As far as I know, the only statutory insurance to be taken up jointly by the employer and employee is that of ESI that too applicable to factories and other notified establishments in respect of those employees whose monthly salary/wages is Rs.15000-00 or less.
Therefore, your employer has no right to compel you to take up any Life Insurance Policy or Health Insurance Policy of his choice particularly when you already having an Insurance Policy. Better try to convince your employer politely. When you are not availing the insurance benefit, no amount can be deducted from your CTC.
6th March 2019 From India, Salem