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Are Any Income Tax Benefits Available On Health Insurance Premium?

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Under section 80D of the income tax act, an individual can claim a deduction of up to Rs 25,000/- for the insurance of self, spouse, and dependent children. An additional deduction for the insurance of parents is available to the extent of Rs 25,000 if they are less than 60 years of age, or Rs 50,000/- (as per the Budget 2018) if the parents are aged above 60.

If both the taxpayer and the parent for whom the health insurance policy is taken are more than 60 years of age, then the maximum deduction that can be availed under this section is to the extent of Rs.100,000/-.

Hope the article above has helped in clearing various queries that you may have on health insurance and helps you in making a judicious decision regarding your health insurance needs.

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