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Step by step guide to claim your tax under health insurance

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Two of the things that you want the most in life are good health and saving on expenses; thus, you avail health insurance to avoid medical expenses. However, did you know that you avail tax savings on health insurance? Below are few of the ways through which you can save your tax.

Ways to Claim Your Tax Benefits
Eligibility to claim tax savings in health insurance

You can claim tax savings in health insurance under Section 80D of the Income Tax Act, but the following points should be noted:

  • You must have a policy in your name or you must pay the premiums under the health insurance for your dependent children, parents or husband/wife.
  • Members of all the Hindu Undivided Family (HUF) members are considered
Documents Required to make your claim

Premium payment receipt and a copy of the policy showing the name of the family member, their age and their relation to you along with their Aadhar card or PAN card.

What plans or policies are included?

Tax savings on health insurance is applicable to all health insurance plans. You can avail income tax deduction for family floater plan or critical illness plans.

Claiming the tax savings in health insurance
  • Download the Income Tax Return form as per your income slab.
  • Upload it with your digital signatures
  • Within the time period mentioned the funds will be credited into your account by the insurance company post uploading the ITR form.
  • You can claim tax savings on health insurance only for the current financial year.
  • Tax deductions on the present can only be claimed.
  • Health insurance in India and medical claim plans both are applicable for tax deductions.
Benefits of Bharti AXA

Bharti AXA offers a wide range of health insurance plans that offer you a lot of benefits some of them are:

  • Hassle-free online processes for convenience
  • Shorter claim settling time
  • 24/7 customer service assistance

Bharti AXA Advantages

We've raised the bar in being your Health ideal insurance companion

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Disclaimer :The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice for Travel/Health/Motor. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.

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