Income tax benefit for those who buy health insurance

Income tax benefit for those who buy health insurance

We can divide this into 3 parts;

1-When you buy the policy for your family - If you are buying the policy for your family; maximum amount can be Rs 15000 under clause 80 D. This is the highest amount which you can cover under the limit of Rs 1.00 lakh.

2-When you pay for health insurance of your parents who are below 65 years; Maximum amount can be Rs 15000. This amount is over and above the limit given to you under 80D.

3- When you pay for health insurance of your parents who are above 65 years; Maximum amount can be Rs 20000. This amount is over and above the limit given to you under 80D

It means that if you are getting the policy for your family as well as your parents who are above 65 years then you are getting rebate on Rs 35000.

If you are in higher tax bracket then this can be 30% of Rs 35000. It means nearly Rs 12000 is being paid by the Government.