18 September 2014
ideally no. the one time premium policty while does create a potential long term benefit for the individual, however, it is not a pre-paid asset. However, where you pay multiple instalments of insurance premium in advance, you can amortize over period of advance payment.
18 September 2014
No dear. Its Life Insurance Premium paid by Proprietor deduction for which is available u/s 80C subject to maximum of 10% of Sum Assured. No other treatment.