I am going to buy a health insurance policy in India. I am single, salaried and 24 years old. And I want to include my parents(both 50 yrs) too in the health insurance. I have the following queries:
- In almost all the policies, there can be at most 2 adults and their children. Now if I want to have all three of us in the same policy, then I think that I would be insured as a dependable child and my parents as adults. But then can a dependable child be the proposer, ie. can I get tax deduction on this health insurance policy. If not, then how is it possible to get a tax deduction on a policy covering three of us?
- As per section 80D, an individual can get a deduction of upto Rs. 25000 for self(+ spouse and children) and another deduction of upto Rs. 25000 for parents. But I couldn't find anywhere that if my parents and I are included in the same policy, will I get a deduction of upto Rs. 50000. For eg., suppose the premium of our policy(covering both my parents and me) is Rs. 34000, will I get the tax deduction on the whole amount of 34000. But while submitting investment proofs at year-end, there are separate sections for deductions for self and parents, so how can I claim a deduction on the whole health insurance amount? Or how can I break the total amount for claiming deduction for self and parents?