Claiming Tax Deductions: 5-Year Upfront Health Insurance Premium Payments

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5-Year Health Insurance Upfront: Maximize Your Tax Deduction Under Section 80D

Income tax deduction rules for multi year health insurance policy

M

Moneycontrol•20-03-2026, 15:49

5-Year Health Insurance Upfront: Maximize Your Tax Deduction Under Section 80D

•Paying multi-year health insurance premiums upfront does not allow for immediate full tax deduction under Section 80D.
•Tax benefits are available only under the old tax regime, not the new one.
•Deduction limits: up to Rs. 25,000 for your family, and a separate Rs. 25,000 for parents.
•Higher deduction of up to Rs. 50,000 is available if the premium is paid for a senior citizen.
•If a multi-year premium is paid, only a proportionate amount can be claimed as a deduction each year.

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