Dear Siddhesh, If you are unable to invest in a tax saving product before the IT
proofs submission date with your employer, you can invest the amount in jan / feb / mar and claim this deduction while filing your Income Tax Return for Assessment Year 2016 - 17.
If the Policy has lapsed, it may be revived during the life time of the Life Assured, but before the
date of expiry of policy term, on
submission of
proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be prevailing at the time of the payment.