Apollo Munich Health Insurance Tax Implications – Apollo Munich Health Insurance

A health insurance plan provides a number of benefits for the individual. People who are covered by a medical plan can live a lot more stress-free life than those who do not have one. The fiscal benefits of a mediclaim policy are not limited to the mere financial cover provided. It also provides help in saving the amount of tax one pays to the government.

Apollo Munich Plans provide tax benefits that are applicable under section 80(D) of the Income Tax Act. The premium amount paid to get the health insurance policy is exempted from the taxable amount, up to a maximum of Rs. 15000. This limit changes for senior citizens. It goes up to Rs. 20000 per annum. All the above deductions are available after the deductions of 80(C) of the Income Tax Act, that offer limit of Rs.1 lakh.

The main reason for providing tax benefits with health insurance plans is to encourage people to stay covered all the time.