Following the revision of section 80D under the Income Tax Act, Indian Insurance companies are now adding a new complexion to their health insurance policies. Health insurance or Mediclaim, as it is popularly referred to, ensures a completely secure future! Health insurance has every reason to be a popular choice of customers. Here we will discuss the key aspects and benefits of medical insurance policies. The first and foremost benefit that comes with a Mediclaim policy in India is enormous tax saving schemes.

Buy a Health insurance policy and insure your future! Purchasing a health insurance plan will protect you against bearing huge medical costs in the future. You will get excellent health insurance coverage options in case of an unforeseen medical situation. Whether you sustain a sudden ailment or accident, your medical insurance policy will cover your hospitalization and medical charges. The widely known Indian health insurance companies have unique medical insurance policies on offer. The health insurance policy has been designed to cater to your needs and requirements.

The notable insurance companies such as ICICI Lombard, Citibank, HDFC and others offer benefits in case you purchase health insurance policies alone. You can buy with your credit card and make premium payments at interest free installments. These banks provide you with a facility of making payments of your premium in EMI’s of 3, 6 or 12 months, without being charged of any interest. Buy the insurance policy online and enjoy healthier tax benefits.

Prior to last year’s union budget, the health insurance policy stipulated Rs, 15,000 as the maximum amount that could be claimed as medical coverage for you, your family and your parents. The revision of the Section 80D clause under the Income Tax Act fixed Rs. 15,000 as the amount that can be claimed for yourself and your family, including spouse and children. And an additional sum of Rs. 15,000 can be claimed for the coverage of your parents. The new law entitles you to a total coverage amount of Rs, 30,000.

Amongst the notable health insurance plans, Health Advantage Plus deserves special mention. The insurance premium under this policy remains at Rs. 15,000 or Rs. 20,000, based on the age of the insured. The sum insured amount or the coverage amount will change, according to the age and the number of persons covered. The premium amount, i.e. Rs. 15,000 is tax deductible, as stated under Section 80D of the Income Tax Act and modifications made after that. You can save as much as Rs. 5099 on your Mediclaim insurance policy. Coverage for emergencies arising out of acts of terrorism, cashless facility and dental benefits are some of the best aspects of this policy.

You can also claim outpatient department charges or OPD up to an amount of Rs. 10,000 under the Health Advantage Plus. This depends on the amount of sum insured selected and the age of the insured. The tax benefit and OPD benefit add up to your entire savings. You will get 100% limit on your Health Advantage Plus policy. Refer to the tax calculator to compute the amount you can save.

Bhavesh B is a tax consultant, specializing in personal finance and taxation. He is also an expert on insurance related matters. Know more about Health insurance policy benefits here. Get more information on floater plans and tax calculator here

Bhavesh_B

Tags: health insurance, health insurance companies, medical insurance

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