How Income Tax rebate can be claimed on Family Floater Health Insurance

Under Section 80D of the I-Tax Act, 1961, the premium paid for a health insurance policy can be deducted from a person's taxable income for the year. The amount of deduction available on a health insurance policy for self, spouse and dependent children is up to Rs 15,000. A further deduction of Rs 20,000 is available for paying the premium for coverage for parents. Hence, the premium of Rs 35,000 for yourself and your parents is deductible. The premium for the rider, of Rs. 1,000, for the personal accident rider is also deductible as per the same regulation.