As per Sec 10(10D) -
20% limit: If the amount of premium paid in a financial year for a policy is in excess of 20% of the actual capital sum assured, then deduction will be allowed only for premiums upto 20% of the sum assured.
So as specified by you the premium upto Rs.100000/- would be exempt, only Rs. 450 balance is with you without deduction. This is not a big amount.

Hope this will help you.