Section 80D Benefit for Mediclaim, Health Insurance

In Continuation of my last topic on Medical Insurance, I would also like to highlight the Income Tax Benefits associated by keeping yourself insured. Yes, the Income Tax allows benefits under the section 80D of the Income Tax Act 1961(Of course this keeps updating as when the amendments are approved). This benefit is over and above the benefits provided under the Section 80C(Which is where we park all other insurances and PF benefits etc).

So What is 80D?
The Burden of buying an Insurance Policy i.e. paying the premium of the insurance policy can be saved and filed under Section 80D for deduction related to buying the Mediclaim policy. The Benefit further extends to your parents as well, hence apart from your own insurance, if you take insurance for your parents, the premium paid in this respect is also claimable as a deduction.

What Are the various Benefits available under the section 80D?
  • For Individuals below 60 Years it is 15000 INR
  • For Individuals above 60 Years it is 20000 INR
  • In addition to the above you can also claim benefit for your parents 
    • For Parents Below 60 Years the benefit is 15000 INR
    • For Parents Above 60 Years the benefit is 20000 INR 
For Example - if you are below 60 Years of age and your parents above 60 Years of age, your total benefit in lieu of the premium paid is 35000 INR(within the above mentioned limts) i.e 15000 INR for yourself, your spouse and your children and 20000 INR for your Parents.

Any Additional Benefits?
Apart from the above, a deduction of 5000 INR is allowed for payment of Preventive Health Check up for yourself, your dependents like spouse, children and Parents. Now this benefit is not over and above the benefit listed above but is included in the above deduction. 

For Example - If you are paying premium for yourself 10000 INR and for your parents above 60 Years of age 20000 INR, you can claim an additional deduction of 5000 INR for any Preventive Health Check up done during the year for yourself or your parents that your paid for but the total should not exceed the total of 35000 INR (As in the above example). The deduction is not per person but in Total for all.




of either the individual himself or his family members which includes spouse, parents and dependent children. - See more at: http://taxguru.in/income-tax/section-80d-deduction-premium-paid-medical-insurance.html#sthash.fJ1IjxMf.dpuf
of either the individual himself or his family members which includes spouse, parents and dependent children. - See more at: http://taxguru.in/income-tax/section-80d-deduction-premium-paid-medical-insurance.html#sthash.fJ1IjxMf.dpuf
of either the individual himself or his family members which includes spouse, parents and dependent children. - See more at: http://taxguru.in/income-tax/section-80d-deduction-premium-paid-medical-insurance.html#sthash.fJ1IjxMf.dpuf
of either the individual himself or his family members which includes spouse, parents and dependent children. - See more at: http://taxguru.in/income-tax/section-80d-deduction-premium-paid-medical-insurance.html#sthash.fJ1IjxMf.dpuf
of either the individual himself or his family members which includes spouse, parents and dependent children. - See more at: http://taxguru.in/income-tax/section-80d-deduction-premium-paid-medical-insurance.html#sthash.fJ1IjxMf.dpuf
of either the individual himself or his family members which includes spouse, parents and dependent children. - See more at: http://taxguru.in/income-tax/section-80d-deduction-premium-paid-medical-insurance.html#sthash.fJ1IjxMf.dpuf
of either the individual himself or his family members which includes spouse, parents and dependent children. - See more at: http://taxguru.in/income-tax/section-80d-deduction-premium-paid-medical-insurance.html#sthash.fJ1IjxMf.dpuf
of either the individual himself or his family members which includes spouse, parents and dependent children. - See more at: http://taxguru.in/income-tax/section-80d-deduction-premium-paid-medical-insurance.html#sthash.fJ1IjxMf.dpuf

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