Deduction under 80D
Querist : Anonymous
Individual - Well two types of deduction is provided to him . One on the premium paid for the medical cover of himself,spouse and children and an additional deduction on payment of premium for parents (both dependents and non-dependents)
Basic - 15000 + 5000 (extra if anyone is senior citizen)
Additional - for medicalim policy of parents 15000 + 5000 extra (if they are senior citizen)
INSERT (AY 2008-09)
Additional deduction of Rs. 15,000 under Section 80D is allowed to an individual who pays medical insurance premium for his/ her parent or parents.
Please go to above link. Read carefully, all your queries will be solved.