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ICICI Lombard Expert Blog
 

Finance Minister Increases Tax Benefits by `10000

March 10 2015

Finance Minister, Arun Jaitley, has met people's expectations by increasing the tax benefit for insurance buyers by `10000. The decision taken in the Union Budget 2015 has increased the deduction limit under section 80D to `25000 from `15000 for individuals. For senior citizens, the limit has been increased from `20000 to `30000.

This move is attributed to the constant demand of health insurance buyers to increase the existing limit. Rising health care costs have been taking a toll on the population. Although the health insurance products have evolved and offer many benefits, they command a high premium for it. In such a situation, an increase in the tax deduction eligibility limit was the need of the hour.

This move is also directed to encourage people to avail a comprehensive health cover along with helping those who already are paying a high premium for medical insurance. Senior citizens and those suffering from health conditions are set to benefit from this change.

"These deductions will be beneficial for older individuals who are in their late 30s and buy a `5 lakh-plus family floater cover, which includes their senior citizen parents," said Mr. Sudhir Sarnobat, CEO of an health insurance consultancy firm.

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