Income tax deduction: Salaried can claim up to Rs 75,000 tax deduction for paying health insurance premiums, how

Under Section 80D of the Income-tax Act, 1961, you can get a tax deduction of up to Rs 25,000 for paying the
health insurance premium for yourself or your family which includes your spouse and children.

Getty Images

If you pay health insurance premiums for your parents, you can claim tax deductions against them as well. For your parents (below 60 years), you can get a claim for a tax deduction of up to Rs 25,000 in the financial year. So, you can claim an overall tax deduction of up to Rs 50,000 for paying health insurance for yourself and your parents.

Getty Images

If parents are senior citizen parents, you are eligible to claim a tax deduction of up to Rs 50,000 under Section 80D for paying their health insurance premiums.

In that case, you can claim a tax deduction of up to Rs 25,000 for your health insurance plan. A deduction of Rs 50,000 can be claimed for buying health insurance for senior citizen parents. The total deduction can go up to Rs 75,000.

As you can see, a salaried individual can claim a tax deduction of up to Rs 75,000 for paying health insurance premiums.

Getty Images

Salaried individuals will not get tax benefits for paying premiums for corporate or group health insurance policies provided by the employer. However, if you increase the sum assured of your corporate policy, you can claim tax benefits against the additional amount that you pay to your employer.

Getty Images