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What Are Tax Benefits Associated With Insurance

WHAT IS INSURANCE?

Insurance is a form of a hedge against the risk of uncertain loss or an emergency. The loss may or may not be in monetary terms, but later it should be truncated to monetary terms in some ways. It works like a barter of interests between insured and insurer. The insurer offers protection to the insured in good faith in the return of some amount which in return would be used for the insured’s safety. It started as a type of service which is provided for the sole benefit of the insured. But now it even involves monetary interest of insurers. As it is a part of personal safety measures, it is even deductible in taxes as a form of tax benefit.

WHAT IS TAX BENEFIT?

In simple words, the tax benefit is burden reduction on the taxpayer. A taxpayer has to contribute some percentage of their income to the government so that they can provide them with the required facilities in return. The tax benefit is like an allowance or says credit to the taxpayers to reduce their liability and instead invest the same amount in something beneficial.

TAX BENEFITS ASSOCIATED WITH INSURANCE

There are many insurance policies available for your safety, but only a few insurance policy premiums can be claimed under tax benefit. Among the main ones are life insurance and health insurance which can be claimed under the Income Tax Act 1961.

LIFE INSURANCE

In life insurance, the nominee of the insured is paid a certain sum of amount in case of an event of death, and if the insured survives till the policy period, then he is paid back the amount as per the type and conditions in the mentioned policy. One can claim the benefit under section 80c in case the policy is term insurance, money back, endowment, Unit Linked, and whole life insurance plan. The premiums can be claimed on insurance of self, spouse, children, parents or any other dependent member. Other tax benefits can be availed by claiming deduction under Section 80CCC and Section 10(10D). Under Section 80CCC, any amount paid towards the annuity plan of Life Insurance Corporation of India for a pension can be claimed. And under Section 10(10D), any amount received from insurance provider like on the death of insured or maturity of the policy.

HEALTH INSURANCE

Under health insurance, your medical and injury bills will be covered. One can claim tax benefits under Section 80D for the premiums paid for securing health insurance. You can claim for yourself as well as your entire family who is dependent on you.

  • You and (Spouse/Children) - Rs.25, 000
  • You and (Spouse/Children) + Parents - Rs.50, 000
  • You and (Spouse/Children) + Parents (senior citizens) - Rs.75, 000
  • You (senior citizen) and (Spouse/Children) + Parents (senior citizens) - Rs.1, 00,000

There is a condition that you cannot claim a tax benefit if you have paid premiums through cash. Only in case of health check-ups, you can claim deduction under section 80D for cash payments.