Yes, the premium that you pay for a supertop up health insurance policy qualifies for tax benefits. You can claim a deduction of up to Rs. 25,000 on the premium paid under Section 80D of the Income Tax Act, 1961. This deduction increases to Rs. 50,000 if you are aged 60 years and above. Moreover, if you buy a top up plan for your dependent parents, you can claim an additional deduction of up to Rs. 25,000 which would increase to Rs. 50,000 if your parents are senior citizens.