Whether you
want to save tax or not, taking Life insurance policy is recommended.
It helps you to protect your family at the time of need.
In addition,
Insurance companies offer Health insurance policies. We highly
recommend you to take both Life Insurance and Healthcare Insurance.
Amount eligible for
Deduction:
Deduction
allowed for Healthcare Insurance : Rs. 15, 000/-
Deduction
allowed for Healthcare Insurance (Senior Citizen):
Rs. 20, 000/-
Deduction is
allowed for the
Healthcare Insurance premium (Non-cash),
1.
Paid for, Self, Spouse and
Dependent children;
2. And also
for your parents (
Dependent or Not).
Example :
Income Tax Planning Tips - Issue 1
Mr.Ram is
working in a MNC. He has taken health insurance policy for his family (
Himself, Wife and two dependent children).The annual premium is 16,000.
In addition
Ram has taken health insurance for his Parents. The annual premium is
42,000, in which 22,000 is paid by Mr.Ram and remaining 20,000 is paid
by Ram's father.
Note: Ram's father
is a Senior citizen and he is not dependent on Mr. Ram.
Deduction available
for Mr.Ram:
Health
Insurance premium paid for his family : Rs. 15,000 ( out of Rs.
16,000)
Health
Insurance premium paid for his Parents : Rs. 20,000 ( out of Rs.
22,000 paid by Mr.Ram)
Total
deduction available for Mr. Ram : Rs. 35,000/- (Rs 15,000 +
Rs.20,000)
Deduction available
for Mr.Ram's father:
Deduction
available for Mr. Ram's father : Rs. 20,000/- ( out of
Rs.20,000 paid by him.)
Conclusion:
1. Take
healthcare Insurance, and protect yourself and your family. Check for
Tax benefits under the scheme, especially section 80D.
2. Avail
Income tax deduction for the healthcare Insurance premium
paid.
3. The
healthcare Insurance shall be taken for (you, your spouse and
your dependent children) and for your parents.
4. Make sure
the premium is paid by any non-cash mode.
