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.