Deduction in respect of medical insurance premia
55 [Deduction in respect of medical insurance premia.
80D. (1) In computing the total income of an assessee, there shall be deducted at the following rates, such sum as is specified in sub-section (2) and 55a [paid by him by cheque] in the previous year out of his income chargeable to tax, namely :—
(i ) in a case where such sum does not exceed in the aggregate 55b [ 56[ ten]] thousand rupees, the whole of such sum; and
(ii ) in any other case, 55b [ 56[ ten]] thousand rupees :
57 [Provided that where the sum specified in sub-section (2) is paid to effect or to keep in force an insurance on the health of the assessee, or his wife or her husband or dependant parents or any member of the family in case the assessee is a Hindu undivided family, and who is a senior citizen, the provisions of this section shall have effect as if for the words " 55b[ ten] thousand rupees", the words " 57a[ fifteen] thousand rupees" had been substituted.]
(2) The sum referred to in sub-section (1) shall be the following, namely :—
(a ) where the assessee is an individual, any sum paid to effect or to keep in force an insurance on the health of the assessee or on the health of the wife or husband, dependent parents or dependent children of the assessee;
(b ) where the assessee is a Hindu undivided family, any sum paid to effect or to keep in force an insurance on the health of any member of the family :
(c ) 58[* * *]
59 [Provided that such insurance shall be in accordance with a scheme 60 framed in this behalf by—
(a ) the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and approved by the Central Government in this behalf; or
(b ) any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).]]
61 [Explanation.—For the purpose of this section, "senior citizen" shall have the meaning assigned to it in the Explanation to section 80DDB .]