. Total premiums paid on the policy was Php 700,000. Marcelo outlived the policy and received the proceeds of Php 1,000,000.

1. Is the amount received by Marcelo taxable?
2. If Marcelo died on the tenth year and his son received the Php 1 million, is the amount received taxable?