Section 80D of Income Tax Act

Individuals can claim for deduction under Section 80D on payment of insurance for oneself, spouse, dependent children. One can claim deduction under this section up to Rs 25,000 per annum. Apart from this one can claim for additional deduction on payment of insurance of parents to the extent of Rs 25,000 if the age of the parents is below 60 years or of Rs 50,000 if the age of the parents is above 60 years. One can claim a maximum of Rs 1,00,000 of deduction under this section.

Deduction for Self and Family

• The maximum amount of deduction is Rs 25000 per annum on health insurance premium paid for oneself and for a family.
• The maximum amount of deduction is Rs 50000 per annum if an individual is a senior citizen (aged above 60 years).

Deductions for Parents

• The maximum amount of deduction on health insurance premium is Rs 25000 per annum if it is paid on behalf of parents.
• The maximum amount of deductions paid towards premium is Rs 50000 per annum if it is paid for parents who are senior citizens.

Additional Deductions

An individual can claim additional deductions up to Rs 5000 per annum on expenses related to the health check-ups. This limit includes the expenses incurred in the medical check-ups of all the family members including spouse, kids, parents.