How can I save tax by paying my parents' LIC premium?

[ravirajsolanki]

My wife and I are paying for my parents' LIC premiums and we want to save tax on it. Is there any way we can save tax?

 

[ShavirB]

You cannot claim deduction for the payment of Life Insurance for Parents, there is no Provision for this.

But you can claim a deduction for payment of Health Insurance for Parents (Upto Rs. 25,000)

 

[lone_warrior_ind]

You cannot claim deduction for the payment of Life Insurance for Parents, there is no Provision for this.

But you can claim a deduction for payment of Health Insurance for Parents (Upto Rs. 25,000)

If any parents above 60 then you can claim 50,000 for medical insurance