What
is Section 80D?
Deduction under this
section is available in respect of payment to Medical Insurance Premium.
Mediclaim Insurance
Policy is the policy on the health of a person. Health Insurance, popularly
known as Mediclaim, protects you against unexpected medical costs, arising
from disease or accidental injuries. As essential financial tool, it ensures
you receive medical care without being burdened of unexpected costs associated
with it. Healthcare costs are rising day by day, it is very important to have a health insurance cover not only for
yourself but also for other members of your family.
Who
can claim the deduction under section 80D?
Any Individual can
claim deduction under this section, whether he is resident or Non-resident,
Indian citizen or foreign citizen. HUF can also claim deduction under this section if policy is taken on any member of the family.
What
are the conditions to be satisfied to claim deduction u/s 80D?
Deduction u/s 80D is
available if the following conditions are satisfied –
1.
Mediclaim Insurance is paid by the
individual or HUF.
2. Payment
should be made out of income chargeable to tax.
3.
Payment of Mediclaim Insurance should be
made by any mode other than cash. However, payment on account of preventive
health check-up can be in cash.
What
is the maximum limit of deduction?
Person can take the
mediclaim insurance on himself, his spouse, his dependent children and also his
parents whether dependent on him or not.
Deduction is available
as follows:
Cases |
Family |
Parents |
a) Mediclaim b) Contribution c) Payment
General deduction [in
|
Deduction Available
Deduction Available
Deduction Available
Rs. 15,000 or premium paid whichever is less Rs.20,000 if policy is taken on the life of senior
|
Deduction Available
Deduction Not
Deduction Available
Rs. 15,000 or premium paid whichever is less Rs.20,000 if policy is taken on the life of senior |
Kindly
note:
1.
2. EXAMPLE-
1. An individual assessee pays (through any mode other than (i) Rs 15,000/- paid for insurance policy on (ii) Rs 25,000/- is paid on insurance policy on Under the new provisions he will be allowed If individual pay the amount of No. The Can you get deduction u/s 80D for Overseas Yes, there is nothing in the provision u/s 80D Benefits Mediclaim insurance not only save your hospital In short we can that say that your net expenditure on |