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Are there any taxation benefits if one takes health insurance policy?

April 26, 2017Benefits health insurance policy takes Taxation

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Are there any taxation benefits if one takes health insurance policy?

2 Answers

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The premium paid on a health insurance policy is eligible for deduction under section 80D of the Income Tax Act. The amount of deduction available is up to Rs.15000 for individuals or Rs.20000 for senior citizens aged above 65 years and paid the premium from their account. Additionally an amount of 20,000 is also available for exemption towards premium paid for dependant parents.

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The premium paid on a health insurance policy is eligible for deduction under section 80D of the Income Tax Act. The amount of deduction available is up to Rs.15000 for individuals or Rs.20000 for senior citizens aged above 65 years and paid the premium from their account.