You need health cover regardless of what you take two at a time - pills or stairs.

Tax Benefits on a Health Insurance Policy

The premium amount you pay for a health insurance policy is eligible for tax relief as per Section 80D of the Income Tax Act. This tax benefit can be obtained in addition to the health insurance benefits offered by a 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

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  • Cigna TTK Health Insurance
    "On time service"
    0.5 5.0/5 "Blown Away!"
    On time Cigna TTK have activated the policy which provided by the company, the policy which I hold it has the coverage of Rs. 4 lakhs its covers for me. They are providing coverage for the pre existing with the tax benefits but there is no claim.
    Was this review helpful? 0
    , dandeli
    Reviewed on Jan 10, 2019
  • New India Health Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    I have health insurance, I have coverage value of Rs.2 lakhs they got tie up many hospitals. They have good reimbursement process and the policy generation is good in a less duration. They cover all kind of disease, it also has tax benefits and other features.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 20, 2018
  • review Health Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    The reason for taking the health insurance with the IFFCO TOKIO GENERAL INSURANCE is for tax benefits. The premium i pay 25k for this policy which gives the medical coverage is nominal. I have no claim with this policy and i am using it from last 10 years.
    Was this review helpful? 0
    , kolkata
    Reviewed on Dec 07, 2018
  • HDFC Ergo Health Insurance
    "Good policy"
    0.5 4.5/5 "Excellent!"
    I took health insurance from Hdfc ergo general insurance . I have choose this insurance mainly because of convincing premium with too many benefits . This policy covers Cashless hospitalization. , pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits
    Was this review helpful? 1
    , chennai
    Reviewed on Nov 01, 2018
  • ICICI Lombard Health Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have chosen this Icici Lombard insurance mainly because of convincing premium benefits . This policy covers Cashless hospitalization. , pre dieases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits and the premium amount which am paying is satisfied , Am making the payment through on line .
    Was this review helpful? 1
    , hyderabad
    Reviewed on Oct 06, 2018
  • HDFC Ergo Health Insurance
    "BEST POLICY "
    0.5 5.0/5 "Blown Away!"
    I have chosen this health insurance mainly because of convincing premium benefits . This policy covers Cashless hospitalization. , pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits and the premium amount which am paying is satisfied , Am making the payment through online
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 05, 2018
  • Royal Sundaram Health Insurance
    "AVERAGE"
    0.5 3.0/5 "Satisfactory"
    I took health insurance from Royal sundram insurance . I have choose this insurance mainly because of convincing premium with too many benefits . This policy covers Cashless hospitalization. , pre dieases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits This policy covers benefits of rs 3 lakhs where the money gets auto debited monthly rs 600 from the account.
    Was this review helpful? 1
    , bangalore
    Reviewed on Sep 04, 2018
  • National Insurance Health Insurance
    "BEST POLICY"
    0.5 5.0/5 "Blown Away!"
    I have chosen this health insurance mainly because of convincing premium benefits . This policy covers Cashless hospitalization. , pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits and the premium amount which am paying is satisfied , Am making the payment through online
    Was this review helpful? 1
    , mumbai
    Reviewed on Aug 22, 2018
  • Star Health Health Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I took health insurance from Star health insurance . I have choose this insurance mainly because of convincing premium with too many benefits . This policy covers Cashless hospitalization. , pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits
    Was this review helpful? 2
    , coimbatore
    Reviewed on Aug 22, 2018
  • Royal Sundaram Health Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have my health insured with Royal Sundaram general insurance from last 3 months, it is a family health policy with the coverage value of Rs 1 lakh per member. I have no claim experience so far with this insurance and i get good tax benefits on this policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 20, 2018
  • HDFC Ergo Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have choose this Hdfc insurance mainly because of convincing premium benefits . This policy covers Cashless hospitalization, pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits and the premium amount which am paying is quiet high , I make the payment through on line.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Jul 17, 2018
  • ICICI Lombard Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I took health insurance from Icici health insurance . I have choose this insurance mainly because of convincing premium with too many benefits . This policy covers Cashless hospitalization. , pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 17, 2018
  • Star Health Health Insurance
    "Best service"
    0.5 5.0/5 "Blown Away!"
    I took health insurance from Star health insurance . I have choose this insurance mainly because of convincing premium with too many benefits . This policy covers Cashless hospitalization , pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits
    Was this review helpful? 1
    , vadodara
    Reviewed on Jul 17, 2018
  • HDFC Ergo Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I can use this HDFC ergo for the cashless transaction. I can claim upto Rs. 3 lakhs. I have taken this policy for me alone. Tax benefit is there in this policy. I never had a claim experience hence i did not contact the customer care for any help. There is no pre-existing disease is not covered.
    Was this review helpful? 0
    , pune
    Reviewed on Jun 06, 2018
  • Royal Sundaram Health Insurance
    "Good Use for Health Insurance"
    0.5 5.0/5 "Blown Away!"
    I can Claim upto Rs. 3 lakhs. Cashless transaction is available. I took this policy for my family. I can utilize this policy for medical emergency. Tax benefitable policy. This covers the pre-existing disease also. Total I'm paying Rs. 295 every month.
    Was this review helpful? 1
    , new delhi
    Reviewed on May 29, 2018
  • Max Bupa Health Insurance
    "Good Protection for Health"
    0.5 4.0/5 "Great!"
    Max Bupa gives the medical cover around Rs. 2 lakhs its covers only for me. I paid around Rs. 2500 as premium amount for one year. They do have tie up with good hospital. I hope Max Bupa is providing tax benefits and no claim bonus on the health policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 20, 2018
  • 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
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