Healthy benefits of Medical and Health Insurance

Life is packed with uncertainties. You ne'er recognize what will your future holds for you.

With the passage of your time, things amendment. The luxurious of fine health may additionally fade with time. We tend to might not relish the comfort of a healthy body for life.

Though, we tend to might not have a cushion for all the uncertainties. However we tend to certainly have some sensible different to secure the chance of unhealthiness vide health and medical insurance.

Having health and medical insurance, not solely provides buffer funds to satisfy your future hospital bills, it conjointly provides you the advantage of deductions beneath Section 80D, 80DD, 80DDB, 80U of the revenue enhancement Act, 1961.

The amount of premium paid on your health And medical insurance that is an expense in your books, gets a advantage of deduction beneath the abovementioned sections. This suggests that the quantity gone as premium is reduced at the time of tax computation.

In this article, we are going to in brief discuss the advantages falling beneath completely different sections of the revenue enhancement Act, 1961 for health and medical insurance of self also as members of the family.

Section 80D

• Benefit of premium purchased insurance policy.
• For self – you'll be able to claim write-off up to Rs. 25,000/- and for senior voters – you'll be able to claim deduction up to Rs. 30,000/-
• The advantage of deduction beneath this section is obtainable for premium paid by cheque or MasterCard.
• Premium paid by money doesn't qualify for deduction beneath this section.
• The deduction on the market herein is over and higher than the deduction beneath section 80C of Rs. 1,50,000/-

Section 80DD

• Benefit of premium purchased insurance of disabled relative
• Deduction on the market just for disabled dependent relative.
• In case if 40%-80% bad condition, the quantity of premium up to Rs. 75,000/- will be claimed. For quite eightieth of disability- the write-off is obtainable up to Rs. 1,25,000/-

Section 80DDB

• Benefit for expenses pay on medical treatment of a relative suffering sickness.
• Expenses spent on the medical treatment of your relative on nominal diseases as mentioned within the section is subject to deduction.
• Amount of deduction is obtainable up to Rs. 40,000/-
• Also, the mount of deduction on the market just in case of old person is Rs. 60,000/- and for terribly old person is Rs. 80,000/-

Section 80U

• Amount gone on self-suffering incapacity will be claimed beneath this section.
• In case if 40%-80% bad condition, the quantity of premium up to Rs. 75,000/- will be claimed. For quite eightieth of disability- the write-off is obtainable up to Rs. 1,25,000/-