Insurance Planning: Part 3
In last
two parts of insurance planning we have discussed about life insurance. Today
we will discuss about non life insurance. In our country, health insurance falls
in non life insurance category.
Medical
treatment is getting very costlier in these days. Hospitalization of any family
member make a big hole in your pocket and your financial balance become in bad
shape. None knows when it comes. It may be happen anytime without informing you
and you will never know it prior. Health insurance is very critical and
essential part of any individuals. No one should ignore it. In our country it
is getting popular and demands are growing from last couple of year.
These
policies not only cover hospitalization but also the expenses incurred before
the admitting in hospital. There are many private companies like Max Bupa, Apolo
Munich, ICICI Lombard, Religare Healthcare provide excellent coverage and
services. Some of these companies provide free health check up if you do not
get admitted in hospital during the policy cover period.
In tax
saving point of view, one can claim deduction under section 80D for paying
premium up to Rs 15,000 for self, spouse and dependent children. For senior
citizens the claim deduction limit available up to Rs 20,000.
In
addition to above mentioned limit, one can claim additional claim tax deduction
of Rs 20,000 if one pay premium for parents if parents are senior citizen and
if not senior citizen then additional limit is up to Rs 15,000. Therefore, one
can claim maximum tax deduction up to RS 40,000 under section 80D.
It is very
vast subject so please check all inclusion and exclusion of deceases and check
the hospital list under TPA.
If you want more information
regarding investment or you have any other query about investment feel free to
ask us.
Warm regards,
Arvind Trivedi
Certified
Financial Planner
No comments:
Post a Comment