Lic policy- tax rebate reversed- min no of years

As per Sec 80C(5), where in any previous year, an assessee terminates his contract of insurance or where contract ceases to be in force by reason of failure to pay any premium in case of any single premium policy, witinh 2 years after the date of commencement of insurance

The aggregate amount of the deductions of income so allowed in repsct of previous year or years preceding such previous year shallbe deemed to be the income of the assessee of such previous year and shall be liable to tax.

Hence, you will have to pay tax in the Asst Year 2012-13.