(i) Insurance premium paid on the life of the proprietor is a personal account.
(ii) It is spend for the personal use of the proprietor not for the business purpose. Hence Drawings A/c should be debited.
The entry is 

Account is the systematic presentation of all material information regarding a particular person or item at one place, under one head, under accounting equation approach, accounts are classified into five categories. They are,
(i) Asset Account : Any physical thing or right owned that has a monetary value is called asset. These assets are grouped and shown separately.
For example, Land and Buildings account, plant and machinery account.
(ii) Liability Account : Financial obligations of the enterprise towards outsiders are shown under separate heads as liabilities. For example, creditors account, expenses outstanding account.
(iii) Capital Account : Financial obligations of a business enterprise towards its owners are grouped under this category. For example, Capital contributed by owner,
(iv) Revenue Account : Accounts relating to revenues of an enterprise are grouped under this category.
For example, Revenues from sale of goods, Rent received.
(v) Expenses Account : Expenses incurred and losses suffered for earning revenue are grouped under this category.
For example, Purchase of goods, Salaries paid.

The following steps are followed in journalising
(1) Analyse the transactions and identify the accounts (based on aspects) which are involved in the transaction.
(2) Classify the above accounts under Personal account, Real account or Nominal account
(3) Apply the rules of debit and credit for the above two accounts.
(4) Find which account is to be debited and which account is to be credited by the application of rules of double entry system.
(5) Record the date of transaction in the date column.
(6) Enter the name of the account to be debited in the particulars column very close to the left hand side of the particulars column followed by the abbreviation 'Dr.' at the end in the same line. Against this, the amount to be debited is entered in the debit amount column in the same line.
(7) Write the name of the account to be credited in the second line starting with the word 'To' prefixed a few spaces away from the margin in the particulars column. Against this, the amount to be credited is entered in the credit amount column in the same line.
(8) Write the narration within brackets in the next line in the particulars column.