The amount paid as medical insurance premium is eligible for deduction under Section 80D. The maximum deduction that can be claimed under this section is `60,000, but there are many sub-limits.
An individual can avail a maximum deduction of `25,000 for premium paid for self, spouse or dependent children. An additional deduction of `25,000 is allowed on premium paid for parents. If the policyholder is a senior citizen, then the deduction limit is `30,000.
One can also claim a tax break of `5,000 on preventive health checks.
Top 10 Tax Saver Mutual Funds for 2017 - 2018
Best 10 ELSS Mutual Funds to invest in India for 2017
1. DSP BlackRock Tax Saver Fund
2. Invesco India Tax Plan
3. Tata India Tax Savings Fund
4. ICICI Prudential Long Term Equity Fund
5. Birla Sun Life Tax Relief 96
6. Franklin India TaxShield
7. Reliance Tax Saver (ELSS) Fund
8. BNP Paribas Long Term Equity Fund
9. Axis Tax Saver Fund
10. Birla Sun Life Tax Plan
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