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Health Insurance

What is Health Insurance


Health insurance is like a safety net that shields you from financial struggles during a medical emergency or planned hospitalisation by covering your expenses as mentioned in your plan. A comprehensive health insurance plan covers hospitalisation costs, diagnostic tests, pre- and post-hospitalisation, ambulance charges and many other expenses related to your treatment. You can choose to have an individual health insurance plan to safeguard yourself or a health insurance plan for your family to secure your family members under one policy. While selecting a health insurance plan choose a policy that gives wider protection for the premium paid and ensures that your sum insurance is enough to cover you through your policy period.

Dual Benefit

A health insurance plan not only covers your medical expenses but also offers tax benefits so that you can save upto ₹ 1 lac under Section 80D of Income Tax Act. It plays an important role in planning your finances.

Deduction on medical insurance premium paid for parents

f you are paying the medical insurance premium for guardians, then you can also claim an additional deduction of up to ₹ 25,000 every budgetary year. If your parents or either of them is a senior citizen, then this limit can go up to ₹ 50,000.


Tax deduction based on medical insurance premium paid

By getting yourself a health insurance plan, you can get a deduction of up to ₹ 25,000 per budgetary year for medical insurance premium under Section 80D of Income Tax Act 1961.

Deduction on preventive health check-ups

ou can also claim tax benefits on preventive health check-ups annually under Section 80D of the Income Tax Act. You can claim up to ₹ 5,000 every budgetary year as expenses incurred for preventive health check-ups, while filing your Income Tax Return.