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Learn about the tax exemptions and benefits for health insurance policies to get great health cover. To know more about health insurance, Visit Now!
Imagine getting dual benefits with one insurance plan – lucrative, right? Availing health insurance provides this advantage. You get financial security in medical emergencies as well as tax benefits. But before deep-diving into the latter, let’s see what a health insurance plan is all about.
Health insurance covers the medical expenses the insured person incurs. You can enjoy this policy benefit for a fixed tenure against monthly, quarterly or annual premium payments. During this period, if a severe ailment or an accident occurs, the insurance provider will bear the expenses up to the sum insured. You can also enjoy add-on benefits, like critical illness cover and accidental death benefit, with health insurance policies for a nominal extra premium.
The money you receive from your insurance provider after you raise a claim under your health plan amounts to compensation for expenses already incurred. Thus, it cannot be considered as profit or income. Hence, the claim amount for reimbursement of medical costs is not taxable in India.
Apart from this tax relief, if you buy a health insurance policy, you can claim tax benefits under Section 80D of the Income Tax Act, 1961. The table below shows the break-up of tax exemptions on health insurance:
|Scenario||Self, Spouse and Dependent Children||Parents||Total Deduction u/s 80D|
|When everyone is less than 60 years old||Rs. 25,000||Rs. 25,000||Rs. 50,000|
|When you are less than 60 years of age and parents’ ages are 60 years or more (senior citizens)||Rs. 25,000||Rs. 50,000||Rs. 75,000|
|When you and your parents are senior citizens||Rs. 50,000||Rs. 50,000||Rs. 100,000|
HUFs can claim tax deductions for health insurance policy premiums paid for its members. The limit is Rs. 25,000 if the primary policyholder is below 60 years. If the age of the policyholder is 60 or above, the eligible amount for deductions is Rs. 50,000.
While the tax benefits can reduce your income tax burden, it should not be the principal reason for buying health insurance. You should look for a health plan that covers your healthcare needs and fits your budget.
Kotak Health Shield offers financial cover against the diseases that are widespread these days and often require expensive treatments. It is a fixed benefit health insurance plan offering a set amount for the treatment of health conditions including:
All such critical illnesses can be covered under the umbrella protection of this policy.You need not pay separate premiums for detached coverage-plans. Further benefits include:
You can also expand the coverage for a nominal rise in the premium with add-ons such as:
When it comes to health insurance, do not compromise with the coverage. Choose the plan that keeps your finances secure while you avail the best healthcare solutions when the need arises.