My colleague has a LIC policy whose premium he missed to pay last year and hence the policy lapsed. This year, he wants to revive the policy and pay the premium for last year (jan 2013), current year (jan 2014) and any interest charges etc.
Ques- If premium amount is say 20,000/- , then can he claim deduction of 40,000/- under 80c for the amount that he is going to pay now ?