As per Section 80D, the premium paid for medical insurance is deductible from an individual’s income up to Rs. 15,000 per year. However, in case of a Senior Citizen (60 years and above) the applicable limit is Rs. 20,000 per year.If the medical insurance premium has been paid for one’s parents, an additional deduction of Rs. 15,000 can be claimed under section 80D every year. If one’s parents are Senior Citizens, an additional amount of Rs. 20,000 can be claimed. Thus, a policy holder can deduct up to Rs. 35,000 from his taxable income for medical insurance premiums paid.Premiums paid in cash will not qualify for tax benefit. Note: You cannot claim premiums paid for your in-laws or siblings (brothers and sisters). View more
As per Section 80D, the premium paid for medical insurance is deductible from an individual’s income up to Rs. 15,000 per year. However, in case of a Senior Citizen (60 years and above) the applicable limit is Rs. 20,000 per year.If the medical insurance premium has been paid for one’s parents, an additional deduction of Rs. 15,000 can be claimed under section 80D every year. If one’s parents are Senior Citizens, an additional amount of Rs. 20,000 can be claimed. Thus, a policy holder can deduct up to Rs. 35,000 from his taxable income for medical insurance premiums paid.Premiums paid in cash will not qualify for tax benefit. Note: You cannot claim premiums paid for your in-laws or siblings (brothers and sisters). View more