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For the uninitiated, the premiums paid towards one’s health insurance policy are eligible for tax deductions under Section 80D of the Income Tax Act. Usually, you can claim the tax deductions for the premiums paid for the policy term when you are filing your ITR or Income Tax Returns for that year. Premiums paid towards health insurance for individuals under 60 years of age are eligible for a maximum tax deduction of Rs 25,000. If the insured under the health insurance policy is over 60 years of age, then the maximum tax deduction to be availed is Rs 50,000. That is if premiums have been paid for a multi-year health insurance policy term of 4 years, each year’s tax deduction for the four years shall be 25% of the total premium amount. Let’s say you have a multi-year policy of 4 years, for which you paid a premium of Rs 80,000 at once.

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