For the financial year 2017-18, Premiums upto Rs 25,000 on policies taken for for self, spouse and dependent children are eligible for tax deduction under Section 80D of the Income Tax Act.
An additional deduction of Rs 25,000 is allowed for premiums paid on health insurance policies purchased for parents. If any one of the persons specified is a senior citizen (Age 60 years and above) and health Insurance premium is paid for such senior citizen then the deduction amount is Rs. 30,000.
Please consult your tax advisor.