Check Our Mediclaim Plan Grid
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. 55,000.00
Section 80D - Deduction for Health Insurance premium Rs. 25,000/-
Section 80D - Deduction for Health Insurance premium for Senior Citizens Rs. 30,000/-
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.
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| 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. |
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