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