What Are Tax Benefits Associated With Insurance | Bharti AXA GI

[object Object]
[object Object]
Car Insurance

Car Insurance

Two-wheeler Insurance

Two-wheeler Insurance

Health Insurance

Health Insurance

Travel Insurance

Travel Insurance

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 Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. ICICI Lombard General Insurance (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.

Products

Car Insurance

Two-Wheeler Insurance

Travel Insurance

Health Insurance

Corona Kavach Policy

Motor Third Party Liability

Commercial Vehicle

Commercial Lines Insurance

SME Package

Home Insurance

Pradhan Mantri Fasal Bima Yojana(PMFBY)

Arogya Sanjeevani

List of products

List of withdrawn Products

Car Insurance

Comprehensive Car Insurance

New Car Insurance Policy

IDV in Car insurance

No Claim Bonus in Car Insurance

Bumper to Bumper Car Insurance

Bike Insurance

Comprehensive Two Wheeler Insurance

IDV in Bike Insurance

No Claim Bonus in Bike Insurance

Bike Insurance Quote

Travel Insurance

Travel Insurance Coverage

Benefits of Travel Insurance

Travel Health Insurance

Travel Insurance Quote

Health Insurance

Cashless Health Insurance

Knowledge Centre

Blog

Infographics

Videos

Travel Guide

Visa Guide

Road Trip

Insurance Glossary

Health & Fitness Guide

Food & Cuisine Guide

RTO Guide

Driving License Guide

Car Manufacturer

Two-Wheeler Manufacturer

Travel Destination

Others

About Us

Careers

Contact Us

Cashless Garages

Cashless Hospitals

Health and Wellness

Branch Locator

Grievances

Investor Relation Information

NACH Mandate

Resources

Public Disclosure

Knowledge Centre

Download Center

Media Center

Consumer Education

Electronic Insurance Account

Update IRCTC Nominee

Unclaimed Amount

Sitemap

Notice Of General Meetings

General Meetings Transcript

Scheme of Arrangement

Suspended Agents

Whistleblower policy

Become A Partner

Archives

Service Parameters

Legal

Privacy Policy

Terms of Use

Insurance Ombudsman

Car Insurance

ICICI Lombard General Insurance (Bharti AXA General Insurance*) provides a comprehensive cover for your car,so you can drive hassle-free.

Two Wheeler Insurance

Ride worry-free, with ICICI Lombard General Insurance (Bharti AXA General Insurance*) two wheeler insurance plan. 

Health Insurance

Safeguard the health of your loved ones with a wide range of ICICI Lombard General Insurance (Bharti AXA General Insurance*) health insurance plans.

Other Health Insurance

Safeguard the health of your loved ones with a wide range of ICICI Lombard General Insurance (Bharti AXA General Insurance*) health insurance plans

Travel Insurance

Secure your joyous family trips with ICICI Lombard General Insurance (Bharti AXA General Insurance*) international travel insurance cover.

Home Insurance

Home Insurance

SME Package Insurance

SME Package Insurance

Commercial Lines Insurance

Commercial Lines Insurance

Commercial Vehicles Insurance

Commercial Vehicles Insurance

Motor Third Party Insurance - Commercial

Motor Third Party Insurance - Commercial

Crop Insurance

Crop Insurance

Car Insurance

Renew your ICICI Lombard General Insurance (Bharti AXA General Insurance*) car insurance to enjoy your non-stop drive.

Two Wheeler Insurance

Renew your ICICI Lombard General Insurance (Bharti AXA General Insurance*) Two Wheeler Insurance to continue your worry-free rides.

Health Insurance

Renew your ICICI Lombard General Insurance (Bharti AXA General Insurance*) Health Insurance and continue to safeguard the health of your loved ones.

Register Claim

BLOGS

About us

Branch Locator

Cashless Garages

Cashless Hospitals

Health and Wellness

Health and Wellness

Careers

Contact Us

Become A Partner

Become A Partner
Explore Our Products
PRESENCE ACROSS MANY COUNTRIES
COVERS ALL TRAVELS RELATED DISASTERS
FLEXIBLE PLANS FOR YOUR NEEDS
24/7 ASSISTANCE WORLDWIDE
Most Recent Blogs
blogs

HealthInsurance

Things that are Not Covered under Health Insurance

18th Jul,2020

blogs

TwoWheelerInsurance

List Of Non-Gear Bikes You Could Buy On A Friendly Budgeta

13th Jul,2020

blogs

CarInsurance

Here Is A List Of Documents You Have To Keep In Your Car At All Times

07th Jul,2020

blogs

TravelInsurance

Are Adventure Activities Covered in your Travel Insurance Plan?

09th Jun,2020

null

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.