According to the Income-tax Act, 1961 under section 80C, 80D, the government of India offers you to save tax for all the premiums paid for the health insurance for you and your family. You can invest up to INR 1.5 lakhs and reduce your taxable income. Buy Oriental Health Insurance and claim a deduction up to INR 1.5 lakhs for adults and Senior Citizen’s medical insurance premium. There are a certain terms and conditions applicable on the tax deduction declaration.
There are a few things to know before applying for tax deduction from the Oriental health Insurance plans online.
- Individual policyholders can claim a deduction for premiums paid for health insurance for self, spouse, children, and dependent parents.
- You can get a tax deduction of up to INR 25,000 rupees can be claimed for health insurance premium paid for self, spouse, and children under the age of 65. For members above the age of 65 years, tax deduction can be claimed for about INR 30,000 rupees.
- You can claim a Tax deduction up to INR 5,000 rupees for expenses incurred for a preventive health check-up for each year.
- There are no tax deductions for group insurance policies.
- GST paid on top of the Oriental health insurance policies cannot be claimed for tax deductions.
- The maximum tax exemption limit is INR 65,000 rupees.
- A disabled individual can claim a benefit up to INR 75,000 for adults and INR 1.25 lakhs for serious disability.
How to Save Tax in Health Insurance from Oriental Insurance?
How to exempt from tax using health insurance completely depend on the reason you are providing for the exemption. The exemptions related to health insurance are not one size fits all. Based on the number of policies you have taken to protect yourself and your family from sudden and unexpected medical expenses, you need to declare the premiums paid by each member of the family. Based on the age of the members, the tax exemption amount differs.
AT the end of each fiscal year, you will have to declare your insurances and the premiums paid for each insurance. You can declare up to INR 75,000 premiums from the total taxable income and avail the benefit of the insurance.
When you declare the premiums paid, you might also have to supplement the declaration with evidence in form of a photocopy. Just attach them and you will be given back the exempted money at the end of the fiscal year.
Tax Saving Benefits in Health Plans from Oriental Insurance
Oriental health insurance offers different insurance policies and they have different sum assured. Based on the premium paid each year, you can claim tax exemptions.
Oriental Insurance Individual Medi-claim – Sum assured for this policy is two lakhs. The premium paid can be used for tax exemption. The premiums paid can be differed based on the frequency you have chosen to pay the premiums.
Oriental Insurance Family Floaters Family – Sum assured is INR 1.5 lakhs. Premium paid for each family number is INR 240 to INR 7,970. The insurer can avail the tax benefits on the premium paid and get tax exemption.
Oriental bank media claim policy – Sum assured vary between INR 1 lakhs and INR 5 lakhs. The premiums paid is up to 10,000. The insurer can claim tax exemption on the premium paid every year and reduce his/her taxable income.
Oriental Insurance Jan arogya Yojana – Sum assured is INR 5 lakhs. Premium paid is very low and varies between INR 50 and INR 70. You can claim exemption on the premium paid each year.
Oriental Insurance Nagrik Suraksha Policy- Sum assured varies between INR 1 and INR 5 lakhs. Whatever premium paid based on the plan chosen can be claimed as a non-taxable income and the tax on the taxable income can be reduced.
Oriental Insurance Janata Personal Accident Policy: Sum assured is INR 25,000 through INR 5, 00,000. Based on the sum assured the premium payments also vary. Generally, it is INR 10,000 a year. You can use the premium payment, exclude the amount from the total taxable income, and enjoy the money saved from there.
There are several other policies, which offer tax exemption on the premium paid. Whatever may be the sum assured and premium paid, the tax exemption has a limit.
Since health is a very important factor in everyone’s life, it needs to be taken care of from day 1. You get all information about Oriental Health Plans on Coverfox.com. So, you need to weigh the pros and cons and then choose the plan which best suits your needs.