Do I have to pay income tax on the surrendered value of Insurance policy?

I have purchased an insurance policy in the year 2007 and was paying premium of around 32,000 per annum. After 3 years of mandatory premium payment, I surrendered my policy and received a surrendered amount of around INR 58,000/-. The total premium that I have paid for 3 years is around INR 96,000/-.

Do I have to pay income tax on the Surrendered value (INR 58,000/-) that I received, which is lesser than the paid premium?