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.
|
|
| 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. |
Star Cardiac Care
The trauma of a heart surgery and the associated financial burden is best known to persons who have undergone one. Star Health, the health insurance specialist understands your requirements and offers Star Cardiac Care Insurance Policy to keep you smiling always.
Know More..
Star Comprehensive
Star Comprehensive Insurance Policy offers wide coverage with lot of additional features for the entire family under a single sum insured and yet at an affordable cost - your search ends here. Star Comprehensive Insurance Policy gives much moreKnow More..
Family Health Optima
Family Health Optima from Star Health is a health insurance plan that gives protection for the entire family on the payment of a single premium under a single sum insured.The sum insured floats among the family members insured.It's just one more way to tighten the family bonds.Know More..
Senior Citizen Red Carpet
Star Health is proud to introduce India's first health insurance policy aimed at senior citizens.It provides cover for anyone over the age of 60 and permits entry right up to the age of 69 with continuing cover after that.It is our way of caring for a generation ....Know More..
Star Delite
Star Family Delite Insurance Policy from Star Health which offers optimum coverage at affordable cost for the entire family on a floater basis under one single sum insured. Policy Coverage (for all ages between 5 months * and 65 years at the time of entry) - Guaranteed renewal for life-time)Know More..
Medi Classic
The comforts and luxuries of today's life come at a price-the price of uncertainties. Of the uncertainties, health of oneself and one's family is of prime concern. Add to this, the fact that medical expenses are getting dearer. One ailment is all it takes.. Know More..
Super Surplus
Star Health brings you Super Surplus Insurance. It offers coverage much larger than the ones offered by basic plans. So, matter what, you are always prepared to face the most unfortunate of health eventualities in the family.Know More..
Star Health Gain
With the perfect balance between insurance and tax benefit.Star Health Gain is the policy just for you. Despite a reassuringly low premium, it offers both outpatient and inpatient hospitalization expenses cover with maximum tax benefits. Sure enough, the best of both worlds is now yours.Know More..
Star Unique Health
Star Health brings you this Unique insurance policy with unique benefits for - coverage for both future ailments / diseases and for pre existing diseases / conditions. There is no pre acceptance medical screening.Know More..
Star Wedding Gift
The comforts and luxuries of today's life come at a price - the price of uncertainties. Of the uncertainties, health of oneself and one's family is of prime concern. Add to this, the fact that medical expenses are getting dearer. One ailment is all it takes to wipe out years of savingsKnow More..
Star Criticare Plus
Star Criticare Plus Insurance from Star Health is a policy that aims to provide reimbursement of hospitalization expenses incurred as a result of illness/disease/sickness and/or accidental injuries and also provides for a lumpsum in case the insured person is diagnosed.. Know More..
Diabetes Safe
Star Health and Allied Insurance presents a policy that helps those affected by Diabetes Mellitus Type II and offers insurance protection for treating most commonly occurring complicationsKnow More..
Star Netplus
For the first time in India, an insurance policy that's been designed specifically for those diagnosed as HIV positive.Star HIV Care Policy hasseveral unique benefits and above all ensures care, anonymity and privacy to the policy holders.
Know More..
