Tax exemption for health insurance

Whats the max amount of tax exemption, I would get for paying the premium of my parents health insurance?

If any of your parent is a senior citizen, deduction you would get under Section 80D is Actual premium paid Rs.17,000 or Rs.20,000 whichever is less.

Thanks Taxman! One more query if I take family floater policy with my parents or two policies one for my self and one for my parents; Which one of these is cheapest?

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Originally Posted by TarunVir

Thanks Taxman! One more query if I take family floater policy with my parents or two policies one for my self and one for my parents; Which one of these is cheapest?

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If you take two policies one for yourself and one for your parents - It will be cheaper than other option.