• An individual can claim deduction of up to Rs15,000 towards the Health Insurance premium paid for your parents if they are below the age of 65 years.
  • This deduction is applicable over and above the Rs15,000 deduction that you are entitled to as an individual under section 80D for health insurance taken for yourself. So in totality one can claim up to Rs 30,000.

If your parents are senior citizens, then the coverage can be up to Rs 20,000/, and an overall coverage of Rs 35,000/- including your cover.

Source : http://www.livemint.com/2010/01/22120313/Did-You-Know-Look-after-paren.html