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Medical Insurance (Health Insurance) – Section 80D

• Under Section 80D a person paying premium for medical insurance for self, spouse and children is eligible for a deduction of upto INR 20000.


• In case the person is above 65 years (senior citizen) then deduction of upto INR 20,000 can be availed.


• For premium paid for health insurance for parents, an individual can claim an additional deduction of INR 20000. In case the age of the parents is 65 years or above (senior citizens), the deduction can be claimed upto INR 30,000.


• The deduction available under Section 80D for medical insurance premium is over and above the deduction of INR 1,00,000 available under Section 80C


• A person can avail a total deduction of INR 35,000 for premium paid for medical insurance – INR 20,000 for self, spouse, children and INR 30,000 for parents if they are senior citizens (INR 15000 if parents are less than 65 years old).


• The payment of premium can be made by any mode except for cash to avail the tax benefits.

 

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