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Save Your Tax Through Health Insurance With Bajaj Allianz

Bajaj Allianz health insurance has come up with a unique scheme, ‘The Tax Gain plan’. This is a family floater health policy that meets all the outpatient (OPD) expenses along with hospitalization expenses with a single scheme and in turn helps in tax management too.

It is a well known fact that availing a health insurance will definitely help a person to save their tax. Under the income tax section 80D of IT Act 1961, they can get a maximum tax benefit of INR 15000 on health insurance premium paid.

There are some exemption limits of Bajaj Allianz health insurance that are as follows

  • Any individual can opt for a yearly deduction of 15000 rupees from their taxable income for the health insurance premium paid for themselves and their dependants. Dependant means his spouse and children.
  • Senior citizens who are at the age of 60 years and above are subjected to annual deduction from their taxable income that goes up to INR 20,000

There are few tidbits which may help a person to excuse them from heavy tax. If a person is paying the premium for his parents health insurance, then they can claim for an additional tax benefit of INR 15000 under the provisions of Income Tax section 80D. If his parents belong to senior citizen category (aged 60 years and above), then his benefit may go up to INR 20,000.

There are few limitations of Bajaj Allianz health insurance like,

  • One cannot claim tax benefit on the health insurance premium paid on behalf of his/her in-laws
  • One should produce the proof of premium payment in order to avail this tax benefit
  • Other than cash, any mode of payment is approved to claim the tax benefit
  • One should pay their health insurance premium from their taxable income of that corresponding year if they need to claim for deduction. It the health insurance premium is paid from his/her savings account or from the gift money received by them, then they are not eligible to claim their tax benefit under the Income Tax section 80D.
  • The health insurance premium that was paid for his self, his dependants (includes spouse and children) and his parents are all subjected to tax benefit under the income tax section 80D of the Income Tax Act 1961.

All these tax benefits are clearly subjected to changes in income tax laws.

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