Employer employee query

Which insurance scheme?

Life insurance or health insurance?

insurance is a financial product which covers risk involved...life, assets and so on.
investment in above for the sake of exemption only is foolishness.
if u view insurance as an investment vehicle then dont go for it.
think about alternatives like elss.
first ur purpose must be known before we decide.

You can either invest in LIC for life insurance and get a deduction upto Rs 1.5 in the year or premium paid whichever is less. It is applicable to your wife and independent son as well.. section 80C

You can also get a health insurance (mediclaim) deduction upto Rs 25000 or the premium paid whichever is less u/s 80D.. But you cannot claim the deduction for your independent son..

also you can invest in MF to get a deduction of 1.5 lakh u/s 80C.