My wife and I are both 70 years old and are continuing our health insurance policies. Is there any additional tax benefit that we can claim on the premiums paid?
Raghunath Pai, Mangalore
Under Section 80D of the income tax act, premiums paid towards health insurance premium qualify for deductions within limits. In your case, the senior citizens clause is applicable, which means you can claim deductions up to Rs 30,000 towards premium paid including Rs 5,000 towards preventive health check-up every financial year. Make sure you make this payment by cheque or money transfer and not by cash to be eligible to claim the deduction. The combined sum that you can claim for yourself and your wife’s premium payment will be Rs 30,000.
