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Insurance Article

Health Insurance policies help you save on taxes

May 24 2010

Medical Insurance sector is one of the fastest growing segments of the Indian economy today. This rapid growth is because of the indisputable advantages of Health Insurance policies that the Indians have started realising. It is because of the Health Insurance policies that average working citizens can receive good medical care and facilities.

A Health Insurance policy, in today’s times is the saviour of several common people. Medical Insurance gives you a financial security net against situations that candestabilise your monetary position in a heartbeat. Dealing withsickness or accidents without a Health Insurance policy can leave you with huge medical bills. Still, sickness or illness isnot something you can avoid or even predict. The only thing you can dois prepare for them and empower yourself with a Medical Insurance policy that helps you deal with a crisis when it happens.

The various benefits of your policy get you the best care at the best healthcare providers across the country. The advantages of a Medical Insurance policy are also acknowledged by the Indian government. Therefore, to promote Health Insurance policies the government of India gives tax rebate to Health Insurance policy holders.

In this manner a Medical Insurance policy not only protects your future financial position but also strengthensit. The Indian government offers a significant deduction in the totaltaxable income if you are paying premiums towards a policy in yourname. There is another deduction if you are also paying premium towardsa policy for your parents.

This amount increases significantly if you are a senior citizen paying premiums for a policy for yourself.

This sort of deduction from the total taxable income of an individual can make a huge difference in the amount of tax he is required to pay. You end up saving tremendously if you are at the receiving end of such a rebate. This sort of saving on taxes is a boon for many families. What can be better than getting health benefits and saving so much on taxes?Many families in India depend on a Health Insurance policy not just for its medical benefits but also for this tax benefit that it provides. There is simply no replacement for Health Insurance policies as a saving tool.

With all its Medical benefits and monetary savings, a Health Insurance policy brings you a lot of peace of mind. When you are calm and relaxed you can face life confidently and deal with life’s problems in a much better manner. 

Summary:

A Health Insurance policy or a Medical Insurance policy is the fastest growing method of medical and financial security in India today. The tax rebate to Health Insurance policy holders is a testimony to the advantages of Medical Insurance. Health Insurance policies fetch you a deduction from your total taxable income. Health Insurance policies can help you save a lot of money while securing your future health.

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