Lic premium deduction

In case it is for FY 2020-2021 then claim deduction in FY 2020-2021

Is any problem in claiming in fy 19-20

Had you paid it before 31 st march you would have claimed it. So, in past also if you had paid next year premium in advance then you can claim this year also because it would be easy to explain. Otherwise also it would not be a big issue.

The deadline for making various investment/payment for claiming income tax deduction for FY 2019-20 under Section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) is July 31, 2020.

How will affect the lic premium deduction
 

You can claim it for FY 2019-20. It will not be a big issue.

Date for making investment/payment for claiming deduction under section 80c/d etc   has been extended till 30 june 2020 due to covid 19. 

Therefore you can claim it.