All You Need To Know About Tax Benefits on Multi-Year Health Insurance

 



Many people are not aware that having health insurance comes with tax benefits. For the uninitiated, the premiums paid towards one’s health insurance policy are eligible for tax deductions under Section 80D of the Income Tax Act. Usually, you can claim the tax deductions for the premiums paid for the policy term when you are filing your ITR or Income Tax Returns for that year. The tax deductions have an upper limit depending upon the age bracket set. If you have a multi-year Health Insurance For Senior Citizens, the process of getting tax benefits is slightly different - let’s understand further.

Firstly, let’s explore the upper limits of tax deductions for health insurance.

Premiums paid towards health insurance for individuals under 60 years of age are eligible for a maximum tax deduction of Rs 25,000. If the insured under the health insurance policy is over 60 years of age, then the maximum tax deduction to be availed is Rs 50,000.


Original Content :- All You Need To Know About Tax Benefits on Multi-Year Health Insurance



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