Medical Income Limits 2024 Family Of 5 Lakh. If you want to cover your entire family under a single policy, a family health insurance plan with a sum insured of at least ₹20 lakh must be opted. It is taxable income if the remaining sum after deductions is greater than the exemption.

If you live in nagpur, you should consider purchasing a health insurance policy with a sum insured ranging from ₹5 lakh to ₹10 lakh. For senior citizens (above 60 years but below 80 years) and super senior citizens (80 years of age and above), the basic tax exemption limit is rs 3 lakh and rs 5 lakh,.