Answer

1. F

   Facts

   You can claim up to ₹25,000 for self, spouse and children, and up to ₹50,000 for senior citizen parents, so up to ₹75,000 in total. If you are also a senior, your own limit is ₹50,000.

2. P

   Provisions and law

   • Sec 80D, Income-tax Act 1961 (now Sec 126)Health insurance deduction up to ₹25,000 for self, spouse and children (₹50,000 if senior) and another ₹25,000 for parents (₹50,000 if senior), with ₹5,000 for preventive check-up inside these limits.
3. A

   Analysis

   If your family floater premium is ₹22,000 and your parents' policy is ₹48,000, you claim ₹22,000 plus ₹48,000, total ₹70,000. Premium must be paid by any mode other than cash. This deduction is only in the old regime.

4. C

   Conclusion

   1. 1Collect premium receipts for each policy.
   2. 2Check the age of insured parents.
   3. 3Apply each limit separately.
   4. 4Pay premiums by non-cash mode.
   5. 5Claim under the old regime.

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