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Will I get tax benefits if I purchase health insurance for my parents?

The premiums you pay for health insurance policy for your parents qualify as tax saving investment under 80D Section of Income Tax Act. The benefit is available for you on your premiums regardless of the fact that your parents are dependent on you or not. The factor that plays a major role in tax benefit is the age of the individually insured. If your parents are senior citizens over the age of 60, you get a tax benefit of Rs 50,000.