How much tax can I save on mediclaim?  

You can deduct premium paid by cheque(Max 15000 rupee ) from your taxable income under section 80D of income tax.
In case of tax saving,
It depends you comes under which tax rate,
It may be 1500 or 3000or 4500.

Answered by Seema , an ibibo Master, at 1:33 PM on January 24, 2008

You will get Exemption under income tax (80D of Income Tax Act) for Premium paid by cheque depend upon the amount you invest as premiums.

Answered by vikas , an ibibo Advisor, at 3:13 PM on January 12, 2008

Under IT section 80D Max Rs 15000 is deducted in your Gross income.
If you are senior citizen then deducted amount is Rs. 20000.

Answered by Nagendra , an ibibo Master, at 9:34 PM on January 11, 2008

Upto 10000 rupees you can claim deduction under section 80c

Answered by selvaraj , an ibibo Advisor, at 2:25 PM on January 11, 2008

Section 80D dealing with deduction for premium paid for medical insurance has envisaged a higher deduction of Rs. 15,000 and Rs. 20,000 (in case of any family member being a senior citizen).

Answered by subu , an ibibo Specialist, at 9:45 AM on January 11, 2008