What tax benefits can I claim under the old tax regime?
You can claim a deduction under Section 80D of the Income Tax Act for the premium paid on health insurance policies. The maximum deduction limit depends on factors such as the age of the insured and the health insurance coverage.
As per the prevailing tax laws:
For individuals below 60 years: The maximum deduction is ₹25,000 for the premium paid for the individual, spouse, and children. Additionally, you can claim an additional ₹25,000 for the premium paid for parents.
The maximum deduction for individuals aged 60 years and above is ₹50,000 for the premium paid for the individual, spouse, and children. The limit for the premium paid for parents remains ₹25,000. In rare cases, when the age of both the proposer and his parents is more than 60 years, the deductible amount can extend up to ₹1,00,000. (₹50,000+ ₹50,000)
Related Questions
Why do I need to share the age or date of birth when buying the policy?