Lic treatment

If the taking of such type policies is approved as per the AOA or by the members of the company then it is allowable but it shall be considered as remuneration to the director and such director has to offer it as his income from his individual sources of income and can claim deduction u/s 80C.  If AOA or members of the company doesn't approved for the same then has not allowable as expenditure and has to consider it directors drawings and has to recover from him.

OM SAI SRI SAI JAI JAI SAI

If AOA of the Company provides so, then it will be allowed...