Tax queries

An individual has taken ULIP Deferred annuity policy for ten years,  the premium paid for the same is eligible for IT rebate u/s 80CCA.   But the person is not availing the rebate under 80CCA but has taken ELSS for Rs.150000 also and availing the rebate u/s 80C.  When the ULIP Annuity policy is surrendered the premium component will not suffer tax;  only the accumulation ( bonus or NAV appreciation) will be taxed.   I expect logical reaction to this statement. Whether this stand is correct?