Health Insurance: After the arrival of Corona epidemic, both the attitude of people and their mindset towards health insurance has changed. Cashless benefits are available in most medical insurance. Since the medical expenses have increased a lot, it is very important to take health insurance to protect yourself and your family. By purchasing this policy, you get double benefit. First your medical cost is reduced and secondly it helps in saving tax. If you have enough coverage then you can live your life with confidence.
Buy Critical Illness Cover Separately
Anil Chopra, Group Director, Financial Wellbeing, Bajaj Capital said that there is also a Critical Care Insurance Policy in case someone is suffering from a critical illness. Critical illnesses are covered in a critical illness plan. Its scope includes cancer, heart attack, kidney disease etc. He says that take a critical illness plan separately. It has a critical illness rider and a standalone policy. Critical illness rider covers limited diseases. Whereas, the standalone policy is a comprehensive plan. In this, a lump sum amount is available on the diagnosis of illness.
For whom is critical illness cover more important?
Anil Chopra said that due to the way critical diseases are increasing in today’s date, it has become necessary to take this plan separately. If there is a single earner in the house then this plan is very important. If there is a serious disease in the family history, then take it in any case. If your lifestyle is not good and you live in metro city then definitely buy this plan. There is a waiting period of 90 days for this policy.
Exemption is available under section 80D
The benefit of deduction under section 80D is available on purchase of health insurance policy. You will get the benefit of deduction under section 80D on the premium on purchase of health insurance for self, spouse, child and parent. It is necessary to make premium payment in cash. Deduction is also available on preventive healthcare checkup up to Rs.5000. If the age of the parent is more than 60 years, then the medical expenditure incurred on them also gets the benefit of deduction.
Up to 1 lakh discount on buying a medical policy
On purchasing a medical policy for Self, Spouse and Dependent Children, one gets the benefit of deduction up to Rs 25,000 under section 80D. A separate benefit of 25 thousand is available for parents. In this way, the total exemption becomes 50 thousand rupees. If the parents are senior citizens, then this exemption becomes 50 thousand rupees. In this way, the amount of exemption becomes 75 thousand rupees. If the self and spouse are more than 60 years, then there is a discount of 50-50 thousand on the premium of both the policies. In this way, the total amount of exemption becomes Rs 1 lakh.
