Health insurance is an essential investment, although it comes with significantly high price tags. It is the kind of insurance that can bail you out when you need medical care. A good insurance policy with high amounts of sums assured relieves you of the financial and emotional burden when you are already stressed. It permits you to seek the best treatment from the best medical professionals. Also, since it is an investment, the Government of India too offers several tax deductions and exemptions under various Sections and Sub-sections of Section 80 of the Income Tax Act. Here’s how you can save taxes by investing in health insurance.Applicability of Section 80The Government of India enables every single Indian citizen – whether they are individuals or members of Hindu Undivided Families (HUFs) to benefit from tax deductions on health insurance offered under Section 80 Income tax laws. Under Section 80D, individuals and members of HUFs can avail a tax deduction of ₹25,000 to ₹100,000 per annum for health insurance policies purchased for self, spouse, children and dependent parents. A significant aspect about 80D deductions is that you can avail deductions over and above those availed under other Sections 80 investments including those… Read full this story
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