Buy health insurance to cover medical emergencies and save on tax

Considering the unpredictable life scenario and increasing medical inflation, having a proper medical insurance policy is essential to manage the hefty treatment expenditure. The benefits of having medical insurance are manifold. Apart from providing extensive coverage, the health insurance policy also helps you with improved tax savings.

When you purchase a medical insurance policy, your daycare procedure, pre and post hospitalisation charges, health check-ups, vaccination costs, critical illnesses treatment charges, AYUSH treatment cost, organ donor charges and many more are covered. In addition to this, you can also go for cashless benefits from the partnered network of hospitals of your policy provider. If you want extra coverage, you can always opt for add-ons that will help you with covering certain specific conditions.

According to the government’s mandate, a medical insurance policy holder can avail of rich tax benefits under section 80D of the Income-tax Act of 1961. From the annual income tax payment, you can get a deduction considering the premium you pay.

If you have a family health insurance plan (below 60 years), then you can go for a deduction of Rs. 25,000 from the annual income tax amount you pay.
If your medical insurance policy includes people above the age of 60 years, then you can avail of the maximum discount of Rs.50,000 from the entirety of your annual tax payment.

By opting for a proper health insurance plan, you can get extensive medical coverage as well as save a lot of money through tax benefits. You can get your family medical insurance policy from Bajaj Allianz, India’s most reliable insurance provider. You can file your application online and get your health insurance within minutes without any hassles. Bajaj Allianz also has a Claim Settlement Ratio (CSR) of around 98%.

Additional Read:- Know about Benefits of Group Health Insurance for Employers and Employee

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