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Medical premium benefits
Enter your health insurance premium details to instantly calculate your eligible tax deduction under Section 80D for yourself, family, and parents.
Limit: ₹25,000
Limit: ₹50,000
Maximum ₹5,000 (part of overall limit)
For seniors without insurance coverage
Under Section 80D of the Income Tax Act, deductions are available for medical insurance premiums paid for yourself, family, and parents.
Deduction Limits:
Self & Family (below 60 years): ₹25,000
Self & Family (senior citizens): ₹50,000
Parents (below 60 years): ₹25,000
Parents (senior citizens): ₹50,000
Preventive health checkup: Up to ₹5,000 (included in above limits)
Section 80D of the Income Tax Act allows deductions for health insurance premiums with different limits based on age:
Below 60 years: ₹25,000
60 years or above: ₹50,000
Includes premium for self, spouse, and dependent children
Below 60 years: ₹25,000
60 years or above: ₹50,000
Additional deduction for premiums paid for parents
Preventive Health Checkup: ₹5,000
Included within the overall limits mentioned above
Medical Expenditure for Senior Citizens
For seniors without insurance coverage, eligible under overall limit
Section 80D provides significant tax benefits while encouraging investment in health insurance for yourself and your family. Here's why you should take advantage of this deduction:
Encourages investment in health insurance, providing financial protection against medical emergencies while offering tax benefits.
Higher deduction limits for senior citizens, recognizing their increased healthcare needs and costs. Medical expenditure is also eligible for seniors.
Covers premiums for the entire family including spouse, children, and parents, enabling comprehensive health coverage with tax advantages.
Follow these steps to claim your medical insurance premium deductions:
1
Pay Premiums Digitally
Make health insurance premium payments through digital modes like bank transfers, cards, or UPI for proper documentation.
2
Collect Documents
Keep insurance premium receipts, policy documents, and preventive health checkup bills safely for reference during tax filing.
3
Claim in ITR
Enter the eligible deduction amount under Section 80D when filing your income tax return to reduce your taxable income.
Yes, you can claim deduction for premiums paid for your own family (self, spouse, children) and an additional deduction for premiums paid for your parents. The limits are separate and can be claimed simultaneously.
No, health insurance premiums paid in cash are not eligible for deduction under Section 80D. To claim the deduction, premiums must be paid through any mode other than cash, such as cheque, bank transfer, credit/debit card, or digital payment methods.
Preventive health checkup expenses up to ₹5,000 can be claimed, but they are included within the overall Section 80D limit for self/family and parents. They are not an additional deduction over and above the main limits of ₹25,000/₹50,000.
For multi-year health insurance policies, the deduction is available on a proportionate basis over the years of coverage. For example, if you pay a 3-year premium of ₹60,000, you can claim ₹20,000 each year for three years.
Software Engineer, Mumbai