Save tax with health Insurance,

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**.

	Health Insurance Premium	Tax Deduction u/s 80D**
For yourself and your family	Rs. 15,000/-	Rs. 4,635/-
For your Parents (abv 65 yrs.)	Rs. 20,000/-	Rs. 6,180/-
Total	Rs. 35,000/-	Rs.10,815/-

The maximum deduction that can be claimed is Rs. 15,000/- for you and your family and an additional Rs. 15,000/- for health insurance bought for your parents (in case your parent/s are Senior Citizens Rs. 20,000/-). Thus, you can deduct up to Rs. 30,000/- from your taxable income for medical insurance premiums paid and save Rs. 9,270/-.