I have taken a home loan from SBI of amount 10,00,000(single) on June’2013. I have taken with SBI suraksa insurance coverage. The policy is of single term 37,475.00. My loan is on a moratorium period of 18 months which ends on Nov’2014. From the 10 lakhs bank disbursed Rs.623600/- to the promoter. Now i have decided to maintain a loan of Rs. 5,00,000/- from Bank(by refund Rs.1,23,600/-)(my details are : amount : 10,00,000. tenure 20 yrs, DOB : 30/06/1976 age: 38 yrs)

now my question is

(1) My sanctioned Loan was Rs.10.00 Lakhs out of which i have taken Rs. 5.00 Lakhs(after refund) but bank have posted Rs.37475/- as premium of the insurance(on Rs.10.00 Lakhs) is there any provision to get deduction on insurance premium?

Thanking you and looking forward for your valued reply.

Pradyut