The last date to save tax for the financial year 2021 to 22 is March 31, 2022. In order to save tax that has already exhausted the limit of Rs 1.5 lakh available under Section 80C.
May consider tax saving under Section 80D. There are exclusive senior citizen health insurance plans as well.
The tax benefit that you can avail of on the premium paid towards any kind of health insurance policy falls the maximum tax benefit is capped at Rs 25,000 or Rs 50,000.
The actual tax benefit will depend on your age. Above a certain age that the total deduction that you may avail of is Rs 1 lakh.
Health insurance premium can be claimed as a tax deduction up to Rs 25,000 for persons under 60 up to Rs 50,000 for those aged 60 above.
It explained below 60 years and want to buy a health insurance plan for yourself, your parents. The total tax benefit available is up to Rs 75,000.
Your parents are aged 60 years and above and then the maximum deduction that can be availed is up to Rs 1, 00,000. MD & CEO, Raheja QBE General Insurance Company said.
The premium paid to bring gross total income by an equal amount thus lowering your tax liability.
Start saving for your goals and buying a health insurance plan is suggested by most financial planners. Major sick that even any casualty requiring hospitalization of a few days may result in a hospital bill running into lakhs.
A health insurance plan is a fraction of a cost for a sum insured that the insurer commits to pay to the hospital. Having purchased a health cover for adequate coverage and one may need not dip into existing savings or borrow from friends and anyone.
The Covid-19 outbreak highlighted the stressful financial burden of treatments and hospitalization, medical expenses that an adequate insurance cover offers in uncertain times.
Not just Covid-19 and a health cover ensure you don’t have to compromise your savings to meet the rising medical costs because of any illness.
A health insurance plan with adequate coverage is a must-have for the entire family and says the MD of the company.
The tax advantage of section 80D is available on all health cover plans such as Individual plans or Mediclaim and Family Floater plans Critical illness plans, health riders of life insurance plans, other health insurance variants.
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