In computing the total income of an individual or HUF, deduction is allowed for any sum paid by any mode other than cash out of his income chargeable to tax
- to effect or to keep in force an insurance on the health of the individual, his or her spouse or dependent children or member of HUF, and
- to effect or to keep in force an insurance on the health of the parent or parents of the individual
Deduction amount - Up to Rs. 15,000 for self, spouse, children and Rs. 15,000 for parents. (Rs. 20,000 for parents if they are senior citizens). Assessee is allowed to make any payment on account of preventive health checkups upto Rs. 5,000 within prescribed overall limit.