Tax on Insurance by Company

If it is normal LIP,
1. It will be treated as perquisite in the hands of the employee and it will form part of employee salary and TDS will be deducted on the same. 
2. It will not be allowed as a deduction in the company's hands. 
3. Directors cannot claim the deduction as sec 80C specifically says "it should have paid by the assessee" 
4. Director's Perquisite ( as per convenient) A/c.......Dr 
To Bank A/s 
If it is in the nature of Keyman Insurance Policy, 
1. It will not be treated as a perquisite as no benefit is available to the employee in the above policy. 
2. Yes, the policy is directly in relation to the company's future and it will be allowed as deductions. 
3. Director cannot claim the deduction even in this case as it is a policy relating to the company and director have no relation to the same.
4. Keyman Insurance Premium A/c...... Dr
To Bank A/c 
Please correct me if the above solution has an alternative view. 

Yes, LIC paid by company can be claimed as perquisites and that will be taxable and the director can claim it under section 80c and the entry will be.... 

Lic of director account dr

To bank account