AT New Delhi [India], May 17: One of the biggest investments in life is always to ensure good health of yourself and your family. Therefore, if you do not intend to keep yourself financially secure with respect to any health emergency or issue, it is wise to choose a health insurance policy. Health insurance is ideal for getting financial assistance for quality treatment, plus, what better way to save some of your taxes than by taking out such an insurance policy? Along with health insurance, India's Income Tax Act 1961 allows you to avail tax benefits under Section 80D. So, if you want to know more about it, keep reading about the details of Section 80D in medical insurance.
What is Section 80D of the Income Tax Act Every individual or HUF (Hindu Undivided Family) who has opted for a Medica insurance policy is eligible to claim a deduction from the monthly premium paid under Section 80D.The Government of India provides tax deduction on Medica insurance up to Rs. This tax deduction limit can also increase up to Rs 25,000 in a financial year. Rs 50,000 in a financial year for insured members above 60 years of age. As a policyholder, you can claim this deduction on health care policies for yourself, dependent children, dependent parents and spouse. Under Section 80D of the Income Tax Act, the deduction can also be claimed by NRIs (non-residents of India) who pay tax. in India.However, it does not apply to any other entities such as firms or organizations. What are the benefits of Section 80D in medical insurance? Given below are some of the major benefits that Section 80D provides in terms of health insurance scheme. * Tax deduction section 80D
o The Income Tax Act allows you to claim a deduction on the monthly premium amount paid for a health insurance policy for dependent family members. Beneficiaries below 60 years of age can get a maximum of Rs. Will get a deduction of Rs. Whereas this deduction will be of Rs 25,000. Maximum Rs.50,000 for an individual above 60 years of age *Coverage for preventive health checkup The deduction under Section 80D is also applicable on the amount of expense borne by you for availing preventive health checkup.Such annual health checkups are essential to ensure the good health of your family and to detect any health problems and correct them timely. It is beneficial to avoid any potential problems as soon as possible * Cut Excess Over time as your parents start getting older, they become more prone to diseases and injuries. Therefore, it is essential to include them in your health insurance policy to ensure that they are provided prompt medical attention. Under Section 80D, you can also claim deduction on the insurance premium paid for your parents. What are the exclusions under Section 80D? Along with the benefits, you should also be aware of the points that are not covered under Section 80D.Be sure to research it in detail before plunging into the world of medical insurance. To get the most out of your health insurance plan, consider a plan from ACK with attractive premiums and benefits.
What is Section 80D of the Income Tax Act Every individual or HUF (Hindu Undivided Family) who has opted for a Medica insurance policy is eligible to claim a deduction from the monthly premium paid under Section 80D.The Government of India provides tax deduction on Medica insurance up to Rs. This tax deduction limit can also increase up to Rs 25,000 in a financial year. Rs 50,000 in a financial year for insured members above 60 years of age. As a policyholder, you can claim this deduction on health care policies for yourself, dependent children, dependent parents and spouse. Under Section 80D of the Income Tax Act, the deduction can also be claimed by NRIs (non-residents of India) who pay tax. in India.However, it does not apply to any other entities such as firms or organizations. What are the benefits of Section 80D in medical insurance? Given below are some of the major benefits that Section 80D provides in terms of health insurance scheme. * Tax deduction section 80D
o The Income Tax Act allows you to claim a deduction on the monthly premium amount paid for a health insurance policy for dependent family members. Beneficiaries below 60 years of age can get a maximum of Rs. Will get a deduction of Rs. Whereas this deduction will be of Rs 25,000. Maximum Rs.50,000 for an individual above 60 years of age *Coverage for preventive health checkup The deduction under Section 80D is also applicable on the amount of expense borne by you for availing preventive health checkup.Such annual health checkups are essential to ensure the good health of your family and to detect any health problems and correct them timely. It is beneficial to avoid any potential problems as soon as possible * Cut Excess Over time as your parents start getting older, they become more prone to diseases and injuries. Therefore, it is essential to include them in your health insurance policy to ensure that they are provided prompt medical attention. Under Section 80D, you can also claim deduction on the insurance premium paid for your parents. What are the exclusions under Section 80D? Along with the benefits, you should also be aware of the points that are not covered under Section 80D.Be sure to research it in detail before plunging into the world of medical insurance. To get the most out of your health insurance plan, consider a plan from ACK with attractive premiums and benefits.