Section 80D of the Income Tax Act, 1961 allows you to claim tax deductions for Health Insurance taken for yourself and your family, including parents. Given below is an illustration of the Tax benefit*.
| Nomenclature | Health Insurance Premium | Tax Deduction u/s 80D |
| For yourself and your family | Rs. 15,000 | Rs. 4,635 |
| For your Parents (above 65 yrs.) | Rs. 20,000 | Rs. 6,180 |
| Total (for self and parents > 65) | Rs. 35,000 | Rs.10,815 |
Thus it makes sense to save on tax & medical expenses too.
* Tax benefits are subject to changes in tax laws. One need to check with service provider if they are covering the Catract and if ‘Yes’ the amount which is allowed.
