What is Section 80D?
Under Section 80D of the Income Tax Act, you can claim a tax deduction for the premiums you pay toward health insurance policies for yourself, your spouse, your dependent children, and your parents.
The Deduction Limits
The maximum amount you can deduct depends on the age of the people insured:
- Self and Family (under 60 years): Up to ₹25,000.
- Self and Family (over 60 years): Up to ₹50,000.
- Parents (under 60 years): An additional ₹25,000.
- Parents (over 60 years): An additional ₹50,000.
This means if you (under 60) pay premiums for yourself and your senior citizen parents, you can claim a total maximum deduction of ₹75,000.
Preventive Health Check-ups
Within these limits, you are allowed to claim up to ₹5,000 for preventive health check-up expenses for your family.