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Tax savings on GST paid for insurance
o The deduction limit extends up to ₹25,000 for individuals below 60 years and ₹50,000 for senior citizens, encompassing policies purchased for self, spouse, parents, or dependent children.
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Thank you for your interest!
If you are a senior citizen who has purchased a plan for his family members, including his parents, you can save up to Rs 1 lakh and earn a deduction of Rs 5,000 for the expenses associated with health check-ups for the entire family. In short, the health insurance tax benefits in the form of a Section 80d deduction can range from Rs 30000 to Rs 1,05,000.