Advances in science and medical facilities to improve the average life span of a person running. At the same time, the cost of surgical and medical treatment has increased significantly. A sudden medical emergency can burn a hole in your pocket.
We all know that a tax of Rs 1 lakh u / s Section 80C of the Income Tax Act, 1961 can save up. Similarly, medical insurance premiums / section 80D of the Act can help to save expenses.
In addition, he is also the parent (s) for the medical insurance premium up to Rs 15,000 can claim the deduction. In addition, the aforesaid deductions are increased to Rs 20,000 premium in the case of senior citizens (65 years or more) is paid for.Computation of tax benefitUp with the help of an example we try to understand. Ganesh for two insurance policies for yourself, spouse and dependent children and dependent parents who have taken each other for seniors. The annual premium of Rs 13,000 and Rs 25,000 respectively for these two policies, pays. Now, Ganesh / Section 80 D for the amount of discount available is determined separately for each insurance policy.
In the first case, the amount actually paid Rs 15,000 to Rs 13,000, the premium subject to a maximum will only be eligible to claim the deduction.In total, the two policies with respect to Rs 33,000 (ie Rs 13,000 + Rs 20,000) to be able to claim the deduction.It should be noted that the premium is not paid in cash to benefit mustDisability
Specific diseasesA person Rs 40,000 (Rs 60,000 in case of senior citizens) u / certain disease or diseases, subject to the conditions prescribed under the Act at the expense of the treatment to 80 DDB can claim a deduction.
Findings
ConclusionMedical insurance these days is becoming a necessity and one should look at it as an essential investment for the well being of self and family. So it is recommended to save your tax and health by taking a medical insurance
We all know that a tax of Rs 1 lakh u / s Section 80C of the Income Tax Act, 1961 can save up. Similarly, medical insurance premiums / section 80D of the Act can help to save expenses.
In addition, he is also the parent (s) for the medical insurance premium up to Rs 15,000 can claim the deduction. In addition, the aforesaid deductions are increased to Rs 20,000 premium in the case of senior citizens (65 years or more) is paid for.Computation of tax benefitUp with the help of an example we try to understand. Ganesh for two insurance policies for yourself, spouse and dependent children and dependent parents who have taken each other for seniors. The annual premium of Rs 13,000 and Rs 25,000 respectively for these two policies, pays. Now, Ganesh / Section 80 D for the amount of discount available is determined separately for each insurance policy.
In the first case, the amount actually paid Rs 15,000 to Rs 13,000, the premium subject to a maximum will only be eligible to claim the deduction.In total, the two policies with respect to Rs 33,000 (ie Rs 13,000 + Rs 20,000) to be able to claim the deduction.It should be noted that the premium is not paid in cash to benefit mustDisability
Specific diseasesA person Rs 40,000 (Rs 60,000 in case of senior citizens) u / certain disease or diseases, subject to the conditions prescribed under the Act at the expense of the treatment to 80 DDB can claim a deduction.
Findings
ConclusionMedical insurance these days is becoming a necessity and one should look at it as an essential investment for the well being of self and family. So it is recommended to save your tax and health by taking a medical insurance
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