""
RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

Section 80D - Income Tax Deduction

down-arrow
Section 80D Income Tax Deductions
April 07, 2017
When it is tax saving season, everyone is usually running helter-skelter looking for the best tax saving plans that will also serve as investments that provide returns or either health or medical insurance. Section 80D of The Income Tax Act also enlists such avenues that can be availed for saving tax. Sadly, there are many misconceptions about the Income Tax Section 80D and many people think medical insurance is merely a direct tax saving tool.

In fact, owing to financial illiteracy, many people consider tax saving and tax evasion as one and the same. While evading taxes is a crime, saving income tax using the various tools that are available. These include a maximum deduction of Rs.25,000 per year on health insurance premium for self and family and a maximum deduction of Rs.30,000 per year if you are a senior citizen. For Parents, a maximum deduction of Rs.25,000 per year can be claimed on health insurance premium paid on behalf of parents and a section 80d limit of Rs.30,000 per year can be availed on premium payments for senior citizen parents.

Additional Deductions include a deduction of Rs. 5,000 can be claimed every year on expenses related to health check-ups. This limit includes the check-up expenses of all members in a family, including spouse, kids and parents.

There are also certain exemptions deduction under section 80d such as any sum that is received under a life insurance policy, including the sum allocated by way of bonus on traditional insurance policies are considered exempt from tax structure in India. However, this rule is not applicable to sum received under Section 80DD (3), or a sum received under a Keyman Insurance Policy, or any sum received other than as death benefit under an insurance policy which has been issued on or after April 1 2003 and if the premium payable in any of the years during the term of the policy does not exceed 20% of the sum assured.

A health insurance policy is a shield that protects you and your family from the financial loss at the time of hospitalization during a medical emergency. It’s a way to ensure that the insurer bears the treatment cost of the best medical assistance that is available. A health insurance policy offers the cashless facility to you at various leading hospital networks nationwide, that offer you cashless treatment.

It also includes ambulance charges incurred in case you come across an unfortunate event like a medical emergency are covered by your health insurance policy. A health insurance policy also provides coverage for certain pre-existing conditions and Pre and Post Hospitalization expenses that occur when you come across a medical emergency. A health insurance policy takes care of these expenses.

Investing in a health insurance policy for yourself and your family will safeguard you against unforeseen hospitalization expenses and also help reduce your taxable income to a great extent. With the rising medical costs and healthcare expenses, insuring yourself and your family is essential.

Related Articles

Calculate Income Tax

Show Full Article
Hide Full Article

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

Income Tax Saving Tips for Young Earners

Income Tax Saving Tips for Young Earners

Many young earners are unaware of the whole tax system & its working. Here is a list of income tax saving tips for young earners to help them save more!

What is Tax Declaration Form? - Process to File Income Tax Declaration

Tax Savings Strategies for Salary above Rs 30 lakh in India

Best Investment Options for Senior Citizens in India

Find the best Investment Options For Senior Citizens in India with HDFC Life. Uncover senior citizen investment options tailored for stability and growth.

Best Investment Options for Senior Citizens in India
Budget 2017 Saying thank you and I Love you - HDFC Life Previous
Understanding Expenditure Tax - Explained Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches