What Are Various Tax Benefits Associated With Insurance ?
Do you ever wonder just how many people out there have assets lying around with no proper insurance for any of them?
Among the less known benefits of insurances are the tax related benefits that they provide you. Your general insurance policies and life insurance policies have tax benefits applied to them. For instance you’re right to wonder “Is car insurance tax deductible?”. For your medical insurance and car insurance, tax benefits India provides you with are as follows.
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.
Have a life insurance plan? Check out how tax benefits apply to it.
If you haven’t insured yourself or your family yet, we hope these with these tax benefits, Insurance in India becomes a household habit.
Deepika Mathur, CEO Market, Insurance Expert since 10 years Recommends Home Shield Insurance to ensure your dream home is protected always! She also recommends tenants to opt for Home Shield Insurance to cover their valuable home belongings like portable electronics and furniture.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before