Income Tax Rebate: If you have taken advantage of maximum tax exemption under 80C, then you can still take tax benefits. For this you have to go to 80D. You can avail benefits under 80D by taking health insurance.
Income Tax Rebate: The current financial year 2021-22 is about to end soon. Now you need to do something to save tax. Suppose you have fully utilized the maximum limit of Rs 1.5 lakh under section 80C (80C) of the Income Tax Act to save tax, then you can also avail tax exemption under section 80D. ) can take advantage of
Additional tax benefits are available on premiums paid for health insurance plans under Section 80D of Income Tax. Through its provisions, you can claim tax exemption up to Rs 1 lakh on health insurance premium for yourself and your parents.
Let us tell you, a person below 60 years of age gets tax exemption up to Rs 25,000 on health insurance premium. This limit is Rs 50,000 for people aged 60 years or more. If the taxpayer is below 60 years of age and buys a health insurance policy for himself and his parents who are above 60 years of age, one can save up to Rs 75,000 on premiums.
If the taxpayer is above 60 years of age, he can save up to Rs 1 lakh on health insurance premium for himself and his parents.
Don’t buy a policy just to save tax
Individual policies or mediclaims under section 80D, family floater plans, critical illness policies, health riders of life insurance plans and other variants of health insurance can avail tax benefits on health cover plans. Although experts believe that health insurance plans should not be bought just because of the tax benefits, but the benefits of these policies are even bigger.
health policy for family
The expenditure on health is increasing continuously. Hospitalization is proving to be very expensive. In such a situation, it is necessary that adequate cover is taken for this through health insurance policy. This will not drain all your savings on many important occasions. There will be no need to take loan. In this way, be sure to get enough health coverage for your entire family.
