Health Insurance
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What is Health Insurance
Health insurance serves as a financial safeguard, mitigating the cost of medical expenses incurred due to illness, injury, or hospitalization. It enables individuals and families to effectively manage healthcare expenses by offering coverage for a wide range of services, including medical treatments, surgeries, and other necessary healthcare interventions.
- Health insurance provides financial protection against medical expenses.
- Death Benefit: Paid to beneficiaries if the insured dies within the term.
- It helps manage healthcare expenses for individuals and families.
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Why Choose Us
Why Is Health Insurance Important for Your Family’s Well-being?
Tax Benefits Under Section 80D
Coverage of medical expenses
Lifetime Renewability Benefit
FAQ
You Can Find All Answers Here
It’s good you have a company policy, but it is valid till you are a part of that organization. Secondly, a company health insurance policy comes with a certain limitation when it comes to coverage. However, with an individual health insurance policy you have its accessibility till the time you survive.
Yes! There are certain illnesses that are excluded from the 1st year of coverage. For instance, the cost of contact lenses or spectacles, and hearing aids are not covered. Then cosmetic surgery, any pre-existing illness, infertility, or pregnancy-related complications, diseases related to overconsumption of alcohol or drugs.
Yes! Health insurance reduces our taxable income and our tax liability. Under Section 80D of the Income Tax Act, 1961 you can claim a deduction of Rs.25,000 on insurance for yourself, your spouse, and dependent children.
- An additional deduction for the insurance of parents is available up to Rs 25,000 if they are less than 60 years of age, which takes the total deduction to Rs 50,000.
- If the parents are aged above 60, the deduction amount is Rs 50,000. In this case, you can claim a total deduction of Rs 75,000 from which Rs 25,000 is on the premium paid for self, spouse, and dependent children.
- Whereas if both taxpayer and parents are 60 years or above, the maximum deduction available under this section goes up to Rs.1 lakh.
