Get Quotes from Top Insurers with Lowest Premium
Enter Details > Get Quotes > Buy Your privacy is protected.
Why Comparepolicy.com
Unbiased information on plans from varied insurance companies
Easy comparisons to choose the best insurance plan
No hidden costs, pay the same premium as offered by the insurer
Pre and post sales expert assistance for smooth online buying experience
Reliable, Accurate and Quick policy servicing
THANK YOU!
Our representative will get back to you soon.
You can also directly contact us at
+91-7836966356

Income Tax Saving Health Insurance Plans

Health insurance plans offer multiple benefits right from safeguarding you against the sudden healthcare expenses to the planned surgeries. The health insurance policy is an ideal insurance plan which offers multiple benefits along with the most important benefit of offering tax rebate under section 80 D of Income Tax Act, 1961.

The premiums paid towards health insurance policy allow you to claim tax deductions under section 80 D. You can get a tax rebate for the health insurance premiums paid towards the health insurance policy:

  • Self
  • Spouse (either dependant or not)
  • Dependant kids
  • Parents (either dependant or not)
Get Affordable Quotes

1. Tax deduction limits for self and family:

A taxpayer gets a tax deduction under section 80 D for paying health insurance premium (excluding service tax and cess) for self, spouse and dependant kids up to Rs 25,000 as per the prevailing tax laws.If the tax payer or spouse or both are senior citizens, the maximum tax deduction which can be claimed for the health insurance premium rises to Rs 30,000.

2. Tax deduction limits for self and family.

Additionally, if you are paying health insurance premium for your parents , who are less than 60 years of age (either dependant or not), you may claim an additional tax deduction up to Rs 25,000. If any of the parents or both the parents are senior citizens, then the maximum amount of tax deduction which can be claimed under section 80 D is Rs 30,000. For uninsured super senior citizens (more than 80 years old) medical expenditure incurred up to Rs 30,000 shall be allowed as a deduction under section 80D.In any of the scenario’s the total deduction, which can be additionally claimed apart for paying premium for self and family is Rs 30,000.

Tax Exemption Limits
Medical Insurance for self & family – Rs 25,000
Medical Insurance for self (Senior Citizen) & family– Rs 30,000
Medical Insurance for (self & Family) + Parents – Rs 30,000
Medical insurance for Parents (Either or both parents are Senior Citizens) (Who are not senior citizens) Rs 30,000
Medical insurance for Parents (Who are not senior citizens) Rs 25,000
Medical Insurance for (self & Family) + Parents – Rs 30,000
Tax Exemption Limits On Health Insurance Premium
Scenarios Self & Family Parents Total
Self & Family plus Parents (none of them are senior citizens) Rs 25,000 Rs 25,000 Rs 50,000
Self & Family (non senior citizens) plus Parents (where either or both of the them are senior citizens) Rs 25,000 Rs 30,000 Rs 55,000
Self, spouse plus Parents (all are senior citizens) Rs 30,000 Rs 30,000 Rs 60,000

3. Health Check ups:

You can claim tax deductions for preventive health check ups up to the cost of Rs 5,000 within the maximum tax deduction limit of Rs 25,000 or Rs 30,000 ,as the case may be as discussed above.This implies that if you pay a premium of Rs 20,000 towards your health insurance plan and get a medical health check up of Rs Rs 5,000, you may claim this amount as a part of the total tax deduction under section 80 D. But if you are paying Rs 22,000 as health insurance premium and have undergone a medical health check up for Rs 5,000, then in that case only Rs 3,000 can be claimed under section 80 D for tax deduction.

4. Health Related Rider Premium

Rider premium or premium for add on benefits taken along with the base life insurance policy related to health like Critical Illness Rider, hospitalization rider, etc. is also eligible for tax deduction under section 80 D of the income tax act, 1961 under the overall limit specified above.

Let us understand the tax deductions for health insurance premium with an example:

Example -1

Mr. Arnab (age 38 years) pays health insurance premium for self and family for Rs 26,000.Additionally, he pays health insurance premium of Rs 38,000 for his parents (who are senior citizens). How much total tax deduction can Arnab claim under section 80 D related to health insurance premiums paid by him?

Arnab can claim maximum up to Rs 25,000 as a tax deduction for paying the health insurance premium for self and family. Additionally, Arnab can claim tax deduction upto Rs 30,000 as per tax deduction limits for paying health insurance premium for parents who are senior citizens. The total tax deduction under section 80 D which can be claimed by Arnab for paying health insurance premium is Rs 55,000 (Rs 25,000 + Rs 30,000).

Example -2

Mr. Arnab (age 60 years) pays health insurance premium for self and family for Rs 36,000.Additionally, he pays health insurance premium of Rs 40,000 for his parents (who are senior citizens). How much total tax deduction can Arnab claim under section 80 D related to health insurance premiums paid by him?

Arnab can claim a maximum up to Rs 30,000 as a tax deduction for paying the health insurance premium for self and family as he falls in a senior citizen category. Additionally, Arnab can claim tax deduction upto Rs 30,000 as per tax deduction limits for paying health insurance premium for parents who are senior citizens. The total tax deduction under section 80 D which can be claimed by Arnab for paying health insurance premium is Rs 60,000 (Rs 30,000 + Rs 30,000).

Best Tax saving Health Insurance Plans:

Insurance Companies Health Plans Tax Deduction under section 80 D Sum Insured (Min/Max) Pre- Existing Diseases Co- Payment Pre/Post Hospitalization No Claim Bonus
Religare Health Insurance Co. Religare Care Eligible 3 Lakh/75 Lakh Covered after 4 years Applicable 30/60 days Max up to 150% of SI
Star Health Insurance Co. Family Health Optima Insurance Plan Eligible 2 Lakh/15 Lakh Covered after 4 years Applicable 60/90 days Max up to 35% of SI
Bajaj Allianz General Insurance Co. Bajaj Allianz Health Guard Eligible 1.5 Lakh/10 Lakh Covered after 4 years Applicable 60/90 days Max up to 50% of SI
Universal Sompo General Insurance Co. Complete Health Care Insurance Eligible 1 Lakh/ 10 Lakh Covered after 3 years Applicable 30/60 days Max up to 50% of SI
Cigna TTK Health Insurance Co. Cigna TTK ProHealth Plus Plan Eligible 2.5 Lakh/10 Lakh Covered after 4 years Applicable 60/90 days Max up to 100% of SI
Future Generali General Insurance Co. Future Health Suraksha Plan Eligible 50,000/10 Lakh Covered after 4 years Applicable 60/90 days Max up to 50% of SI
HDFC Ergo General Insurance Co. Health Suraksha Eligible 3 Lakh/10 Lakh Covered after 4 years Not applicable 60/90 days Max up to 50% of SI
ICICI Lombard General Insurance Co. Complete Health Insurance Eligible 3 Lakh/50 Lakh Covered after 4 years Applicable 30/60 days Max up to 50% of SI
Apollo Minich Health Insurance Co. Optima Restore Individual Eligible 3 Lakh/50 Lakh Covered after 3 years Not applicable 60/180 days Max up to 100% of SI
Max Bupa Health Insurance Co. Health Companion Health Insurance Eligible 2 Lakh/50 Lakh Covered after 4 years Applicable 30/60 days Max up to 100% of SI
Star Health Insurance Co. Star Comprehensive Insurance Policy Eligible 5 Lakh/25 Lakh Covered after 4 years Applicable 30/60 days Max up to 100% of SI