1. Applicability: Individual or HUF, Resident or Non-resident.
2. Nature of payment: Mediclaim insurance policy taken or w.e.f. F.Y.2010-11, any contribution made to the Central Government Health Scheme-
- In case of Individual- in the name of individual, his spouse, parents and dependent children.
- In case of HUF- in the name of any member.
3. Amount of deduction: Aggregate premium paid or Rs.15000 whichever is less.
Note: Where the premium is paid for a senior citizen, then deduction is aggregate premium paid or Rs.20000, whichever is less. Here, senior citizen means an individual resident in India, who is of the age of 65 years or more at any time during the relevant previous year.
4. Conditions:
- Payment shall be made by any mode of payment other than cash (w.e.f. A.Y.2008-09)
- Payment shall be made out of income chargeable to tax.
- Payment shall be as per GIC scheme approved by Central Government or any other Insurer as approved by IRDA.
