Mr. Bruce took life insurance policy. He outlived the policy and got the proceeds worth Php 500,000. Is the Php. 500,000 taxable? 2. Pearl took out a life insurance policy with Ax Life Insurance for Php 3,000,000. After the 15th year, she received the face value of the insurance. The total premiums paid by her amounted to Php. 2,500,000. Please solve the problem. Is the Php.3,000,000 taxable, make a computation?