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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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Tax Benefits on Different Types of Life Insurance Policies in India
Section 80D: Life insurance policies for medical riders, such as critical illness riders, heart, and cancer riders, offer tax benefits under Section 80D of the Income Tax Act 1961. Those under 60 years of age can claim up to ₹25,000 per annum for themselves, their spouse, their children, and their parents, while those above 60 can claim up to ₹50,000 annually.