Tax on Insurance by Company

C.A. Sandeep Wawhal (Chartered Accountant PGDFM BCom.)   (1821 Points)

12 September 2019  
Dear Experts,

Our company (Pvt Ltd) has paid Life Insurance Premium (Tata AIA) of its directors. I want to know what will be tax treatment i.e.
1. whether it will be perquisit in the hand of directors for TDS ?
2. whether it is expence allowable deduction for company ?

3. whether director can clam deduction u/s 80C ?

4. and what will be accounting entry in the books of Co.?

Kindly clarify
Regards,