TAX Benefits on Health Insurance Policies Under Section 80D
Deduction on Section 80D in Income Tax Act (Tax deduction based on Health Insurance Premiums Paid) You are allowed to claim a deduction up to Rs. 25,000 per budgetary year for medical insurance premium installments.
Besides offering a cushion against soaring medical expenses, health insurance acts as an effective tax instrument. The premium paid on health insurance policies enjoys tax benefits under Section 80D of the Income Tax Act. Moreover, these tax benefits are extended to family floater covers and policies bought for parents also. Even if you buy top-ups and super top-up plans, these will be eligible to get tax deductions. It means, securing health and saving tax both go together!
Highlights:
>> Tax deductions are subject to changes in the income tax Act 1961
>> You can get tax benefits on health insurance policies taken for yourself, your Family* and parents.
>> By Paying the premium amount of Rs 55,000** you can save taxes up to Rs 16,955**.
Infographic created by icicilombard
