There is no matter what your occupation is or how sound your health is, health insurance is a basic necessity for all. Especially, when you have insurances such as Religare health insurance plan, it can cater to your every need. However, people often think twice because getting the insurance plan due to the imposition of tax on the insurance policies.
The benefits of having a valid Religare health insurance status have no bound as this is why majority of Indians contemplate on investing in this particular insurance policy. From providing cover against the injuries to paying for hospital charges, everything is covered under one umbrella. Moreover, the customers are provided with day-care check-ups, ambulance charges and doctor and nurse fees that can ease the pain for every patient.
Invest In Religare Health Insurance Plan Care in Financial Year
The Religare health insurance plan offers the right amount of financial protection regarding any accidents or injuries and can enable people to go cashless at the time of treatment. Acting as your saviour, Religare health insurance plan online can get you tax deductibles under Section 80D if you have been the insurance for yourself or for your family members. In addition to the context, a huge amount of money can be capped in the case of the Religare health insurance plan encouraging everyone to receive the health benefits.
Do You Get Tax Benefits?
You should know when you are purchasing Religare health insurance plan; you are opting for the tax benefits. The Income Tax Act avails the tax benefits for you where the tax deduction is enabled. As per the Religare health insurance secure plan, you can get hold of the tax deductibles, if you have been paying the insurance premium under the names of,
- Yourself
- Parents - it does not matter whether they are dependent on you
- Children who are dependent on you
- Your spouse
Save on Medical Bills
As per the Religare health insurance plan review, your own expenditure is exempted from the gross salary that is considered for taxes. You need to make huge savings from the medical expenses this year to make the best out of the tax-free coverage that you can get from Religare health insurance plan. You can enjoy tax deductible up to Rs. 15,000 in every year due to occurrence medical expenditure; however, in order to validate the status of tax deductibles, you will have to provide authentic medical proof and bills.
Health Check-ups and Tax Benefits
If you go for the check-ups of preventable diseases while getting service of Religare health insurance term plan, you can get tax deductibles up to Rs. 5,000. For an example, if you have paid Rs, 20,000 as the premium amount and Rs. 5,000 for the health check-ups, the deductible amount would be Rs. 25,000.
As per the Religare health insurance plans premium calculator, you can claim the advantages that you are supposed to get from the tax. However, as a senior citizen, if the amount went up to Rs. 31,000, you would not be liable for the tax deductibles as the maximum amount for the tax benefits is up to Rs. 30,000.
Is there Any Difference between Mediclaim and Medical Allowance?
When you are getting the Religare health insurance online, you need to understand that there is a thin line between medical allowance which is regulated by Section 10 and mediclaim which is regulated by Section 80D.
- The exemption amount in the Religare health insurance plan can be drawn from your gross salary. However, if you can provide medical proof, you can get the benefits of medical allowance. The medical reimbursement is included under Section A and ultimately regulated by Income Tax Act. Additionally, you can provide the medical bills to your employer.
- If your employer has Religare health insurance plans for you and you also pay for the premium through Religare health insurance online payment, you need to show allowance, medical reimbursement and conveyance charges as a matter of fact.
Save Money
With the Religare health insurance policy, you can dream bigger as the variation on the premium range can enable the tax deductibles for you.
- The premium for Rs. 25,000 - If you choose the Religare health insurance renewal, you can get different tax slabs including 5%, 25% and 30%. This means you can get capped at Rs. 128.75, 5150 and 7725 respectively.
- Premium of Rs. 55,000 - With the Religare health insurance plan, you again get three types of tax slabs including 30%, 20% and 5%. Hence, the capped price would be Rs. 16,995, Rs. 11,330 and Rs. 2832.5.
If you are still confused about the tax slabs or deductibles, consult with your insurance agent who can give you a free tour of how you can save money on the tax benefits in this financial year.
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