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Section 80D of Income Tax Act
Under Section 80D, you get tax relief on premiums paid towards Medical Insurance for yourself and dependents:
- The total tax relief covers the premium paid for covering yourself and your dependents, to a maximum of Rs 15,000 in a year
- In case there are dependent parents, an additional Rs 15,000 of premium paid towards their medical insurance is also given the tax relief
- In case the dependents parents are above 60 years, the above limit is Rs 20,000
One important precaution is that 80 d deduction is available only on the medical insurance part of the premium. So beware of any bundled products sold, wherein part of the premium goes for other purposes. Such portion will not get you the tax benefit.