• Under Section 80D a person paying premium for medical insurance for self, spouse and children is eligible for a deduction of upto INR 15000.
• In case the person is above 65 years (senior citizen) then deduction of upto INR 20,000 can be availed.
• For premium paid for health insurance for parents, an individual can claim an additional deduction of INR 15000. In case the age of the parents is 65 years or above (senior citizens), the deduction can be claimed upto INR 20,000.
• The deduction available under Section 80D for medical insurance premium is over and above the deduction of INR 1,00,000 available under Section 80C
• A person can avail a total deduction of INR 35,000 for premium paid for medical insurance – INR 15,000 for self, spouse, children and INR 20,000 for parents if they are senior citizens (INR 15000 if parents are less than 65 years old).
• The payment of premium can be made by any mode except for cash to avail the tax benefits.
• In case the person is above 65 years (senior citizen) then deduction of upto INR 20,000 can be availed.
• For premium paid for health insurance for parents, an individual can claim an additional deduction of INR 15000. In case the age of the parents is 65 years or above (senior citizens), the deduction can be claimed upto INR 20,000.
• The deduction available under Section 80D for medical insurance premium is over and above the deduction of INR 1,00,000 available under Section 80C
• A person can avail a total deduction of INR 35,000 for premium paid for medical insurance – INR 15,000 for self, spouse, children and INR 20,000 for parents if they are senior citizens (INR 15000 if parents are less than 65 years old).
• The payment of premium can be made by any mode except for cash to avail the tax benefits.
Please let us know your comments on the article by commenting below or writing to us gopal_gidwani@yahoo.com
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{ 6 comments… read them below or add one }
Hi
I am interested in knowing more about various medical insurance plans available and their pros and cons. Your articles are very interesting and the website is very well managed.
Thanks a lot
Hi Nipun,
Thanks for your kind words about the website and the articles.
Do let me know what is your requirement and I will guide you accordingly:
1) Are you looking for a health plan for a single individual or a health plan for a family?
2) What is the amount of cover you are looking at?
3) Which city are you from?
4) What are the facilities you are looking at from the health insurance plan?
5) Do you have any existing health cover?
6) Anything else that you would like to mention from your side?
Do let me know the above information and I will let you know which health plan suits your requirement
Best Regards
Gopal Gidwani
hi! i find your website very good and ur articles easy to understand. i want a health cover for my family and me. i am single and live with my parents and two younger sisters.we dont have any health insurance. we live in vadodara.what i want is a policy which gives me cashless facility.all of us are healthy and dont have any illness.can i buy something like a family floater plan which covers us if anyone one of us get sick at a time? that way i dont have to worry about different premiums being paid. i wud like a cover of 3 lacs and the premium should be payable in instalments rather than at one go
Hello SD,
You may have a look at the family floater health plans of Apollo Munich or Max Bupa. All the plans come with life long renewals.
Dear Sir,
This is a fabulous website & give more guidance for all user.
Sir, i have own business in Delhi & earn monthly income 15000 pM , i wanna pension plan from age of 50 Years. & now my age is 30 years.
i have a daughter 2 months please suggest a plans for her marriage & high Education. after 21 years.
also suggest me a investment plan which gives me 20 lac after 20 years. with CIR & death benefits.
also suggest me about Appolo Munich Optima Restore. Policy & HDFC Lifes Click to protect Plans.
Hello Vijay,
For your daughter’s education, marriage and your retirement you may consider investing in mutual funds. You may choose a mix of equity, debt and balanced mutual funds. For more information on the types of mutual funds you may refer the below article
http://www.bachatkhata.com/2012/03/investing-in-mutual-funds.html
Also open a PPF account and deposit money in it every month. Make use of the entire annual limit of Rs. 1 Lakh.
With regards to term insurance you may consider Click2Protect from HDFC or Protector Plus from Birla Sunlife or ePreferred from Kotak Life. All the 3 are good term plans.
For health insurance you may look at plans from Apollo Munich or Max Bupa. All their plans come with lifelong renewal. Consider taking a family floater health plan for your entire family.