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Health Insurance Tax Benefits
Tax Benefits on Health Insurance Plans

Tax benefits on a health insurance plan

Health insurance is a crucial investment. It provides you and your loved ones financial security in case of a medical emergency. Whether it be an emergency or a planned hospitalisation, a health insurance policy ensures complete coverage by helping you pay for medical expenses mentioned 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.

Here’s how much deduction you can avail under Section 80D

Take a look at the tax benefit you can get by investing in health insurance.

Scenario Medical insurance premium paid for Total deduction^ under Section 80D
  Self, spouse and dependent children Parents (whether dependent or not)  
If you and your parents are below 60 years of age. ₹25,000 ₹25,000 ₹50,000
If you and your family are below 60 years of age and your parents are above 60 years of age ₹25,000 ₹50,000 ₹75,000
If both, you and your parents, are above 60 years of age. ₹50,000 ₹50,000 ₹1,00,000

Note: You cannot claim premiums paid for your in-laws, brothers, or sisters.

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ICICI Lombard Health Insurance

The ICICI Lombard advantage

ICICI Lombard offers Complete Health Insurance, Super Top-Up Health Booster and Personal Protect plans, which provide coverage in times of medical and non-medical emergencies. You can buy health insurance for an individual or include your family as well in a single policy and save tax easily.

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Things to keep in mind when claiming exemption under Section 80D

Here are a few things you should know to understand the tax deduction under section 80D better.

1

Health insurance tax benefits are great for your financial planning. Health insurance plans, including family floater plans that covers your spouse, children and dependent parents, makes you eligible for tax benefits.

2

Tax exemptions are valid only on the health insurance premium and not on additional charges, such as GST, service charge, etc. If your health insurance is comprised of critical illness cover add-on, then the premium paid for the add-on can also be claimed for tax deduction.

3

As per the income tax section 80D, health insurance premiums paid in cash are excluded from the tax exemption clause. All other modes of payment such as demand draft, cheque, net banking, debit and credit cards are eligible for tax exemption. Health insurance premiums should be paid by only a taxpayer as the tax benefits cannot be claimed by a third party.

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