MARVELLOUS TAX RELATED BENEFITS OF HEALTH INSURANCE IN INDIA
We all know about the health insurance as a concept in India. We are always worried about the health, as it is an emotional quotient. You may compromise on the dress you wear, books you buy, food you eat. When it comes to having a good health related service in India, one cannot do any compromise on the health insurance. This is because you value your life, life is the creation of god.
Most financial planners in India advice that even if you do not have sufficient money in hand, go in for health insurance.
Moneymindz is having the group of excellent financial planners giving advice on health insurance mantras.
Health insurance in India comes with various advantages and some of the major advantages of health insurance would be the tax related benefits. Now days, each and everything is coming under the tax net. So, when the financial planner says, that health insurance gives you tax benefits, you will get excited and will definitely apply for the health insurance.
Some of the major tax related benefits of the health insurance in India are given below as follows:
èOne can claim deduction up to INR 25,000 related to the health insurance premium payments.
èIf policyholder is 60 years and above, then the claim deduction goes up to INR 30,000.
èPolicyholder, wife and kids, including policyholder’s parents qualified for tax benefits.
èYou get tremendous tax benefits on the preventive health care check up.
èIf the policyholder’ parents are crossing 80 years, then also you can claim deduction of INR 30,000 per financial year towards the medical treatment.
èPeople with Disabilities will claim deduction of approx INR 75,000 under the Section 80U. During severe disabilities the limit goes up till INR 1.25 lakhs.
èYou are qualified to medical allowance under Section 17; where in the amount paid along with your salary, by your employer towards medical treatment of your family (consisting of policyholder, wife, children, and parents) is let off from the income tax up till some amount.
Taking health insurance is good in order to protect your health. Government encourages people to take up good health insurance in India. Tell goodbye to sky rocketing medical bills, when you face medical emergency.
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