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We all know about Medical Insurance but many of us dont really have such insurance policies. To motivate people to get insured, the government has provisions under section 80D to help you reduce your tax liability if you have such policies. The premium amount, which is paid for medical insurance policy for self and family members to protect them from sudden medical expenses, comes under this section. The maximum amount allowed for exemption annually for self, spouse and dependent parents/children is Rs. 15,000. In case of a senior citizen, the maximum amount extends up to Rs. 20,000. If you are paying the premium for your parents (whether dependent or not), you can claim an additional maximum deduction of Rs. 15,000.

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Q: What is deduction under section 80d towards medical insurance premium?
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