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Health insurance is an essential investment one can make. It provides you and your loved ones with financial security in case of an unforeseen medical emergency. Whether it is an emergency or a planned hospitalisation, a health insurance policy assures you with financial aid by helping you pay for medical expenses covered in the policy.
Apart from safeguarding your finances from rising medical expenses, you can also avail tax benefits on the premiums paid towards your health insurance under Section 80D of the Income Tax Act, subject to terms and conditions. This makes a health insurance plan a smart investment.
If your annual income comes under any tax slab given by the income tax department of India, you are liable to pay tax as per the percentage mentioned in the tax slab. In that case, you should invest in a health insurance policy so that you will have a financial cushion against any medical emergency, and you can also claim income tax exemption to a certain extent. You can also save additional tax if you pay for health insurance for your parents.
Every health insurance policy that you avail allows you to claim the tax benefit on the payment of the premium of the health insurance policy, whether it belongs to you, your spouse, children, or your parents. When you buy a health insurance policy for your parents, you must ensure that you include sufficient coverage. Rather than looking for a higher tax benefit, try to opt for a policy that offers coverage for possible medical conditions relating to your parents. Doing this will help you to get the maximum possible benefit out of the health insurance policy.
Let us take a look at the tax benefits of health insurance plans:
When all the members in the family are below 60, the deduction for insurance taken for self, spouse, and children is up to Rs 25,000. And additional deduction of Rs 25,000 is given for medical insurance paid for parents. Which makes the total deduction one can claim to Rs 50,000.
If only one of the parents is over 60, the tax benefit of up to Rs 50,000 is allowed for medical insurance paid for parents. Also, the deduction on the premium paid for family -self, spouse, and children remains the same as the first point. That makes the total deduction available up to Rs 75,000 in a year.
When one family member -self, spouse, or children, is over 60, one can claim up to Rs 50,000 in tax benefit on medical insurance. Additionally, for parents over 60, medical insurance paid can fetch up to Rs 50,000 in a tax benefit. Making total deduction, in this case, up to Rs 1 lakh a year.
Buying a health insurance policy not only can safeguard your pocket from medical expenses but also prove to be a beneficial tax-planning tool, making it a wise investment to make for your future.
If you are looking to purchase health insurance to secure the future of yourself and your family, check out the various health insurance policies by Kotak General Insurance.
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