for Tax Saving

Insurance is need, not luxury. You need insurance...

SAVE TAX extra upto 1,00,000 using HEALTH PLAN

Section 80D provides for tax deduction from the total taxable income for the payment (by any mode other than cash) of medical insurance premium paid by an Individual or a HUF. This tax deduction is available over and above the deduction of Rs. 1,50,000 under Sec. 80C.

upto 100,000 extra tax saving using health insurance under section 80D 

Medical Insurance Premium paid for self, spouse, Children and dependents parents is allowed as exemption. This exemption is available under section 80D of Income Tax Act.

Health insurance, popularly known as Mediclaim Policies, provides a deduction of upto Rs. 75,000.00

Section 80D - Deduction for Health  Insurance premium  Rs. 25,000/-
Section 80D - Deduction for Health  Insurance premium for Senior Citizens     Rs. 50,000/-

For consideration under a Senior citizen category, the person’s age should be 65 years during any part of the current fiscal, eg. for the fiscal year 2015-16, the person should already be 65 as on March 31, 2015),

This deduction is also applicable to the payments made by either cheque or credit cards.

So if payment is made by cash, this deduction would not be allowed.

Most Ignored Aspects of Tax Planning:

Parents' Health Insurance is the most ignored aspect of Tax planning. Most people, including many accountants are not aware, about the additional Rs. 30,000 deduction, one can claim for Health Insurance for parents.

What's more it is one such gift that will bring long-term benefits for your parents, without compromising on quality.

It is important to note, that the premium amount should be not be paid in cash.

Also, remember, Mediclaim 80D deduction is not applicable for corporate health insurance plans, as the corporate health insurance policy is taken in the name of the company on behalf of its employees, unless, if the premium is paid by the employee through a payroll deduction or online through electronic payment options like Credit Card, Debit Cards, Internet Banking etc.

Let’s face it, the Government of India through the Income tax law, is doing its bit in encouraging the population, to cover our families, ensuring quality healthcare.  The least, we can do is explore good available products or covers and ask for a quote.

In case you would like to know more about how you can independently cover your parents, you can call experts on Toll free number or post your inquiry here.

One can SAVE TAX on following plans::

for Family

for Individual

for Senior Citizen

for Critical Illness

for Accidental Loss

for Post Expenses

for Overseas Travel

for Students

for Diabitiese Safe

for Cardiac Care

for Wedding Gift

Tax Gain Plan - Health Insurance Policy

YES! You can save tax and gain OPD benefits also!
Bajaj Allianz has designed a unique product - The Tax Gain plan, a Family floater health policy which covers out patient (OPD) expenses & hospitalization expenses under a single policy and helps you in your tax management also.
1. Features
  • OPD & Hospitalisation expenses covered under a single policy on floater basis
  • Access to over 2400 hospitals all over India for cashless facility.
  • Covers ambulance charges in case of an emergency up to Rs 1000/-
  • 130 day care procedures subject to terms & conditions
  • 10% co-payment of the admissible claim amount applicable if treatment is taken in non-network hospital, waiver of co-payment is available on payment of additional premium.
  • Provides benefit of Health check-up at the end of each four (Hospitalization) claim free policy periods. Tests as specified in the schedule. This benefit can be opted by any one insured member
2. Benefits
  • A single policy or cover can be continued till a person reaches 75 yrs!
  • The premium slabs remain same from 18 yrs -55 yrs & 56- 75 yrs
  • No restrictions of waiting periods to claim under Out patient expenses
  • You can claim for dental procedures & treatment under OPD section!
  • Cost of Spectacles, dentures, crutches can also be claimed under OPD Section!
  • Provides Tax benefit under section 80 D of Income Tax Act
  • In house claims settlement without hassles of going through a TPA.

Get more details

Even if your parents are adequately covered by your employer, the cover provided would cease to exist post-retirement or you being fired or due to change in expenditure policy by employer. Considering the current rate of medical inflation in India, adequate health insurance has become a must-have for each and every individual, and if the individual happens to be your parent, the need to buy a senior citizen health insurance plan becomes all the more important.

REMEBER: your employer is not bound to cover your parents health expenses.

for Tax Saving