Topic: Income tax benefit on health insurance / mediclaim policies?

What is the maximum amount one can save on tax and are there any conditions apply thing also?

This message was edited 1 time. Last update was at 21/07/2009 07:37:46

Insurance premium payable on health insurance policy is tax deductible under Section 80 (D) of the Income Tax Act 1961.

Rs. 15000 can be claimed to be deducted on health insurance under Section 80 (D) and further Rs. 15000 can be claimed for parents. This limit increases to Rs. 20,000 in case any of the Dependant parents are senior citizen. Total amount that you can claim for deduction under sec 80(D)is Rs. 35000/-

For claiming the tax deduction the premium payment has to be either by cheque or credit card. Cash premium payment does not qualify.
Click here to download free income tax calculator in India

i have a question..? suppose i brought a medical insurance for my father & mother,and the premium is being paid by me. then can i get the tax benifit or not.? please reply

Anonymous wrote:i have a question..? suppose i brought a medical insurance for my father & mother,and the premium is being paid by me. then can i get the tax benifit or not.? please reply

Yes there are many health insurance companies which provides you with family health insurance plan. So you can opt for a mediclaim policy from a company like Max Bupa which offers Heartbeat Silver (http://www.maxbupa.com/ForYouYourFamily/Heartbeat/HeartbeatSilver.aspx) a a medical health insurance plan designed for complete family with several benefits and allows you to save on tax.

Anonymous wrote:i have a question..? suppose i brought a medical insurance for my father & mother,and the premium is being paid by me. then can i get the tax benifit or not.? please reply

can i claim tax benefit if i buy mediclaim policy for my in-laws and cheque paid by me, benefit not claimed by my spouse

Anonymous wrote:

Hi!

If i take mediclaim for my FATHER,MOTHER and MOTHER-IN-LAW, How much the total in come tax benefit ?

Kindly tell me.

Thanks

S. Sundar

Hi
Yes, one can enjoy impressive tax benefits on premium paid for a health insurance policy. The income tax benefits on mediclaim policies are as follows,
1. Upto Rs 15000 for premium paid on the policy providing coverage to you and your family.
2. Upto Rs 15000 for premium paid on the policy providing coverage to your parents, Rs 20000 in case the parents are under senior citizen category.

Thus one can avail a maximum tax benefits of upto Rs 35000 on purchase of a healthcare insurance.

hii..I took upp health insurance floater plan for my father,mother,brother and sister.
I asked the Insurance company for keeping the Insurance proposer name in my name,but they said as My brother and sister also need to be covered they gave the Policy in proposer name of father.

but the Check was paid by me.
How can I claim the Tax Benefit now??

Anonymous wrote:

Hi,

Can i take tax rebate on the mediclaim taken by my employer but the premium has been deducted from my salary.

Manish Jain
mkjain79@gmail.com

If i paid the premium RS. 15000 in one time for two then tax benifit will be for this year or half for this year & half for second year pls clear

Anonymous wrote:

Anonymous wrote:

The health of your family and parents is of utmost importance. You must be wondering about the good Mediclaim insurance policy options and the benefits accompanying them.

If you're considering health insurance for tax savings, you can opt for several policies. I have taken the money back health insurance plan from IndiaFirst Life. Their plan offers health plus saving. Dual tax benefit under Section 80D and tax benefits on the benefits on maturity of your policy, under Section 10 (10D).

This message was edited 2 times. Last update was at 11/12/2011 14:55:37

check out royal sundaram mediclaim policy for tax benefits

Really, I agree with you. Health insurance will help in income tax. It will cut down you some amount in income tax. I have also taken a insurance and I get the benefit of it.

If you want to buy mediclaim policy with LIC pls contact me .

Regards
Jay
D.O
Banagalore

This message was edited 2 times. Last update was at 11/12/2011 15:41:22

You have rightly stated the deduction. A health insurance plan can help you avail of 100% tax deduction benefits since it comes under the purview of section 80D of the Income Tax Act. A family health insurance policy protects the insured with covers against sudden illness, surgeries, accidents, etc. A colleague of mine has taken a health insurance policy from Bajaj Allianz, one of the leading health insurance tax benefits providers in India. You can check with them.

When you purchase an individual health insurance or a family health insurance policy from an Indian insurance company, you can usually opt for Income Tax benefit under section 80D of the IT Act with the health plan. The exact amount depends on your insurance amount and the cap set by regulators. You can check with Royal Sundaram....they offer income tax benefits with their health plans.

The amount of tax depends upon the policy you buy. It varies a lot, well don't know about India.

Anonymous wrote:

Insurance premium payable on health insurance policy is tax deductible under Section 80 (D) of the Income Tax Act 1961.

Rs. 15000 can be claimed to be deducted on health insurance under Section 80 (D) and further Rs. 15000 can be claimed for parents. This limit increases to Rs. 20,000 in case any of the Dependant parents are senior citizen. Total amount that you can claim for deduction under sec 80(D)is Rs. 35000/-

STAR HEALTH & ALLIED INSURANCE CO. LTD
9883323929
9830492604
STARHEALTH.BEHALA@GMAIL.COM

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