Deductions Under
Section 80D
What is Section 80D?
Section 80D of the Income Tax Act, 1961 offers deduction for money spent on health insurance and maintaining your health, and is significant for your tax planning and personal finance.
What deductions are allowed u/s 80D?
- Money spent as premium for health insurance policy
- Money spent on healthcare of family members including parents
Money spent on maintaining a health insurance policy can be claimed under section 80D. The amount is limited by the age of the insured under the plan. These restrictions apply to people (insured under the policy) aged below 80 years :
| Insured | Deduction Amt. (`) | |
|---|---|---|
| Age Below 60 yrs. | Age Above 60 yrs. | |
| Self, Spouse |
25,000 | 50,000 |
| Parents | 25,000 | 50,000 |
| 50,000 | 1,00,000 | |
| 5,000 | 5,000 | |
Table 1: Medical Deduction u/s 80D
In the case of people over 80 years of age, health insurance is usually not available. Thus, the deduction of
Therefore, a maximum deduction that you can claim under this section is
- Your family falls in ‘below-60 age group’ (max deduction of
25,000), - Your parents are aged above 60 years (max deduction of 50,000) and
*Preventive Healthcare Expenses: If your total insurance premium paid is less than the maximum allowed limits for any of the categories, then up to `5000 can be claimed for a preventive health check of your family in the financial year, within the said limits.
Unlike traditional products, Unit Linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. The names of the Company, Product names or fund options do not indicate their quality or future guidance on returns. Funds do not offer guaranteed or assured returns.
Tax benefits under the policy are subject to conditions under Section 80D, 10(10D) and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates. The tax laws are subject to amendments from time to time. Please consult your tax advisor for details.
ICICI Pru iProtect Smart (UIN: 105N151V07), ICICI Pru Heart/Cancer (UIN: 105N154V03)
W/II/1088/2016-17
COMP/DOC/Aug/2020/278/4332
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