• Tax Benefits on a Health Insurance Policy

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    As a responsible person, you should ensure that your family does not suffer if you contract any ailment or diagnosed with a life-threatening disease. Apart from the benefits in terms of coverage, health insurance also provide some tax benefits which may work to your advantage.

    Tax-Benefits-on-a-Health-Insurance-Policy

    Tax Benefits of Health Insurance:

    The premium paid by you (policyholder) for your health insurance policy provides the following two benefits:

    • Insurance coverage
    • Tax benefits

    As per Section 80D of the Income Tax Act, 1961, the premium may be deducted from your total income. Total income = gross total income (includes income from all heads). Taxable income = gross total income - deductions (under section 80D to 80U).

    Section 80D:

    As per section 80D, a HUF or an individual can claim deduction for the following:

    Section 80D Deduction
    • Non-cash payment of medical/health insurance premium paid by taxpayer (individual/HUF)
    • Contribution by an individual taxpayer to a central government health scheme
    • Sum or amount paid by an individual taxpayer for preventive health check-up
    • Expenses incurred for the upkeep of health of a very senior citizen or keep an insurance for the person in force
    A taxpayer can avail of deductions as listed in the table below:
    Individual Policy taken in his or her name, spouse, parents and children
    HUF Policy taken on behalf of any member
    Medical expenditure Allowed for expenses for the upkeep of good health of very senior citizens (residents of India who are eighty years old or above)

    Amount of deduction:

    The following table shows the amount of deduction for individuals and HUF:

    Individual HUF Rs.25,000 (Premium paid or any payment made for preventive health check-up. The payment must be made for the benefit of the taxpayer, his or her spouse and children) Rs.20,000 (Premium paid or any payment made for preventive health check-up. The payment must be made for the benefit of the parents of the taxpayer) Rs.25,000 (contribution to central government health scheme. The payment must be made for the benefit of the taxpayer, his or her spouse and children ) Rs.30,000 Expenditure on the taxpayer’s health, his or her spouse, children or parents Rs.25,000 Rs.30,000 Premium paid or medical expenditure for senior citizen

    Section 80DD:

    The following table shows the criteria and deduction available for medical expenditure under Section 80DD

    Criteria Deduction Amount
    Individual/HUF, incurring expenditure on maintenance of dependent with disability (nursing, rehabilitation, Amount paid under any LIC scheme for maintenance) Rs.1,25,000 (if the dependent suffers from severe disability)

    Section 80DDB:

    Section 80DDB covers deduction vis-a-vis medical expenditure on relative or self to the extent of Rs. 40,000 or the amount incurred by the assesse (whichever is less). Very senior citizens can claim up to Rs 80,000 as deduction while senior citizen can claim up to Rs.60,000 or amount paid (whichever is less).

    Section 80U:

    Section 80U covers deductions vis-a-vis persons with physical disability. Persons suffering from any form of physical disability such as blindness or even mental retardation can claim Rs. 75,000 (financial year 2015-16) as deduction. Persons suffering from severe disability can claim up to Rs. 1,25,000 as deduction.

    GST rate of 18% applicable for all financial services effective July 1, 2017.

    Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

    Health Insurance Tax Benefits Reviews

  • Page 1 of 3 1 2 3
    • Royal Sundaram Health Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have my Health Insurance with ROYAL SUNDARAM which was taken 2 months back since my company has a tie up with. The customer service and responses was good and the premium paid on yearly basis. Its a corporate Insurance and Its a tax benefit. I have taken a family floater. My company have a tie up with good network of hospitals.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Oct 24, 2017
    • United India Health Insurance
      "satisfactory"
      0.5 4.0/5 "Great!"
      My health Insurance was taken with UNITED health Insurance since my company has a tie up with .Its a corporate Insurance . The tenure period is 1 years and the policy coverage is 1.5 lakhs. I am happy with the benefits and coverage. I get tax benefit and the company has a tie up with good network of hospitals. The customer service and responses was up to the mark. Its recommendable and the experience was satisfactory.
      Was this review helpful? 0
      , indore
      Reviewed on Oct 20, 2017
    • Apollo Munich Health Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      My Health Insurance was taken with APOLLO since my company has a tie up with . The premium paid on early basis and there is no tax benefit . I am satisfied with the policy coverage and the process is so simple and good. I have taken for myself and my family . The customer service and responses was up to the mark. My overall experience was satisfactory.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 13, 2017
    • Star Health Health Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken STAR health issuance 6 years back for my family and Its not a corporate insurance. The premium renewal is economical and it had a good tie up with good network of hospitals also. It taken 15 days for funds realization and Its a tax benefit .My overall experience was excellent
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 28, 2017
    • United India Health Insurance
      "Good experience"
      0.5 4.0/5 "Great!"
      I have taken health insurance for Myself and my family with UNITED INDIA INSURANCE . The premium renewed was economical and Its a corporate insurance.The time duration for funds realization was 1 year and there is no tax benefit with this. My overall experience was good and I am happy with the policy coverage also,
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 26, 2017
    • New India Health Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      My company have a tie up with NEW INDIA health insurance so I have taken it. Its a corporate insurance ,my premium paid on yearly basis by the company. I am happy with the coverage returns and its a tax benefit . The time duration taken for fund realization is 20-25days.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Sep 24, 2017
    • Bajaj Allianz Health Insurance
      "Not bad"
      0.5 4.0/5 "Great!"
      I have taken health insurance because my company has tie up with BAJAJ. Its a corporate insurance and its a individual policy. I have no idea about the premium renewed and time duration taken for funds realization but I don't get any tax benefit with this. My overall experience was not bad.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 16, 2017
    • ICICI Lombard Health Insurance
      "Satisfactory services"
      0.5 5.0/5 "Blown Away!"
      My health insurance is from ICICI Lombard. The services are on time as I did not have to wait long to get my claims settle. I received the reimbursement on time and without much of inconvenience. The important factors are the Income tax benefits & Cashless hospitalization.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 28, 2017
    • ICICI Lombard Health Insurance
      "ICICI Lombard "
      0.5 0.5/5 "Unacceptable"
      I have joined IT company and applied for ICICI Lombard Health insurance(company's choose). Due to miss-communication between myself and my company, insurance has been applied including all my dependent and premium amount is deducted from my salary. This happened in April 2017 and on May 3rd I have raised cancellation request via my company. 101 days(may 3rd 2017 to Aug 11 2017) completed till today. No informative response for the status. One fine day I have requested for more detailed information about status, and they told a wired answer. "Since my dependent policy is not yet applied/processed, they cant cancel the policy." "So they will apply first and then they will submit request for cancellation." Also they will deduct some% of amount for Service Tax and one month premium amount before cancellations! STILL THE PROCESS WILL TAKE 2 OR 3 WORKING DAYS! STILL I AM WAITING!
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 11, 2017
    • ICICI Lombard Health Insurance
      "Good health insurance"
      0.5 4.0/5 "Great!"
      I am using ICICI Lombard general health insurance for past 3 years. I get coverages of 4lakhs I pay around Rs.14,000 to renew the policy. This is also a good investment in terms of getting away from tax and even though if u have a company heath insurance, it is good to go have a group health insurance policy. It is 95 % reimbursement policy. It covers 4 peoples . I am happy to hold this health insurance.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 17, 2017
