<ul><li>Tax benefits under Section 80D of the Income Tax Act for health insurance include deductions for premium payments for mediclaim and critical illness plans.</li><li>For health insurance, tax deductions can go up to Rs 25,000 annually for individuals, and Rs 50,000 for senior citizens, including a Rs 5,000 deduction for preventive health check-ups.</li><li>Under Section 80C, life insurance premiums are eligible for deductions of up to Rs 1,50,000 per financial year with coverage for self, spouse, and children.</li><li>Key differences between health and life insurance tax benefits include varying deduction limits, coverage for parents and children, payment modes, and the possibility of deduction reversal.</li></ul>

How do tax benefits differ between health and life insurance?

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