LIC Premium

its actual premium or 

20% of sum assured

whichever is less....

If you have purchased a policy of100000/-  or say sum assured is100000/- then allowable LIC Premium is20000/- only. If premium paid is more than 20% of sum assured, this will not qualify for deduction. 

Further at the time of maturity also the amount received will not be exempt U/s 10(10D) if excess premium is being paid. However in case of death , any sum received under a life insurance policy will qualify for exemption.

Actual LIP paid or 20% of sum assured whichever is lower.

Regards,

Devendra P Kulkarni