Apollo Munich Health Insurance Company

Apollo Munich Health Insurance Company

Health Insurance: Tax Implications

It is beyond any doubt that health insurance has innumerable benefits associated with it. One of the benefits is tax implication. Health insurance offers fascinating tax benefits. As per the section 80(D) of the Income Tax Act, 1961, premium amount paid towards an insurance is tax deductible.

At the time of calculating total income of a candidate, there is a deduction of sum mentioned in sub sections of section 80 (D). The subsection 2 under section 80 (D) states that the sum deducted from a taxable income should be the amount paid to effect or for a health insurance of his/her family but not exceeding 15000. The same amount is also tax deductible, if an individual asses it for his/her parent's health.

For senior citizens, the limit changes to Rs. 20000 per year.

These deductions of section 80 (D) is available after the deductions of 80(c) that offer limit of Rs.1 lakh.

Thus, health insurance products does not only provide medical and financial benefits but also help you to save on your tax amount.

5 comments:

  1. i believe that health insuarcne is the best means to save tax. the amount of premium paid is too less than the coverage provided and at the same time, you can enjoy its tax benefits.

    when it comes to health insurance, i would like to say that Apollo Munich is the best company to invest in.

    ReplyDelete
  2. If you are looking for Tax saving schemes. there can be nothing better than health insurance. i bought Apollo Munich health insurance plan to savemy tax last years.

    ReplyDelete
  3. I too have used the Apollo Munich policy and would agree with kiran that it is the best. I use their Maxima plan and have got tax benefits for all my investments.

    ReplyDelete
  4. great to hear that the plans from Apollo Munich would also help me save tax. I will be buying the plan soon. Thanks.

    ReplyDelete
  5. there are many tax benefits that are there with Apollo Munich's policies...

    ReplyDelete

Blogger Widgets