Medical Insurance premium gives tax exemption in section 80D

Medical Insurance Premium

Medical Insurance Premium

Medical Insurance Premium paid for self, spouse, Children and dependents parents is allowed as exemption. This exemption is available under section 80D of Income Tax Act.

Health insurance, popularly known as Mediclaim Policies, provides a deduction of upto Rs. 35,000.00

1) – Rs. 15,000.00 for premium payments towards policies on self, spouse and children.

2 (a) Rs. 15,000.00 for premium payment towards non-Senior citizen dependent parents or

2 (b) Rs. 20,000.00 for premium payment towards Senior citizen dependent.

This deduction is in addition to Rs. 1,00,000 savings under IT deductions clause 80C.

For consideration under a Senior citizen category, the person’s age should be 65 years during any part of the current fiscal, eg. for the fiscal year 2010-11, the person should already be 65 as on March 31, 2011),

Please note that Budget 2012 as changed the definition of senior citizen. Any person would be considered as senior citizen if he is 60 years old during the current financial year 2012-2013.

This deduction is also applicable to the payments made by either cheque or credit cards. So if payment is made by cash, this deduction would not be allowed.

Queries on Medical Insurance Premium
1. Can you please tell me the maximum amt of deduction u/s 80D for Individual – and for Family – Rohit Khurana , Noida

As per section 80D, you get benefit under Mediclaim policies

1. one for you and your family – Rs 15000
2. for your parents = Rs 15000

if person covered in 1 and 2 is 60 year old or more ( ie they are senior citizen) then 5000 additional deduction is available.

2. During the year i have paid one medical policy in cash and another by cheque. Would I get income tax benefot for the policy?                               Isha Ghai , Delhi
You will get Income tax deduction for policy for which you have paid by cheque.

3. In our organisation, a Senior person (62 years) is working. He have paid the mediclaim policy for Rs 25000 Lum Sum amount. In section 80D what will be the deduction limit in his case?                                           Renu Mishra
Medical deduction u/s section 80D to senior citizen (above 60 years) would be available upto Rs 20,000/-.

In Budget 2012 , changes have been made. All Tax Individuals who are more than 60 years old during the financial year 2012-2013, would be considered as senior citizen.

4. Can salaried persons take the benefit of medical allowance & medicalim policy (U/sec 80D) in same time?    

Shruti Bajaj, Indore
Yes, all salaried employee can claim both the benefits. Medical Allowance is allowed u/s sec 10 and Mediclaim allowance u/s 80D.

17 Responses to Medical Insurance premium gives tax exemption in section 80D

  1. Megha Sawant says:

    Hi, If proposer for the mediclaim policy is not the employee, his/her name is not reflecting in policy document anywhere then will he be able to claim this benefit?

    • Tax Dost says:

      In Group Mediclaim policy, employees names are not mentioned in policy. But you are eligible for medical cover under medical policy.

  2. Harish says:

    I have taken a mediclaim policy for my mother a senior citizen. But the proposer is my wife and my name is nowhere reflecting in the policy. Can I avail benefit under sec. 80D. My employer is refusing to accept this .

  3. I want to take my mother 80d benefits I pay premium for mediclaim
    can i take 80d benefits

  4. Dr Manik Gupta says:

    Can my wife take the benefit of IT exemption under 80 D for my father?

  5. Moneshwar says:

    Mediclaim due on 02/04/2013 and payment made on 31/03/2013 .can i take the benefit of section 80D for the F.Y 2013-14?which is not claimed in 2012-13

  6. deepchand v chhatlani says:

    I am a senior citizen (78 yrs old)
    my income is around rs 3,00,000 from pension , how much medical exemption is applicable for the current financial year 2013-14

  7. deepchand v chhatlani says:

    78 years old pensioner, total income of Rs 3,00,000/- how much medical relief is applicable please advice

  8. Dinesh says:

    I have taken a medical policy for my wife in FY2012-13 and paid the premuim of Rs 48000/- i have taken a tax exemption under section 80D of Rs 15000/-, further my question is can i take a tax exemption for this year also FY(2013-14) as per the same premuim.

  9. Hemanth says:

    I have taken a medical insurance for my grandmom who is 76 years old.
    I am the proposer of this policy and have paid 29,543 towards this insurance policy.
    Kindly let me know if I will be eligible for tax deduction.

  10. M K MODI says:

    Dear Sir
    I have take Medical Policy for my wife & policy on name of my wife only but premium paid by me within my taxable income so can i take benefit of 80D

  11. Avdhesh Rawat says:

    Hi,

    I am a salaried person and I want to take a mediclaim policy for my parents and payment to be made from my bank account thru cheque so can I take benefit of income tax u/c 80D but my father is also filing ITR.

  12. pradeesh says:

    I have a group insurance policy through my employer and it includes my parents also. the premium paid is Rs. 24000/- . How much I can claim under 80D

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