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Terms and conditions
Terms and conditions
In this era of burgeoning medical expenses, not having health insurance can hit your savings dearly. And that’s not the single reason for having health insurance. Besides protecting the savings during a medical emergency, Health Insurance also provides tax benefits to the insured under section 80D of the Income Tax Act 1961.
A Senior Citizen Health Insurance Plan take these benefits a step further. Read on to know more about the manifold tax benefits you can avail yourself of with a Senior Citizen Health Insurance Plan.
An individual who is more than 60 years but less than 80 years of age at any time during the financial year is considered a Senior Citizen for tax purposes of that particular year. Furthermore, a person above 80 years of age at any time during the year is regarded as a Super Senior Citizen for that year.
Below are the Tax Benefits under Section 80D for a Senior Citizen Health Insurance Policy:
Scenario |
Deduction under 80D |
Self and Family (All members below 60 years) |
₹25,000 |
For Self and Family + Parents (All members below 60 years) |
₹25,000 + ₹25,000) = ₹50,000 |
For Self and Family (all members below 60 years) + Senior Citizen Parents |
₹25,000 + ₹50,000 = ₹75,000 |
For Self and Family (with eldest member above 60 years) + Senior Citizen Parents |
₹50,000 + ₹50,000) = ₹1,00,000 |
To claim tax deduction under 80D, you must submit the following documents:
The golden years of an individual’s life are precious and should be spent without having to worry about any financial implications, especially when it comes to medical emergencies.
Thus, any medical bills or the premium paid towards a health insurance policy for senior citizens is eligible for tax deductions u/s 80D.
Other than the above discussed tax benefits on the health insurance policy, here are a few more cases where you can save tax by caring for your health.
In this case, the amount of deduction that can be claimed is as follows:
In this case, the amount of deduction that can be claimed is as follows:
Age of the Person availing Medical Treatment | Tax Deduction Amount |
Less than 60 years | ₹40000/- or actual expenses, whichever is less |
Senior Citizens- 60 years and above | ₹100000/- or actual expenses, whichever is less |
Super Senior Citizens- 80 years and above | ₹100000/- or actual expenses, whichever is less |
A Senior Citizen Health Insurance Plan offers not just tax benefits but a plethora of other benefits too like providing a wholesome coverage, covering expenses like day care expenses, domiciliary treatment expenses, providing a range of add-ons and lots of other benefits that not just help you save your hard-earned money but also make your access to the best healthcare a lot easier.
Individuals who are 80 and above and do not have their own health insurance policy can claim a deduction of up to ₹50,000 while availing medical treatments and health check-ups, under section 80D of the IT Act.
Individuals who are 80 and above and do not have their own health insurance policy can claim a deduction of up to ₹50,000 while availing medical treatments and health check-ups, under section 80D of the IT Act.
No. The New Tax Regime does not provide the 80D Tax Exemption.
No. The New Tax Regime does not provide the 80D Tax Exemption.
Although it is not required by the Income Tax Act Department to keep a record of all costs made during the year, such as receipts for health insurance premium payments, medical bills, medical expenses, test results, etc., but it is advised to do so.
Although it is not required by the Income Tax Act Department to keep a record of all costs made during the year, such as receipts for health insurance premium payments, medical bills, medical expenses, test results, etc., but it is advised to do so.
In a financial year, a deduction of Rs 25,000 is permitted under Section 80D. Senior persons are eligible for deductions up to Rs. 50,000.
In a financial year, a deduction of Rs 25,000 is permitted under Section 80D. Senior persons are eligible for deductions up to Rs. 50,000.
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Disclaimer #1: *Customer can choose options at the time of availing insurance. Premium amount may vary accordingly. Insured is required to disclose any pre-existing condition or on going treatment before policy issuance in the proposal form.
Disclaimer #2: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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closeAuthor: Team Digit
Last updated: 02-07-2024
CIN: U66010PN2016PLC167410, IRDAI Reg. No. 158.
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