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How Health Insurance helps in saving tax?
Our health insurance plans are perfect to protect your health while saving taxes. So, it’s advisable to get health insurance for yourself, for your family, and for your parents.
Covered Members
Exemption Limit
Total deduction
Self & Family
Rs.25,000
Rs.25,000
Self & Family + Parents
(Rs.25,000 + Rs.25,000) = Rs.50,000
Rs.50,000
Self & Family + Senior citizen** Parents
(Rs.25,000 + up to Rs.50,000*) = Rs.75,000
Rs.75,000
Self (Senior citizen**) & Family + Senior citizen** Parents
(up to Rs.50,000* + up to Rs.50,000*) = Rs.1,00,000
Rs.1,00,000
* Depends on the nature of medical expenses | **60+ years old
Health insurance is a necessity that can also help you save taxes
Products that help with Tax Saving
Tips to Save Tax
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Benefits on Health Check-Ups
Under Section 80D, if you get a health check-up done for Rs.5,000 and are paying a premium of Rs.20,000, you’ll be eligible for a tax deduction of up to Rs.25,000.
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Make traceable payment
To avail the tax benefit, you should make the payment from a traceable source such as through internet banking, credit/debit card, cheque, etc.
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Buy Health Insurance for parents
Under section 80D of the Income Tax Act, 1961, you can claim an additional tax-saving benefit if you cover your parents under health insurance policy. You can save up to Rs.50,000 for either of your parents aged 60 years and above.
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