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Insurance Article

Medical Insurance Policies Are Great Tax Savers Too

May 14 2010

In addition to this, the Mediclaim policy would also keep your worry about the financial aspects at bay at times of medical emergency. In fact, the coverage that today's Mediclaim policies provide is so comprehensive that they even take into account prevalent diseases and illnesses. This widely held belief that a Medical Insurance Policy can make a world of difference in the life of people from all walks of life is acknowledged by the government of India.

There are several campaigns going on to encourage the purchase of Medical Insurance Policies. The best part of all is that they provide tax benefits to people who pay premium towards a policy in their or their family's name. The tax benefits that the government provides to people paying premium towards a Medical Insurance Policy are even better if the person in question is a senior citizen. These tax benefits first entered the Indian insurance sector or the taxable income bracket through the implementation of the Income Tax Act. The Income Tax Act came into effect in the year 1961 and incorporated information pertaining to tax benefits from insurance policies in its Section 80D.

The tax benefits from Medical Insurance Policies, basically, function by reducing the taxable income of the person in question. Owing to such immense tax related benefits of a Medical Insurance Policy, these coverages have gradually become a mainstay of financial strategies formulated by professionals across the country. A finance expert can formulate a financial plan or strategy to maintain your long term financial stability by asking you to invest in a Mediclaim policy.

Make sure that you go through the website of insurance providers and view all the Medical Insurance Policies on offer. With the help of online calculator you can ascertain the amount of premium and in the future you can also renew your Mediclaim policy online. These tax benefits when combined with the fact that having a Mediclaim policy in your name at times of medical emergency prevents you from dipping into your hard earned savings can safeguard your financial future. Therefore, it can be said that when you acquire a health insurance policy you are making significant amount of savings. Hence, it is highly recommended by experts from all walks of life that you buy a Medical Insurance Policy as soon as possible.

Summary:

You should purchase a Medical Insurance Policy as the government of India treats Medical Insurance Policies as genuine saving instruments. Since each and every Medical Insurance Policy of the Mediclaim industry is treated like this, you should buy a Medical Insurance Policy at the earliest and take advantage of the current competitive nature of the Mediclaim industry.

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