According to Section 80D of the Income Tax Act, 1961 individuals can claim a deduction of up to ₹25,000 on their health insurance premium payments. This deduction can be availed on premium payments for yourself, your spouse or children. Further, if the premium is for your parents who are above 60 years of age, you can avail a deduction of up to ₹50,000.
Further, you can claim a deduction of up to ₹5000 on expenses incurred for medical check-ups, which is included in the limit given above.