Ulip policy is in name of assessee. And in the tax laws wording are “ (x)as a contribution,in the name of any person specified in sub-section(4),for participation in the Unit-linked Insurance Plan,1971(hereafter in this section referred to as the Unit-linked Insurance Plan)specified in Schedule II of the Unit Trust of India(Transfer of Undertaking and Repeal)Act,2002(58 of 2002); (xi)as a contribution in the name of any person specified in sub-section(4)for participation in any such unit-linked insurance plan of the LIC Mutual Fund referred to in clause(23D). " So assessee is eligible for deduction however firstly such contribution by employer should be added in his taxable income.
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