Tax Benefits?The annual premium amount paid for a health insurance policy can be deducted from the total taxable income under Section 80D of the Income tax act, 1961. This deduction is independent of the deduction available under Section 80C. For individuals younger than 65 years, the 80D deduction available is Rs 15,000/- for self, spouse and dependent children. Another deduction of Rs 15,000/- is available for the premium paid for one's parents. This amount increases to Rs 20,000/- if the parent is a senior citizen.
It must be noted that the tax deduction is not available for cash payments. The premium payments has to be made either by cheque or credit card to qualify for 80D deduction.
Portability?Portability is a facility which allows health insurance policy holders to transfer their insurance coverage from one insurance company to another without losing any benefits that customers have accumulated with the first company.
Insurance customers can compare the details of coverage for maternity benefits offered under Indian mediclaim insurance. The below details of maternity coverage can help customers quickly understand the plan coverage and make an informed choice. There are only few insurance companies who offer exclusive health insurance coverage for maternity in India. Choose a plan as per your health insurance requirements and buy.
*No Sublimits: A limit for a subset of items that are collectively subject to a larger limit. For example, a limit on insurance claims for a specific item despite the fact that the overall policy has a higher limit.
**Sum Insured: Means the sum shown in the Schedule which represents Our maximum liability for each Insured Person for any and all benefits claimed for during each Policy year, and in relation to a Family Floater represents Our maximum liability for any and all claims made by You and all of Your Dependents during each Policy Year.