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| Income tax benefit for those who buy health insurance |
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| We can divide this into 3 parts; |
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| 1. When you buy the policy for your family-
If you are buying the policy for your family; maximum amount can be Rs 15000 under clause 80 D. This is the highest amount which you can cover under the limit of Rs 1.00 lakh.
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| 2.When you pay for health insurance of your parents who are below 65 years; Maximum amount can be Rs 15000. This amount is over and above the limit given to you under 80D. |
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| 3. When you pay for health insurance of your parents who are above 65 years; Maximum amount can be Rs 20000. This amount is over and above the limit given to you under 80D |
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| It means that if you are getting the policy for your family as well as your parents who are above 65 years then you are getting rebate on Rs 35000. |
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| If you are in higher tax bracket then this can be 30% of Rs 35000 .It means nearly Rs 12000 is being paid by the Government. |
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