Directory Image
This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Privacy Policy.

Compare Tax Benefit on Medical Insurance Online Cover

Author: Rimita Desai
by Rimita Desai
Posted: Apr 05, 2016
health insurance

Medical insurances or health insurances are something that is liable and is something that should be applicable definitely. The laxness in taking care of your health shouldn’t be the last thing to happen. In today’s world it is quite real that the health issues are ignored. In general people are reluctant in spending something extra for health. But it is always suggested that before things get any worse one should take the proper measures to have circumstances under control.

Hence health insurances should not be in the strike list, but it should be considered as a key thing on your check list. Medical emergencies make your mind go all shut down and that is when these kinds of insurances surface for a better interaction.

Medical Insurance Cover

A health care insurance makes sure that when you need an immediate medical attention, your family is protected and feels guarded financially. Depending on the kind of health insurance you sign in, after a series of sitting to compare medical insurance online, you get the advantage that you paid for.

Ranging from individual health insurance, family health insurance, senior citizen insurance and other combination schemes, the cover takes the responsibility designated to meet all the requirements of the individuals while getting treated.

Tax Benefit

To Buy Best Mediclaim Policy India alone is not research but even knowing the benefits that you get from it in your tax returns are of relevance. A premium which is paid for health insurance can be paid separately or can be subtracted from the income directly. This comes under Section 80D of the income Tax Act.

This tax deduction is allowed for the premium payment which is purchased for the individual or for the parents, spouse of children.

According to the Tax Act:

  • The individuals below 65 years can avail deduction upto 15K.
  • The individuals with parents to support can have a deduction of 20K, if either of them is a senior citizen.
  • If both the parents are senior citizens, including yours, you can have a deduction of more than 30K
  • If you are the senior citizen then the deduction comes to around 40K in totality.

This tax amount is deductible by means of a cheque or credit card. Plus this taxable income is applicable only for the year of the tax offer.

Such Acts to compare medical insurance online in the way of Tax benefits are most welcome for such a huge crowd of Indian citizens craving for the best medical treatments possible. This can be improved if one gets more and more support for this Section 80D.

About the Author

Buy Travel Insurance Online, from some of the largest insurance companies in India At myInsurancebazaar.com. You can compare premium & Buy Insurance Online Here.

Rate this Article
Leave a Comment
Author Thumbnail
Please or Join to add a comment.
Author: Rimita Desai

Rimita Desai

Flag of India
India

Member since: Oct 30, 2015
Total live articles: 76

Related Articles