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Tax Benefits on Health Insurance

Health insurance provides you and your family financial cover when you need it most. Good healthcare is expensive. And a health insurance policy ensures that you get the best care possible for yourself and your loved ones.

By paying an annual premium, you can get your medical expenses (including pre- during and post-hospitalisation) covered. It ensures your savings remain intact even during a medical emergency.

What’s more, the premiums you pay entitle you to tax benefits under Section 80D, giving you annual savings.

Get twin benefits by investing in health insurance. Safeguard your health and get tax deductions under Section 80D through your health insurance policy. Buy a health insurance plan at ICICIdirect today to protect your health and boost your tax benefits.

Health Insurance Benefits You Cannot Ignore

Health insurance facilitates timely medical care at your preferred health care centres. Many policies offer cashless treatment facilities at network hospitals, saving you the hassle of paperwork and going through the process of reimbursement. You can also customise your insurance plans with add-on riders (such as critical illness, accident etc.).

Health insurance promotes peace of mind and facilitates better financial planning

Take Advantage of Tax Benefits on Health Insurance

Section 80D of the Income Tax Act helps you reduce your taxable income when you buy a health insurance policy to protect yourself and your family. You can claim tax deductions up to Rs. 100,000 per annum based on your premiums and coverage.

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Pay less buy more

Claim tax deductions on premiums up toRs. 25,000 p.a. when you buy insurance foryourself, spouse, and children

Cashless trading

Claim tax deductions on premiumsup to Rs. 50,000 p.a. if you are payingfor self, spouse, children, andparents below 60 years of age

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Claim deductions on premiums of up toRs. 75,000 p.a. when you cover yourself,spouse, children, and parents above 60 years of age

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If you are over 60, claim deductionson premiums of up to Rs. 100,000 p.a.to cover yourself, spouse, childrenand parents.

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Tax Benefits on Preventive Health Check-Ups

You are entitled to tax benefits of up to Rs. 5,000 on your annual preventive health check-up. The Rs. 5,000 limit is included within the overall limit of Rs. 25,000 for health insurance premiums. Here are scenarios of how you can claim tax benefits for preventive health check-up:

Premium Paid for Health Insurance
Scenarios 1Self, Spouse, &Dependent Children Amount spent onpreventive healthcheck-up Tax deductionavailable on amoun
Scenario 1 ₹15,000 ₹10,000 ₹15,000 + ₹5,000 =₹20,000
Scenario 2 ₹20,000 ₹8,000 ₹20,000 + ₹5,000 =₹25,000
Scenario 3 ₹24,000 ₹3,000 ₹24,000 + ₹1,000 =₹25,000
Scenario 4 No healthinsurance ₹7,500 ₹0 + ₹5,000 =₹5,000

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Tax Benefits on Single Premium Health Insurance Plans

In Budget 2018, a new provision was introduced for claiming tax deductions on premium health insurance plans. Under this provision, if you make a lump-sum premium payment in a year, for a multi-year health insurance policy, you can claim a deduction equal to an appropriate fraction of the premium amount. You can calculate the amount by dividing the premium paid in lump-sum by the number of years for which the policy is valid. If you are paying a premium of Rs. 1 lakh for a 10-year policy, you can claim deductions of up to Rs. 10,000 per year. Note that this deduction is also subject to the limits under section 80D.

Find out how you can maximise your tax savings.

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Start investing in health insurance today.


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