Discuss the provisions regarding deductions allowable to the assesses under section 80D.

Deduction u/s 80-0 for Medical Insurance Premium : The deduction is allowed in respect of any sum paid in the previous year to General insurance Corporation or any other insurer towards Medical insurance Premium or on account of Preventive health checkup of the following:

1. Where the assesses is an individual—On the health of the assesses or spouse or his dependent children or his parents (whether dependent or
   not).
2. Where the assesses is as H.U.F. on the health of on any member of the family Conditions—— The payment must be made under the scheme framed by the General Insurance Corporation and approved by the if central Government or the scheme framed by any other insurer and approved by the Insurance Regulatory and Development Authority (IRDA).— The amount should be paid by him by any mode. (electronic mode, credit card, or cheque) other than cash) out of his chargeable income on the health of the assesses or of the spouse or dependent children or parents or on the health of any member of the HUF. The deduction for the premium paid shall be allowed as follows:

   → Where the assesses is an individual and the sum is paid for the insurance on the life of— (i) assesses, spouse, dependent children of the
   assesses upto Rs. 15,000. Parents (whether dependent or not) upto Rs. 15,000.
   → Where the assesses is a Hindu Undivided Family and the sum is paid for the insurance on the health of any member of the HUF — Rs. 15,000

Where the assesses himself or his wife or her husband or his/her parents or any member of HUF is a senior citizen (a resident in India and attained the age of 65 years at any time during the previous year) and any medical insurance premium is paid to effect or to keep in force an insurance in relation to him or her, the limit of deduction shall be increased by Rs. 5,000 i.e. total deduction shall be Rs. 20,000 instead of Rs. 15,000.