Health Insurance: An Investment not an Expense
The Corona Virus pandemic has certainly made us realize that Health is Wealth and nothing is greater than investing in your health. The government of India by virtue of section 80D of the Income Tax Act, 1961 encourages citizens to subscribe to medical insurances by providing tax deductions. This deduction can be claimed by an Individual for himself as well as for his children or parents who are dependent. The amount of deduction ranges from 25,000/- to Rs. 50,000/- based on the age factor of the person insured. Additionally, a claim of Rs. 5000/- can also be deducted for undergoing a preventive health checkup.