Health Insurance Policy can provide you income tax benefits - here's how

With the growing cost of treatment these days, health insurance policy has become an essential requirement to mitigate monetary requirements during any medical emergency.

Many companies in India provide their employees with medical health policy. The health insurance policies provided by the employers do help staff in case there is an accident, disease, or any health issues.

The Health insurance policy provided by a company also covers the spouse and children and even parents as dependents. 

However, one must remember that the health insurance policy provided by the employer remains valid till the employee is employed in that company. After leaving the company it becomes null and void.

Hence, it is recommended that the salaried class must buy a health insurance policy to avoid any untoward situation. 

The salaried class can pay premiums for the health insurance policy monthly, quarterly, half-yearly, and annually. An individual can pick the tenure of the payment.

The salaried class can enjoy income tax benefits on Medical Health Insurance Policy under Section 80D of the Income Tax Act.

A person can claim an income tax deduction of up to Rs 25,000 for medical insurance premium for self, spouse, and dependent children.

The salaried class can avail an additional deduction for insurance of parents up to Rs 25,000 if they are not senior citizens.