First let’s understand what mediclaim brings to the table.
The key feature of mediclaim is cover for hospitalization and treatment towards accident and pre-specified illnesses for a specific sum assured limit. The mediclaim premium is based on the sum assured.
The amount paid towards mediclaim premium for self/spouse/children provides tax exemption under section 80D for a maximum of Rs 15,000 with another Rs 15,000 benefit on mediclaim premium for parents (Rs 20,000 if parents are senior citizens). Although, not advisable, mediclaim must not be taken for the tax benefit, else it degenerates into a tax saving investment, rather than a lifeline for yourself and your family.