What are the various tax benefits associated with insurance by HDFC ERGO ?
Do you ever wonder just how many people out there have assets just lying around with no proper insurance for any of them? While the very thought is anxiety inducing, let us focus on you for now. If you haven’t secured proper medical, car or home insurances yet, let us give you yet another reason to do so.
Your general insurance policies and life insurance policies have tax benefits. The medical insurance and car insurance tax benefits provided in India are as follows.
- As per the Insurance Regulatory and Development Authority of India (IRDAI),a car insurance taken by a person grants them with the following benefits:
If your car is being used primarily as a business transport, then the premium paid towards car insurance is considered to be an expense. Since this is a business tool, there is no specific limitation as to how much of the premium can be claimed as an expense. Hence the amount deductible as tax is generous and accommodating. However if there is personal use of the car involved as well, the amount claimed as expenses shall be deducted respectively.
Have a car insurance ready? If not, check out HDFC ERGO’s plans.
- As per the Insurance Regulatory and Development Authority of India (IRDAI), the health insurance tax benefits India allows its citizens to avail are listed under section 80D.
Senior Citizens, aged above 60 years of age are allowed a tax deduction of Rs. 30,000. An amount of Rs. 25,000 is deductible in tax payments for non senior citizens on account of their health insurance policies. This medical insurance tax benefit applies to individuals as well as HUF (Hindu Undivided Family) and is applicable directly to the payer of the premium irrespective of whether the insurance is for self, spouse or family.
If you haven’t insured yourself or your family yet, we hope these reasons should be all you need to get started on it.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.