Ulip policy is in name of assessee. And in the tax laws wording are “
(x)as a contribution,in the name of any
person specified in sub-section(4),for
participation in the Unit-linked
Insurance Plan,1971(hereafter in this
section referred to as the Unit-linked
Insurance Plan)specified in Schedule II
of the Unit Trust of India(Transfer of
Undertaking and Repeal)Act,2002(58 of
2002);
(xi)as a contribution in the name of any
person specified in sub-section(4)for
participation in any such unit-linked
insurance plan of the LIC Mutual Fund
referred to in clause(23D). "
So assessee is eligible for deduction however firstly such contribution by employer should be added in his taxable income.