    • Apollo Munich Health Insurance
      "Great"
      0.5 4.0/5 "Great!"
      I do have health insurance policy with the Apollo Munich insurance company and am with them from the last five years of time. Medical coverage value is around five lakh Rupees, also the coverage is a type of floater based, also its for full family. I have not done up with any claims till now. They have suddenly increased the premium as of now because of some tax incur.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 16, 2017
    • Universal Sompo Health Insurance
      "Better insurannce for health"
      0.5 4.0/5 "Great!"
      Have a health insurance with UNIVERSAL SOMPO GENERAL INSURANCE , it is also called third party HHPPL insurance. My company has offered me this insurance, which is very useful for my whole family. The cashless treatment and post cash treatment is available with this health insurance. Need to renew it yearly once by paying around Rs.23,000, which covers for about 6members in my family. I can say, it is good to have health insurance for a family. It is also helpful for IT exemption.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 13, 2017
    • United India Health Insurance
      "It is a good policy"
      0.5 5.0/5 "Blown Away!"
      Actualy we work for US CLIENT named United health care. We are supposed to settle the claim then and there itself or maximum within a span of 3 days of time. They will cover 75% of the insurance amount 20% has to be contributed by the customer and the rest 5% is tax. I am holding this insurance for period of 18 months.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 13, 2016
    • HDFC Ergo Health Insurance
      "Affordable premium "
      0.5 5.0/5 "Blown Away!"
      I have taken a General insurance policy with HDFC. I had taken this policy through online from their portal which I renew every year till I need it. The coverage is about 10 Lakhs and I pay Rs.1k every year. the accidental death benefits is Rs.10Lakhs. Hospitalisation cover is about Rs.5 Lakhs. It also provides Rs.10 Lakhs as permanent disability cover and provides tax benefits as well.
      Was this review helpful? 0
      , gandhinagar
      Reviewed on Jun 03, 2016
    • Religare Health Insurance
      "No restrictions for coverage "
      0.5 4.0/5 "Great!"
      I have a health insurance with Religare for which I pay a premium of Rs.35k inclusive of 18k for my father,12k for my mother and 5k for me for a year. The coverage translates into Rs.18Lakh for my father, 12Lakh for my mother and 5Lakhs for me. There is an increase of Rs.1Lakh every year and the coverage has no limitation cap for bed charges or hospitalisation etc. It covers critical illnesses, tax saving benefits, cashless hospitalisation and bed charges etc.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 12, 2016
    • ICICI Lombard Health Insurance
      "Very good experience"
      0.5 4.0/5 "Great!"
      I have an medical insurance or a health-care policy from ICICI Lombard which I took about a year back. I pay a premium of Rs.5000-6000 on a yearly basis by cheque to their agent. It has a good cover. It has a tax exemption benefits. It has been a hassle free experience so far with them.
      Was this review helpful? 1
      , secunderabad
      Reviewed on Apr 18, 2016
    • HDFC Ergo Health Insurance
      "Very good policy"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy with HDFC Ergo since 2011. I pay a premium amount of Rs.12,000 on a yearly basis. I pay this amount to the office directly by cheque. It does offer tax exemption benefits and covers hospitalisation charges as well as critical illness cover. Its is recommendable.
      Was this review helpful? 0
      , ranchi
      Reviewed on Apr 07, 2016
    • ICICI Lombard Health Insurance
      "Very good policy"
      0.5 5.0/5 "Blown Away!"
      I have a Health Insurance policy - Mediclaim with ICICI Lombard. The policy term is for 2 years. I pay my premiums through monthly installments through my credit card.It does have tax exemption benefits. It also has a critical illness cover and I pay around Rs.8,000-10,000 as my premium.Its a useful policy.
      Was this review helpful? 0
      , jamnagar
      Reviewed on Apr 04, 2016
    • ICICI Lombard Health Insurance
      "Very good policy"
      0.5 5.0/5 "Blown Away!"
      I have an Accident cover Health Insurance policy with ICICI Lombard. The policy term is for 5 years. I pay my premiums through monthly installments through my credit card.It does have tax exemption benefits. It also has a critical illness cover and I pay Rs.13,000 as my premium.Its a good policy to have.
      Was this review helpful? 0
      , jamnagar
      Reviewed on Apr 04, 2016
    • United India Health Insurance
      "Good...."
      0.5 4.0/5 "Great!"
      Number of network hospital in cities. United India Insurance consider the pre existing diseases post four years. As of now I have not claimed anything in my experience of 15 years and I have not seen bonus for that. We can also use this health insurance for tax redemption.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Mar 09, 2016
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