India, Dec. 23 -- For Yourself, Spouse, and Dependent Children: A deduction of up to Rs.25,000 per financial year for premiums paid towards health insurance policies covering self, spouse, and dependent children. This limit also includes expenses on preventive health check-ups, capped at Rs.5,000 within the Rs.25,000 limit.

For Parents: An additional deduction of up to Rs.25,000 is available for premiums paid for health insurance policies covering parents (below 60 years of age). If parents are senior citizens (aged 60 years or above), this limit increases to Rs.50,000 per financial year. The preventive health check-up sub-limit of Rs.5,000 also applies within these respective limits.

Maximum Deduction:

If neither the individual nor th...