Buying health insurance for yourself and your family serves the purpose of
- Giving you access to quality health care and
The Income Tax Act 1961 regarded health insurance as an important investment and hence you can enjoy tax deductions under Section 80D of the Act. According to this section, deductions are offered towards policies on self, spouse and children and also towards non-senior citizen parents and towards senior citizen parents provided, the premium is paid in any mode other than cash.
The total deductions you can claim under Section 80D is as follows: