Himani Verma
Those aged 60 and above can avail of tax benefits of up to Rs 50K on health insurance premiums under section 80D of the Income Tax Act.
Children paying insurance premiums for senior parents can also avail of Rs 50K deduction, besides Rs 25K for individual health insurance.
The maximum deduction limit is Rs 1 lakh, if senior citizens buy health insurance for themselves and their senior parents.
The Income Tax Department provides tax deductions of Rs 5,000 for preventive health check-ups, adjusted within the Rs 50,000 limit
Senior citizens can pay their premiums for one, two or three years at once to avail of hefty discounts from insurers.
Compiled By Himani Verma