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Key Takeaways
Riders such as critical illness, accidental death, and disability benefits offer tax deductions under Section 80D when they include health-related coverage.
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Other Tax Benefits
Section 80D: Critical Illness Rider: If you have added a critical illness rider to your life insurance policy, the premium paid towards it qualifies for a tax deduction under Section 80D of the Income Tax Act, 1961, over and above the ₹1.5 lakh limit under Section 80C. For individuals below 60 years of age, a deduction of up to ₹25,000 is available on premiums paid for self, spouse, and dependent children. This limit increases to ₹50,000 for senior citizens aged 60 years and above. It is worth noting that this deduction is available exclusively under the old tax regime for FY 2025-26.