Section 80D mainly allows tax deductions on the premiums paid for health insurance. However, it also provides term insurance tax benefits, though in an indirect manner.
You can avail term insurance tax benefit under 80D if you have opted for health-related riders, like Critical Illness cover, Surgical Care cover, and similar others. In other words, you can maximize tax savings with your term insurance premiums by opting for these riders while also getting health insurance cover.
By opting for Critical Illness Cover with term insurance plans from Max Life Insurance, you can avail term insurance tax benefit under 80D.
Age Description | Premium Paid For | | Upper Limit to Term Insurance Tax Benefits u/s 80D |
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| Self, Spouse, and children (dependent) | Parents | |
When all the covered individuals are under 60 years of age | Rs. 25,000 | Rs. 25,000 | Rs. 50,000 |
When your parents are above 60 years of age | Rs. 25,000 | Rs. 50,000 | Rs. 75,000 |
When both you and your parents are above the age of 60 | Rs. 50,000 | Rs. 50,000 | Rs. 1,00,000 |