We are allowed to claim a deduction of Rs.25K from our taxable salary for the Mediclaim Insurance premium. But so many of you will be covering yourself (including spouse and kids) within Rs.10K to 15K only. You can utilize the balance benefit by purchasing an Outpatient benefit Insurance policy.
For example, let’s say your Mediclaim premium is Rs.9000. (This is the normal premium you pay for 5 lacs cover for self-+spouse+2kids.
You can now buy additional Outpatient expenses insurance policy for Rs.16K. This gives you additional two benefits
1) Outpatient expenses benefit from Rs.25K.
2) 30% tax saving on Rs.16K additional premium. (assuming you fall in 30% tax bracket)
Hence the total benefit by paying Rs. An additional 16K premium is Rs.30500.
Apart from this amount, if you have purchased a Mediclaim policy for your senior citizen parents, then the amount towards the premium can also be exempted upto an additional limit of Rs.50000. So the maximum benefit under section 80D can be extended upto Rs. 75000 in this case if your parents are aged over 60 years.