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In times when healthcare costs are staggeringly high, a health insurance policy works as a safety cover for a family’s savings. Having a health policy helps a family attain savings in more than one way. It also allows policyholders for tax benefits on the premium paid, as per Section 80D of Income Tax Act, 1961.
The government has been spearheading efforts to ensure people have access to good health coverage. The Arogya Sanjeevani Health Insurance Policy, which is a standard health insurance policy launched by the Insurance Regulatory and Development Authority of India (IRDAI) in April 2020, aims to provide a basic and affordable health cover for people.
The Arogya Sanjeevani Policy offers a host of benefits for the policyholders. Firstly, it comes with sum insured with Rs 5 Lakh which provides a basic financial cushion for a family’s medical needs. It includes various features such as:
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Indian citizens having taxable income are responsible for paying income tax to the Government of India. However, there are certain provisions that allow taxpayers to claim tax deductions. For instance, individuals and HUFs who pay the premium for their respective health insurance policy are eligible for tax deductions under Section 80D.
Tax deduction under section 80d is applicable in case of the following scenarios:
Consider the below table to understand the various deductions applicable:
|Premium Paid under Arogya Sanjeevani Policy||Scenarios||Total Deduction|
|For Self, Spouse and Dependent Children||All insured persons are below 60 years of age||Rs 25,000|
|For Self, Spouse, Dependent Children and Parents||Self, spouse, dependent children and parents all are below 60 years||Rs 25,000 + Rs 25,000 = Rs 50,000|
|For Self, Spouse, Dependent Children and Parents||Self, spouse and dependent children all are below 60 years. Parents are above 60 years of age||Rs 25,000 + Rs 50,000 = Rs 75,000|
|For Self, Spouse, Dependent Children and Parents||Spouse and dependent children are below 60 years. Self (assesse) and parents are above 60 years of age.||Rs 50,000 + Rs 50,000 = Rs 1,00,000|
>> Also read how to buy Arogya Sanjeevani Policy Online
Policyholders under Arogya Sanjeevani Policy must keep in mind the following points that will help them avail the tax benefits without any hassle.
**Disclaimer: Information above is just for reference. Kindly read T & C of policy thoroughly.
Do refer IRDAI guidelines for tax exemption conditions.
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