Know the Tax Deduction Options on Arogya Sanjeevani Policy

In times like these when healthcare costs are consistently on the rise and diseases like COVID-19 have emerged as a global health crisis, it is important that we quickly review our health insurance plans. Having a comprehensive health insurance policy is beneficial in many ways. Not only does it promise a secured future, but also gives you major insurance tax benefits, especially under section 80D of the Income Tax Act, 1961.

One such health insurance plan is the Arogya Sanjeevani Health Insurance Policy. Designed by The Insurance Regulatory and Development Authority of India (IDRAI) in April 2020, this insurance plan also gives you an affordable and basic health cover.

The Arogya Sanjeevani policy gives you many benefits. First, it gives you a sum insured of approximately 5 lakhs which is an excellent financial cushion for all the medical needs you have. To understand more about this plan and the health insurance tax benefit options, read this post.

Features Of the Arogya Sanjeevani Policy

• Hospitalization covers are offered up to the sum insured
• AYUSH treatment offers up to the sum insured
• Offers pre-hospitalization on all medical expenses for 30 days
• Post-hospitalization medical expenses for 60 days
• Cataract treatments where you get at least 25% off your SI.
• Ambulance coverage
• Coverage for diseases previously existing
• Cumulative bonuses
• Renewability features
• Individual and family floater options
• Claim tax deductions under section 80D.

Tax Benefits You Can Avail Under Arogya Sanjeevani Policy

If you are thinking ‘Is health insurance tax-deductible?’. Now is the right time to answer it! Yes, Indian citizens who have taxable income are expected to pay taxes to the government. However, there are certain individuals who pay premiums from their respective policies in order to get the most medical insurance tax benefit under Section 80D.

Tax deductions falling under section 80D is only applicable in the following few scenarios:

• If you ever opt for the Arogya Sanjeevani Health insurance policy, you can expect coverage for your kids and spouse and be eligible for a health insurance tax exemption of up to 25,000. However, this is only applicable for people who are insured below the age of 60.
• If your spouse is above the age of 60, you can avail of a health insurance deduction in income tax of up to 50,000 on the premiums paid for your spouse, self, or even dependent children.
• If your parents are below the age of 60 and are covered within the same policy, you could also achieve a deduction of 25,000.
• If your parents are also senior citizens are also covered within your policy, you will also be eligible to get deductions of approximately 50,000 in the financial year. This will make your health insurance tax benefit 80d go up to 75,000.

If you want the best health insurance policy, you must take a look at Aditya Birla Health Insurance. They offer myriad benefits that will not only save your taxes but guarantee you a secured and healthy future in long run.