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Save Tax in India with Health Insurance Plans
Health insurance comes with a dual benefit for any policyholder. You secure your health while reducing your tax liability. With health insurance, you can claim a considerable amount as tax-deductible premiums paid toward your health insurance policy in a single year under Section 80D of the Income Tax Act.
In several scenarios, you are entitled to a variety of tax deductions thanks to your health insurance policy. There are as follows:
Scenario 1- Maximum tax deduction of ₹50,000/year
Securing yourself, your spouse, and your dependent children with a health insurance policy, you can claim upto ₹25,000 annually as tax-deductible premiums paid towards your policy. This is in the scenario that nobody in your family is over the age of 60. If you opt for a separate policy for your parents, you can make additional tax savings. In case, neither of your parents is 60 years or older, you can claim a separate deduction of upto ₹25,000 as tax-deductible premiums paid towards the policy each year.
Scenario 2- Maximum tax deduction of ₹75,000/year
Assuming nobody in your family health policy is over the age of 60, you can claim a tax deduction of ₹25,000 paid towards your health insurance as premiums each year. In a separate policy, you pay the premiums for your parents, at least one of whom is over the age of 60. For this policy, you can claim a separate deduction of upto ₹50,000 annually.
Scenario 3- Maximum tax deduction of ₹1,00,000/year
In your family floater health plan, if any member is over 60 years old, you can claim a tax deduction on upto ₹50,000 annually paid as health insurance premiums. In the second policy, you have to cover your or your spouse’s parents, you can avail of a separate deduction upto ₹50,000 since one or both parents is over the age of 60.
Frequently Asked Questions
Similar FAQ
How can I buy this policy?
There are various ways in which you can purchase this policy:
Online: On purchase of this plan online your policy will be generated almost instantly along with your policy kit and card. This is applicable for cases which do not require further underwriting or medical checkup.
Telephone: If you wish to know more about Niva Bupa’s Health Insurance Plans, please speak to our specially trained sales team or your local advisor. Call us on Phone 1800 3010 3333 (Toll Free) between 9 am and 6 pm IST (Monday to Saturday) or click on ‘Click to arrange a call’ to buy the policy over the phone or to fix up an appointment.
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