Yes, you cannot claim the investment portion.

Your annual tax statement on your insurance will split out the portion.

Rich particularly those hundred millionaire, billionaire doesn't need any insurance product.
The word is "need", but it doesn't mean they cannot have it nor don't want to have it or not suit to them.

For them, insurance is just merely part of asset allocation, diversification, in the meantimes, still can get tax benefit, credit risk proof, tax exempted income/return etc.

Unlike middle class people, insurance is essential and serve as an important tool (aka the primary function of insurance) to protect them from loss of income which could affect their family.
Rich one doesn't need to worry this already aka they don't need the primary function of insurance, but more on secondary part function of insurance (as mentioned above).