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Insurance Article

Tax Planning? Buy Health Insurance for Tax Benefits

July 10 2008

Under Sec 80(D) of Indian Income Tax Act. an individuals gets a deduction for up to Rs. 15,000 p.a. when he buys a healthcare insurance for his family. The rebate is Rs.20,000 for senior citizens. The premium you pay is directly deducted from your salaried income, thus reducing the taxable income to that extent.

The amount you save is your bonus which you can treat as an investment return. Hence,buying health insurance not only provides protection for yourself and your family but also saves you from fund liquidation in the form of tax.

Whether you buy Individual Health Insurance policy or a Family Health Policy, you get tax rebate, under Sec 80(D). You can get additional tax benefit for up to Rs.15,000 when you buy health insurance policy for your parents. If your parents are senior citizens, the benefit is up to Rs.20,000. This is exclusive of tax benefit for up to Rs. 15,000 for self and dependent family. That means that an individual can now avail a rebate for up to Rs. 35,000. Click here to calculate your tax - savings now.

ICICI Lombard offers host of health care insurance policies - Critical Care Insurance,Family Floater Plan,Personal Accident insurance and Health Advantage Plus. Choose from these multiple plans as per your needs and situations.

The Health Advantage plus policy is available for all ages between 5-65 years and for senior citizens aged 66 and above (renewable up to 70 years). It is a unique health insurance policy that covers unexpected medical emergencies like hospitalization costs as well as Outpatient Treatment Expenses (OPD) in the form of reimbursement of cost of medicines, drugs, ambulance charges and dental costs. Show your parents you care by gifting this policy to them. Apart from the Income tax benefits (as mentioned above) you can be assured that your parents health is taken care of , even if you are not able to be physically present with them in time of a medical emergency.

And whats more! You can buy all these polices on line! No matter where you are, you can secure your family's health in just a few clicks. Its hassle-free and does not involve any paperwork. Get a free health insurance quote online. Fill in the required details and buy the policy... It hardly takes few minutes.

 

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