If you purchased ULIP after April 1, 2012, and if the premium amount is less than 10% of your claim amount, you can claim an income deduction on the total annual premium paid under Section 80C. If it exceeds 10% of your sum assured, you can only claim a deduction on the amount equal to 10% of your sum assured.
If you purchased ULIP before April 1, 2012, you can claim an income deduction on the total annual premium paid under Section 80C, only if the premium amount is less than 20% of the claim amount. If the premium exceeds 20% of the claim amount, you can claim exemption on the amount equal to 20% of the total sum assured.