DEDUCTION UNDER SECTION 80C

YES, YOU CAN TAKE THE DEDUCTION OF BOTH THE PREMIUMS BUT THE AMOUNT OF INTEREST OR PENALTY PAID WILL NOT BE TAKEN .

Premium Paid for LIC During the financial year can be claimed as deduction U/s 80 C. So total premium paid by you qualifies for deduction U/s 80C. But ofcourse, ignoring penalty, if any.

regards,

ratan

YES,

OBSOLUTELY, 

YOU CAN TAKE BOTH PREMIUMS FOR DEDUCTION. EXCLUDING PENALTY CHARGES..

Deduction under section 80C is claimed on payment basis, hence u can take the deduction of both the premium in a single year, in which it is paid.