Experience the power of Artificial Intelligence (A.I)
Chat with our super-intelligent A.I model and ask it anything about insurance and related products.
Health insurance just like life insurance is an imperative financial tool. Purchasing health insurance is exactly like a buy 1 get 1 bonus offer. You get both financial security from a medical emergency and tax benefits too. The tax benefits of health insurance act like a cherry on the cake that can help you reduce your annual income tax liability and save you money.
Let us explore more to get a better understanding of the tax benefits.
The tax benefits of health insurance are offered for the premium paid for the policy under Section 80 D of the Income Tax Act. The deductibles are highlighted in the table given below.
Total Deduction | Scenario |
Rs 25,000 | For family and self. All individuals are required to be below 60 years of age.
|
Rs 25,000 + Rs 25,000 = Rs 50,000 | For family, parents and self. All individuals are required to be below 60 years of age. |
Rs 25,000 + Rs 50,000 = Rs75,000 | For family and self. All individuals are required to be below 60 years of age. This also includes Parents who are senior citizens. |
Rs 50,000 + Rs 50,000 = Rs 1,00,000 | For family and self. The eldest member is required to be above 60 years of age. This also includes Parents who are senior citizens.
|
The savings one can avail of may vary depending upon the policy they hold and the amount of premium they pay.
The documents required to claim the tax benefits are-
Tax benefits of Health Insurance add to the efficacy of the insurance policy. Make sure to purchase a health insurance policy to avail of benefits and for the betterment of your family. The policy not only acts as a beneficial tax planning tool but also is a wise investment opportunity. It’s time to invest in one!
Chat with our super-intelligent A.I model and ask it anything about insurance and related products.