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Are Health Insurance Premiums Paid Through All Modes Eligible for Tax Deduction Under Section 80d

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WHAT IS HEALTH INSURANCE?

Health insurance is your saviour in the times of an emergency. In this, all your medical expenses will be covered if you suffer through disease, surgery or any injuries where you need medical treatment from the hospital. A premium is paid in return of these facilities which you can claim for deductions under section 80D of The Income Tax Act, 1961 to avail some tax benefits.

WHAT IS SECTION 80D?

Section 80D allows you to claim a tax deduction from the taxable income paid to the government from your total income earned from different sources. Under this, you can claim deductions for the premium paid on you, your family’s as well as your parent’s health insurance plans.

DEDUCTIONS UNDER SECTION 80D

You can avail benefits for your family members as well as yourself by claiming tax deductions under Section 80D under following conditions:

  • In case you are into working sector then you can also avail the health policy from your employer and can claim deductions for the payment of premium for yourself as well as family members.
  • You can claim deductions in case you are paying premiums for your dependent parents.
  • You can claim a deduction in case you have opted insurance for your dependent children, but they should be below 18 years and with no income source. In the case of a dependent daughter, she can avail the benefit until she is unmarried whereas dependent son can avail benefit till the age of 25 years.
  • In case you have dependent siblings, cousins or in-laws, you can take the insurance for them, but the premiums cannot be claimed for deductions.
  • In case you have dependent parents who have crossed the age of 80 and have no medical insurance, then you can take insurance as well as a claim for deductions under this policy.

MODES OF PAYMENT

You can pay premiums through any modes of payment.

  • Cash
  • Credit card
  • Debit card
  • Net banking
  • Any E-wallets

CONDITION FOR DEDUCTION:

You can pay your insurance premium through any modes of payments, but in case you are willing to claim deductions under section 80D then you can avail benefit only if you have made the payment through online mediums other than cash mode.

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