Latest posts for the topic "Income tax benefit on health insurance / mediclaim policies?"

Income tax benefit on health insurance / mediclaim policies?

EbenezerDavid — GMT

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

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

sachinarora — GMT

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

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

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

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

[quote=Anonymous]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[/quote]

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.

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

[quote=Anonymous]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[/quote]

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

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

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

[color=darkred][/color][quote=Anonymous][/quote]

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

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

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

pradeepgoel — GMT

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.

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

Anonymous — GMT

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??

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

[quote=Anonymous][/quote]

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

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

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

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

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

[quote=Anonymous][/quote]

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

[quote=Anonymous][/quote]

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

marcusezell — GMT

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.

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

Anonymous — GMT

[b][color=orange]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).[/color][/b]

Income tax benefit on health insurance / mediclaim policies?

kanchangupta321 — GMT

check out royal sundaram mediclaim policy for tax benefits

Income tax benefit on health insurance / mediclaim policies?

alvinsaul — GMT

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.

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

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

Regards
Jay
D.O
Banagalore

Income tax benefit on health insurance / mediclaim policies?

rohantripathi — GMT

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.

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

kanchangupta321 — GMT

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.

Income tax benefit on health insurance / mediclaim policies?

pathialen — GMT

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

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

[quote=Anonymous][/quote]

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

starhealth.parkstreet — GMT

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

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

[quote=EbenezerDavid]What is the maximum amount one can save on tax and are there any conditions apply thing also?[/quote]

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

starhealth.parkstreet — GMT

[size=18][/size][b]Tax benefits
You are probably aware that the premium you pay on health insurance policy is tax deductible under Section 80 (D) of the Income Tax Act 1961. Until budget 08 came around there was a Rs. 15000 cap on health insurance deductibles for individuals. This cap integrated the premium paid on health insurance for the individual, his/her spouse, dependent children, and the individual's parents. In effect you could claim Rs. 15000 as deductible on health insurance under Section 80 (D). Budget '08 has come up with a very good distinction that increases your tax exemption while giving better coverage for your family and parents. Here is the relevant revised section of the Income Tax Act, 1961:

While computing the total income of an assessee being an individual there shall be a deduction of sum specified in sub-section (2), clause (a) and (b) of Section 80 (D).

Sub-section (2): Where the assessee is an individual the sum deducted from his/her taxable income shall be the aggregate of the following:
• The whole amount paid to effect or to keep in force an insurance on the health of the assessee or his family (here family means wife and dependent children of the assessee) but not exceeding Rs. 15000.
• The full amount paid to effect or to keep in force insurance on the health of parent or parents of the assessee but not exceeding Rs. 15000 in aggregate.
This means is you can now get spend a tax exempt Rs. 15000 towards your family's health Plus another Rs. 15000 towards the health insurance of just your parents. Therefore effectively you are eligible for Rs. 30000 - double the deduction from previous years. Here is another piece of information that you probably not aware of: You can also deduct premium paid towards a critical illness rider on your life insurance policy under Section 80 (D). Remember deductions under Section 80 (D) are over and above the deductions under Section 80(C) of Rs. 1 lakh.

So it is not just that you are providing adequate health cover for your family as well as your elderly parents, you are saving on tax paid too.[/b]

Income tax benefit on health insurance / mediclaim policies?

Anonymous — GMT

i am married women, i have issued policy of Mediclaim in the name of my mother
i claimed to income tax uner section 80D

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

Anonymous — GMT

[quote=sachinarora]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[/quote]

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

Anonymous — GMT

[quote=kanchangupta321]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.[/quote]