Medical Insurance Premium paid for self, spouse, Children and dependents parents is allowed as exemption. This exemption is available under section 80D of Income Tax Act.

Health insurance, popularly known as Mediclaim Policies, provides a deduction of upto Rs. 55,000.00

Section 80D - Deduction for Health  Insurance premium  Rs. 25,000/-
Section 80D - Deduction for Health  Insurance premium for Senior Citizens     Rs. 30,000/-

For consideration under a Senior citizen category, the person’s age should be 65 years during any part of the current fiscal, eg. for the fiscal year 2015-16, the person should already be 65 as on March 31, 2015),

This deduction is also applicable to the payments made by either cheque or credit cards.

So if payment is made by cash, this deduction would not be allowed.

Most Ignored Aspects of Tax Planning:

Parents' Health Insurance is the most ignored aspect of Tax planning. Most people, including many accountants are not aware, about the additional Rs. 30,000 deduction, one can claim for Health Insurance for parents.

What's more it is one such gift that will bring long-term benefits for your parents, without compromising on quality.

It is important to note, that the premium amount should be not be paid in cash.

Also, remember, Mediclaim 80D deduction is not applicable for corporate health insurance plans, as the corporate health insurance policy is taken in the name of the company on behalf of its employees, unless, if the premium is paid by the employee through a payroll deduction or online through electronic payment options like Credit Card, Debit Cards, Internet Banking etc.

Let’s face it, the Government of India through the Income tax law, is doing its bit in encouraging the population, to cover our families, ensuring quality healthcare.  The least, we can do is explore good available products or covers and ask for a quote.

In case you would like to know more about how you can independently cover your parents, you can call experts on Toll free number or post your inquiry here.

Tax Gain Plan - Health Insurance Policy

YES! You can save tax and gain OPD benefits also! Bajaj Allianz has designed a unique product - The Tax Gain plan, a Family floater health policy which covers out patient (OPD) expenses & hospitalization expenses under a single policy and helps you in your tax management also.

1. Features
	OPD & Hospitalisation expenses covered under a single policy on floater basis Access to over 2400 hospitals all over India for cashless facility. Covers ambulance charges in case of an emergency up to Rs 1000/- 130 day care procedures subject to terms & conditions 10% co-payment of the admissible claim amount applicable if treatment is taken in non-network hospital, waiver of co-payment is available on payment of additional premium. Provides benefit of Health check-up at the end of each four (Hospitalization) claim free policy periods. Tests as specified in the schedule. This benefit can be opted by any one insured member
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2. Benefits
	A single policy or cover can be continued till a person reaches 75 yrs! The premium slabs remain same from 18 yrs -55 yrs & 56- 75 yrs No restrictions of waiting periods to claim under Out patient expenses You can claim for dental procedures & treatment under OPD section! Cost of Spectacles, dentures, crutches can also be claimed under OPD Section! Provides Tax benefit under section 80 D of Income Tax Act In house claims settlement without hassles of going through a TPA. Get more details

For the first time in India, an insurance policy that's been designed specifically for those diagnosed as HIV positive.Star HIV Care Policy hasseveral unique benefits and above all ensures care, anonymity and privacy to the policy holders.

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