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  • Student Article Medical Insurance

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    Vikruthi Nishkalpa
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    The document discusses the tax benefits available under Section 80D of the Indian Income Tax Act for medical insurance premiums paid. It outlines the eligibility criteria, approved insurance companies, who can be covered, and the maximum deduction amounts. Key details include: (1) The policy can be in the name of the taxpayer, spouse, parents or dependent children. (2) The deduction is available for premiums paid to approved insurance companies. (3) Covered individuals include children up to certain ages and parents, whether dependent or not. (4) The maximum deduction is Rs. 15,000-20,000 depending on if a senior citizen is covered.

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    81959 54492 Student Article Medical Insurance

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    The document discusses the tax benefits available under Section 80D of the Indian Income Tax Act for medical insurance premiums paid. It outlines the eligibility criteria, approved insurance companies, who can be covered, and the maximum deduction amounts. Key details include: (1) The policy can be in the name of the taxpayer, spouse, parents or dependent children. (2) The deduction is available for premiums paid to approved insurance companies. (3) Covered individuals include children up to certain ages and parents, whether dependent or not. (4) The maximum deduction is Rs. 15,000-20,000 depending on if a senior citizen is covered.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    5 views2 pages

    Student Article Medical Insurance

    Uploaded by

    Vikruthi Nishkalpa
    The document discusses the tax benefits available under Section 80D of the Indian Income Tax Act for medical insurance premiums paid. It outlines the eligibility criteria, approved insurance companies, who can be covered, and the maximum deduction amounts. Key details include: (1) The policy can be in the name of the taxpayer, spouse, parents or dependent children. (2) The deduction is available for premiums paid to approved insurance companies. (3) Covered individuals include children up to certain ages and parents, whether dependent or not. (4) The maximum deduction is Rs. 15,000-20,000 depending on if a senior citizen is covered.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 2

    Varun Kumar S K

    CS Professional
    skvkskvk@gmail.com
    9738215364

    MEDICAL INSURANCE – Sec 80D under Income Tax act.


    Medical Insurance is needed in case of a sudden illness or accident, the health insurance
    policy takes care of the hospitalization, medical and other costs incurred.

    Sl No Heading Description
    1 Eligibility Individual :
    The medical insurance policy
    can be taken in the name of
    any of the following: the
    taxpayer or the spouse,
    parents or dependent children
    of the taxpayer.

    H.U.F:
    The medical insurance policy
    can be taken in the name of
    any member of the family.

    2 Mode of Payment Any mode other than cash


    3 Scope Health Insurance Premium
    paid under a scheme framed
    by any other insurer and
    approved by the Insurance
    Regulatory & Development
    Authority (IRDA).
    4 Companies approved by IRDA  New India Assurance
     United India Insurance
     ICICI Lombard
     Cholamandalam DBS
     Bajaj Allianz Apollo
    5 Who are covered?  Children above 18 years, if
    employed, cannot be
    covered.
     Male children, if not
    employed, but a bonafide
    student can be covered
    upto age of 25 years.
     Female children, if not
    employed, can be covered
    until the time she is
    married.
     Parents need not to be
    dependent on the
    Assessee.

     Parents of Individual or
    Spouse both are covered.
    Varun Kumar S K
    CS Professional
    skvkskvk@gmail.com
    9738215364

    6 Amount of Deduction For Individual

     Basic deduction:
    Mediclaim premium paid
    for Self, Spouse or
    dependent children.
    Maximum deduction is of
    Rs 15,000. In case any of
    the persons specified
    above is a senior and
    Mediclaim Insurance
    premium is paid for such
    senior citizen, deduction
    amount is enhanced to Rs.
    20,000.

     Additional deduction:
    Mediclaim premium paid
    for parents. Maximum
    deduction Rs 15,000. In
    case any of the parents
    covered by the Mediclaim
    policy is a senior citizen,
    deduction amount is
    enhanced to Rs. 20,000.

    For HUF

     Mediclaim premium paid


    for any member of the
    HUF. Maximum deduction
    Rs 15,000. In case any
    member of the HUF
    covered by the Mediclaim
    policy is a senior citizen,
    deduction amount is
    enhanced to Rs. 20,000.

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