GST paid on lic policy

You can take deduction of entire amount of premium paid. i.e (Premium plus applicable taxes). 

The current tax rules states that "any amount paid to keep in force a life insurance policy qualifies for a tax deduction under section 80C." It is a common perception that Premium Paid all Life Insurance Policies are qualifies for deduction under section 80C of Income Tax Act, 1961. 

As per Section 80C(2) of the Income Tax Act, 1961 any amount paid to an insurer to buy or to keep a life insurance policy in force can be claimed as a deduction from gross total income by the policy holder. This implies that premium paid for a life insurance policy can be deducted from gross total income before arriving at taxable income subject to certain condition.

Section 80C(2) also clarifies that in order to claim the deduction from gross total income for a particular year the gross amount of premium must be paid or deposited in that particular financial year itself.

I am running partnership firm and Can we claim back GST paid on personal policies?

Ok. Sir, thanks for your prompt reply.....

Is it possible in proprietor firm or GST on policies is not eligible for ITC?

Thanks you for clarifying in a technical manner.

My further query is when a person download a premium certificate on the website of LIC, the premium amount exclude the value of GST paid on the premium. If the person is a salaried employee and he wants to submit the documents of investment. how he can get deduction on the full amount ?

No compensation received whether before or after death will not attract GST.