Health Insurance

A healthy body is the fuel that life needs to create harmony, happiness and a progressive mindset. Loosing your health means loosing your wealth, which in-turn will lead you to loosing you own self. In the past decade, there has been an exorbitant increase in the competition, population, demands, supply, and out of the reach expectations in all the aspects of life. Today we are taking higher risks with our health than ever before. The more risks we take the greater financial assistance is required to bring the body back to its normal state, and at times we have to live with limitations for the rest of our lives.

Health Insurance, now-a-days has become an important ingredient for life, providing the much needed financial support when your health needs utmost care and attention.

Save Time Before Applying, By Making Sure

How much health cover amount should be needed
Entry age for health cover is 16 Days to 75 Years
You should disclose all your existing Disease(s)

You should take specific policy for specific need(s)

Health insurance policy can be taken for

Individual and Family

Every member in the family is unique and different, following its own lifestyles and routines. Although we know, maintaining good health should always be the first priority in our lives, yet we go over the board and stretch the limits of our health to achieve and build more in life. Sometimes the body takes care of the additional load, and in the other times, it just stops you for a while so that you can take care of yourself before taking the next journey in your life. It is always advised not only to insure your health but also your family’s, as you may never know how much is required in the difficult times.

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Parents

The first step, the first experience, the first hurdle, the first solution, these are some of the things that are required to build a strong foundation for a good life, and no matter how long it takes, our parents are always standing with us, walking with us, holding us and guiding us through out in all the seasons of our lives. Where ever we reach, what ever we accomplish, it shall always stem from our parents and taking care of them when they grow old and look forward for our support is something that every child work towards it with respect and happiness. What better way to take care of them by insuring their health so that in the difficult times you are able to manage their health in the best possible way and spend more time with them in their recovery and good health.

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Travelling Abroad

Today we are not restricted at one place to grow our boundaries, rather we have managed to cross the borders in creating new opportunities and paths for progress and expansion. Moving across countries, cultures, traditions, exposing oneself to different cuisines, may lead to health challenges requiring much more finances than anticipated, and getting the support in a different country can be quite difficult at times. It is always advised to take travel insurance everything when you are scheduled to travel to a different country from your base location.

Life Diseases

As we move from one generation to another, we experience greater aspirations, expectations and pressure from our own environment. Whether we like it or not, whether we are prepared or not, but somehow we get consumed in the race to make a mark for ourselves and justify our existence. In keeping up with the changing times and needs, we may not know the extent of damage that we would have incurred in our lives over the years due to our lack of knowledge, ignorance and by not taking care of our health. The number of cases of diseases such as Diabetes, Cancer and Heart related ailments have only increased manifolds and requires additional financial support to manage them. At present there are products which specifically cater to specific health risks and it is advised to carefully understand the terms and conditions before finalising the same.

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Important Information

Income Tax Benefits

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Is there any income tax benefit for premium paid for Health Insurance policy?

Yes,

As per section 80D, an individual or a HUF can claim deduction in respect of the following payments:

Medical insurance premium paid by assessee, being individual/HUF by any mode other than cash.

Any contribution made by assessee, being individual to Central Government Health Scheme or such other Scheme as may be notified by the Central Government.

Sum paid by assessee, being individual on account of preventive health check-up.

Medical expenditure incurred by assessee, being individual/HUF on the health of a senior citizen person provided that no amount has been paid to effect or to keep in force an insurance on the health of such person

Health Insurance Policy to be taken or expenditure to be incurred in whose name?

In case of an individual, deduction is available in respect of medical insurance policy taken in his own name, or in the name his/her spouse, his/her parents and his/her dependent children. In case of HUF, the policy can be taken on the health of any member of such HUF.

Deduction on account of medical expenditure shall be allowed only when it is incurred on the health of the aforementioned persons who are senior citizens.

‘senior citizen’ means an individual resident in India who is of the age of sixty years or more at any time during the relevant previous year.

Amount of deduction

In case of an individual, amount of deduction cannot exceed:

Rs. 25,000, in aggregate, in respect of medical insurance premium or any payment made for preventive health check-up (*). [This deduction is available if payment is made for benefit of assessee, himself or his/her spouse or dependent children]

Rs. 25,000, in aggregate, in respect of medical insurance premium or any payment made for preventive health check-up (*). [This deduction is available if payment is made for benefit of parents of assessee.]

Rs 25,000 in aggregate in respect of contribution made to the Central Government Health Scheme or any scheme notified by the Central Government [This deduction is available if payment is made for benefit of assessee, himself, his/her spouse or dependent children]

Rs 50,000 in aggregate in respect of medical expenditure incurred on the health of assessee, himself, his/her spouse or dependent children or parents. [This deduction is available if amount is paid for benefit of a senior citizen and no amount has been paid to effect or to keep in force an insurance on the health of such person.]

(*)total amount of deduction for the expenditure incurred on preventive health check-up of assessee, his family and parents could not exceed Rs. 5,000.

Note: In aforesaid clauses of a, b and c, additional deduction of Rs 25,000 is available when medical insurance is taken on the life of senior citizen