No, as per Section 80C of Income Tax, INR 1.5 lakh is the highest amount that can be claimed for tax deduction regardless of how many investment policies you have. However, people belonging to Hindu Undivided Family (HUF) can avail benefits of INR 1.5 lakh under section 80C individually as well as INR 1.5 lakh benefit is allowed for the Hindu Undivided Family (as a unit).