For how many years can I use my single premium term insurance policy certificate for tax benefit ?

I want to take Jeevan Amulya term insurance policy from LIC. I am planning to go for a single premium of Rs 1,72,000 /- for sum of Rs 40,00,000 /- for period of 30 years. I know that I can have tax benefit on my premium of Rs 1,72,000 /- under section 80 C. My question is for how many financial year this certificate is valid ? As the premium amount exceeds Rs 1,00,000 /- that is the maximum that I can get under section 80 C, can I use this premium certificate for two successive financial years to claim tax exemption ?