As a woman, you wear many hats – you are a career professional, a caregiver, a homemaker, and the backbone of your family. Juggling these responsibilities can be demanding, and it's easy to let your financial security fall by the wayside.
However, taking care of yourself is paramount, including securing your financial future. Fortunately, the Income Tax Act offers a helping hand through Section 80D, which provides tax benefits that can significantly impact your financial planning.
What is Section 80D of the Income Tax Act?
Section 80D allows you to claim tax deductions on the premiums you pay towards health insurance policies for yourself, your spouse, dependent children, and parents. This deduction is available to individuals and Hindu Undivided Families (HUFs).
Here are the benefits of claiming tax deductions under Section 80D -
· Financial protection - Health insurance is a safety net covering hospitalisation costs, surgeries, and other related expenses during medical emergencies.
· Tax savings - Section 80D helps you lower your tax liability, allowing you to save money.
· Encourages health coverage - The tax benefits under Section 80D motivate you to invest in health insurance, ensuring you and your loved ones have adequate medical coverage.
How does Section 80D work?
Let's break down the deduction under Section 80D available to you -
· Self, spouse, and dependent children (below 60 years) - Claim tax benefits up to ₹ 25,000 on health insurance premiums.
· Parents (below 60 years) - Enjoy an additional deduction of up to ₹ 25,000 for their health insurance premiums.
· Self, spouse, and children (over 60 years old) - You can secure even higher tax deductions, up to ₹ 50,000.
· Parents (above 60 years) - Avail of the maximum deduction of ₹ 50,000 on health insurance coverage for senior citizens.
· Preventive health checkups - Remember to claim a separate deduction of ₹ 5,000 for health screenings, which will empower you and your family to stay ahead of any health concerns.
Importance of choosing the right health insurance plan
Not all health insurance policies are created equal. When selecting a plan, consider these factors -
· Sum insured - Ensure the coverage amount is adequate to meet potential medical expenses, considering inflation.
· Network hospitals - For cashless treatment, Opt for a plan with a wide network of reputable hospitals in your area.
· Critical illness cover - Consider including riders or standalone critical illness plans for financial protection against major health conditions.
· Women-specific benefits - Plans like Future Generali HEALTH POWHER prioritise your unique healthcare needs with maternity coverage, preventive screenings, and support for female-specific illnesses.
Future Generali HEALTH POWHER - Designed for women
With coverage for reproductive health, maternity, and mental wellness in addition to standard medical care, HEALTH POWHER empowers women to take control of their health and safeguard their future.
HEALTH POWHER recognizes women's unique healthcare needs and offers a comprehensive insurance plan that covers all family members with exclusive benefits for women. HEALTH POWHER puts you in the driver's seat of your health. It covers everything from reproductive health and maternity care to preventive screenings and mental wellness support.
Here’s how you can maximise the health insurance benefits -
· Know your plans - HEALTH POWHER offers three different plans to help you get the right coverage according to your needs. When buying the policy online, you can easily compare the coverage and benefits of these options to identify the best health insurance plan. Understanding the details of each plan will allow you to choose one that provides optimal coverage for your family at an affordable premium.
· Buy online for added convenience - Purchasing health insurance online offers several benefits over buying from a physical branch. It is more convenient as you can buy a policy anytime from anywhere. It also saves time by avoiding long queues and tedious paperwork. You can complete the application process and receive policy documents without leaving home. Additionally, buying directly from the insurance provider can save on commissions and lower premiums.
· Utilise available tax benefits - As discussed earlier, Section 80D of the Income Tax Act provides deductions on health insurance premiums. Ensure you claim the maximum health insurance tax benefits you are eligible for. The deductions under Section 80D can add up to significant savings over the lifetime of your policy.
· Add riders for enhanced coverage - Riders are add-on benefits you can include in your health insurance plan for an additional premium. Critical illness, personal accident, and hospital cash riders offer extra coverage for major health events. Adding suitable riders to your base policy provides excellent financial protection for you and your loved ones.
It’s time to act
As a woman, you shoulder a lot of responsibility. Section 80D, along with a well-chosen health plan like Future Generali HEALTH POWHER, helps you carry that weight with greater financial ease and the assurance that your family's healthcare needs are protected.
Consider HEALTH POWHER, an insurance plan designed to meet the unique needs of women at every stage of life. From maternity and reproductive health to mental wellness support, HEALTH POWHER empowers you to take control of your health.
