What is the tax benefit available for health insurance policies?

You can claim deduction of up to Rs 15,000 a year on income tax for health insurance premiums on yourself, spouse and dependent children. Further if you are paying for your parents’ health insurance you can claim another Rs 15,000 and an additional Rs 5,000 if they senior citizens, regardless of whether they are your dependents. Premiums should be paid by cheque or credit/debit card and proof must be shown. This deduction is available under section 80 D.

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