Is there any tax benefit on purchasing Health Insurance?

Yes, besides covering your medical expenses, a health insurance policy also offers lucrative tax benefits under section 80D of the Indian Income Tax Act of 1961. The amount of deductions you can avail of depends on your age. 

You can avail of additional deductions on your taxable income if you pay for your parent’s health insurance as well. As such, you can avail maximum deductions of up to Rs. 1,00,000 on your taxable income with health insurance.