Deduction u/s 80c income tax act

P.Venu (Pensioner/Advocate) (24 Points)

04 February 2016  

I am a pensioner. I have taken the policy "Children Double benefit Scheme " for the benefit of my grand daughter. The policy is actually in the name of my daughter (mother of the chld). I am paying the annual premium from my own funds through credit card/cheque. 

In this context, am I entitled for claiming decuction under Section 80C of the Income Tax Act?