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Life is full of uncertainties. With the kind of fast paced life we lead and the sedentary lifestyle that is followed is comes as a no surprise that more and more people are suffering from illnesses. Rising medical treatment costs can make severe dent in the financial savings of people. Health Insurance is an instrument which provides the sum assured in case of medical emergencies and provide respite to the people from the humongous medical treatment bills.
There are four types of deduction available under Section 80(D). They are
That’s not all. Apart from providing cover in cases of medical emergencies, they also provide tax rebate to the payer of the medical insurance policy under Section 80D. According to Section 80D of the Income Tax Act, premium that is paid towards medical coverage is deductible from the assessable income. The premium eligible for tax rebate is Rs25, 000 on health insurance for self and spouse and dependent children and an additional deduction for insurance of parents is available to the extent of Rs 25, 000 if the parents are less than 60 years of age. In case of parents being more than 60 years of age the deduction is Rs 50, 000. The deductions are available to person who pays the premium of health insurance for the family members irrespective of whether the members are dependent on him/her or not.
Super Senior citizens are citizens who are above 80 years of age. As the health risks increases with risk there are very few insurance providers who offer health insurance for super senior Citizens. Therefore a vast number of super senior citizens are not able to avail the tax benefits.
An amendment to the section 80 (D) in the Finance Act 2015 was introduced, the total deduction under the amendment allowed to the super senior citizen which included the premium payment and Medical Expenses is Rs 30, 000. The limit has been increased to Rs 50, 000 with effect from the financial year 2018-2019.
A new provision has been brought under Section 80(D) for health insurance for Preventive Health Check-Up. A deduction of Rs 5,000 has been allowed under the Section 80(D) for Preventive Health check-Up of the individual himself or that of his family members including his parents. This deduction applies from year assessment year 2013-2014 onwards. The expense can be claimed on an aggregate basis and not on individual basis. If a person pays for preventive health check up on himself and his wife and children and parents, the combined deduction he can avail of cannot be more than Rs 5,000.
Example: Mr. Akash is 63 years old. He has a medical insurance policy on his name, he pays a premium of Rs. 35,000 annually. He also pay premiums amounting to Rs. 27,000 for health insurance policy of his parents who are above 80 years of age. How much tax deduction can he get under section 80D?
Solution: Since he is a senior citizen (above 63 years), he can get a deduction of up to Rs. 30,000 only for paying premium amounting to Rs. 35,000 since the maximum deduction limit is Rs. 30,000.
His parents are super senior citizens and therefore he is eligible for a tax deduction of Rs 27,000 out of the maximum possible deduction of Rs. 30,000 since the premium he pays is only Rs. 27,000.
So, the total deduction that he can claim is (Rs. 30,000 + Rs. 27,000) that equals to Rs. 57,000.