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It is necessary to have a life insurance policy and a health insurance policy. To increase its appeal, the government has claimed a tax deduction on the premium you pay on both types of policies.
Life Insurance - Tax Benefits
Section 80C: Premiums paid on life insurance policies such as endowment, whole life, money back policy, term insurance policy and unit linked insurance plan - qualify for tax deduction under section 80C of Income Tax Act, 1961. The maximum deduction that can be claimed is Rs. 1,50,000 Rs.
Section 80CCC: A tax deduction under Section 80CCC of the Income Tax Act, 1961 can be claimed for the amount paid for any annuity scheme of Life Insurance Corporation of India or other insurance companies for the purpose of obtaining pension. The maximum deduction can be claimed under this section. Rs 1,50,000
Section 10 (10D): Section 10 (10D) of the Income Tax Act exempts you from paying tax on the amount you receive from the life insurance provider. Under this section, the amount received on maturity or surrender or death of the policy and the amount of bonus (if any), subject to certain conditions, are completely tax-free in the hands of the receiver.
In a health insurance policy, the insurance company will cover the cost of medical and surgical expenses of the insured person if the person falls ill or is injured.
Section 80D: Tax deduction under section 80D of the Income Tax Act, 1971 can be claimed for the premium paid towards a health insurance policy. The total deduction that can be claimed under section 80D is as follows:
Self and family
Rupee. Rs 25,000
Self and family + parents
Rupee. 50,000 (Rs. 25,000 + Rs. 25,000)
Self and Family + Parents (Senior Citizen)
Rupee. 75,000 (Rs. 25,000 + Rs. 50,000)
Self (Senior Citizen) and Family + Parent (Senior Citizen)
Rupee. 1,00,000 (Rs. 50,000 + Rs. 50,000)
You can compare all types of life insurance and health insurance plans from http://www.Policybharat.com "Dekho sabki karo manki" and choose the plan that best suits you.
If you are fed up of your doctors saying ‘Your medical insurance does not cover the tests that you need’ better go to policybharat.com compare quote of all top insurer and then choose wisely ."Dekho sabki karo manki"
Insurance purchases in India are going fast in online mode:
Consumer surveys and sales data this year suggest that the epidemic has led to an increasingly public awareness of both health risks and insurance in India - and insurance purchases are increasingly going into online mode. The coronovirus epidemic is accelerating the use of digital platforms in India, giving insurance companies an important new route to connect with and serve customers. Consumer surveys and sales data this year suggest that the epidemic has led to an increasingly public awareness of both health risks and insurance in India - and insurance purchases are increasingly going into online mode, https: // policybharat .com / is a fast emerging website in India for online insurance comparison https://youtu.be/ducuUR-gs44
Most people prepare to buy the policy only after the financial crisis comes, but this is not the right way. Experts suggest that health insurance cover for self and family members should be purchased before starting savings. After the epidemic, it has been suggested by most industry experts and financial planners that it is important to buy a health cover for yourself and family members.
However, after the outbreak of coronaviruses, even though the purchase of health insurance policies has increased significantly - both regular health insurance plans as well as special cover insurance policies for COVID-19 are some things to consider when buying Needed .
For example, if there are dependents of the policyholder, he should buy a health plan not for himself but for all family members. With this, the policyholder will also be able to enjoy the tax benefit on the premium paid.
Without a health insurance policy, it can be difficult for individuals to meet medical expenses during hospitalization and it can also mean that they can handle this sudden expense from their investment. If you are new in this field, health insurance plans can be purchased from various places, such as from an insurance agent, online insurance aggregators such as www.policybharat.com can be compared to all the company's health insurance . These options have increased buying insurance online, but caution should be exercised when purchasing a policy online. The policyholder must go through the terms, benefits and conditions of the policy before purchasing the policy.
It is very important to know the terms of the policy, its benefits and what is included and what is not before making the final health decision. So that you don't get upset later. Also, the policyholders purchasing the online policy will have to prepare a policy document, which will serve as proof for tax while paying the online premium.
If you are buying a health plan online, health plan is similar to buying offline, you have to give all relevant information about your health to the insurance company. Additionally, if you have a pre-existing disease at the time of filling the online form, then you will also have to tell it to the insurer. Some insurers ask policyholders to undergo medical examination before issuing a policy.
Also note that there may be a delay in settlement of claims if the information is different at the time of purchasing the policy and the time of hospitalization.