You can claim tax benefit on the advance premium (i.e. the premium that is paid before the premium due date) paid in the year of payment.
The upper limit for section 80C, 80CCC and 80CCD (1) under the Income Tax Act, 1961, is INR 1,50,000/-.
Note: The above mentioned tax benefits are however subject to changes in the tax laws. For more clarification, please get in touch with your tax consultant.