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Sunday, April 14, 2024

Get income tax exemption in these 6 ways through health insurance

Brand Desk: Get income tax exemption in these 6 ways through health insurance Apart from these, education, money, and health are equally important. But even without wanting, every single person comes into the circle of health problems at some point or the other.

Whether it is an accident on the road, treatment of illness of your elderly parents, or the birth of a young guest in your family. We reach the hospital due to some reason or the other and in this era of inflation, it is difficult for every common man to bear the cost of the hospital.

One way to get relief from this is through a health insurance policy, after taking which you are largely free from the worry of hospital payments. With health insurance, you can easily get yourself or your loved one treated in any of the best hospitals.

Also, by taking such a policy, you can also take advantage of income tax exemption. If you are not aware of this by now, then you can save income tax through health insurance in these 6 ways.

Regular health checkups

Having a health policy, you can get up to Rs 25,000 per annum in income tax exemption, based on the expenses incurred for regular health checkups.

As per Section 80D of Income Tax Act, 1961, this amount is 25,000 on the age of 60+ while the policyholder gets a benefit of up to 30,000 on income tax if he is 60+. Apart from this, you can also claim preventive health checkups up to Rs.5,000 per year.

On taking a policy for parents

As per Section 80D of the Income Tax Act, if a person is paying a premium for an insurance policy taken for his parents, then he can get a deduction of up to Rs 50,000 per annum on income tax.

In other words, if your parents are senior citizens, you can save up to Rs.50,000 on your income tax by paying the premium of their policy.

Benefits not available on cash payment-

If you have been paying the premium of the insurance policy till now only in cash, then you are missing the opportunity to save income tax. You can save income tax by paying the premium through demand draft, cheque, debit card, or net banking.

The benefit of section 80DDB

Health insurance policy not only gives you the facility of treatment of critical illness, but through this, you get the facility of exemption in income tax from 40,000 to 40,000 if you are below 60 years and 60,000 to 80,000 if you are 60+. Certain diseases are covered under the 11DD rule. Cancer, cardiac failure, or cardiac

If you are suffering from a serious disease like arrest, you can take advantage of 40 to 80 thousand rupees on income tax. To avail of this benefit, it is necessary to produce a doctor’s certificate at the time of filing an income tax return.

Treatment of disabled member

If any member of the family (parents, spouse, children) is disabled and wholly dependent, then the policyholder gets a deduction of up to Rs 75,000 on income tax under section 80U. If the disabled person becomes a victim of any serious illness, then the amount of exemption on income tax can be up to 1,25,000.

Corporate Health Insurance

If the medical expenses on you and your family are paid by the office or your employer out of your salary, then you can take a deduction of up to Rs 15,000 per annum on income tax. Reliance General Insurance is a trusted place to buy health insurance plans.

Here you can choose the insurance plan as per your requirement. Reliance General Insurance offers you options like health infinity insurance, health gain policy, hospice care insurance, and super top-up plans.

In which you get many facilities like cashless treatment, regular health checkups, daycare, pre, and post-hospitalization cover. Here you can renew your old policy very easily online. You can also avail huge discounts and offers by taking a plan from RGI.

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