Income Tax Benefits for buying India Health Insurance

[IndianInsurance]

India Health Insurance - Income Tax Benefits for buying :

The government of India through the Income-Tax Act has exempt insurance premiums and maturity proceeds from income and other taxes.

Below are the relevant sections of the Income-Tax Act.

Section 80C :
Under this section, premium of up to Rs.1 Lakh can be claimed for tax deduction.

Section 10(10)D :
This section specifies that maturity and death benefits are tax-free.

Section 80DD :
Deduction of up to Rs.50,000 from gross total income in respect of medical treatment or premium paid towards a life insurance policy taken for the benefit of handicapped dependent.

[radhikasood]

Hello
Thanks for explaining the different income tax benefits that are available with health insurance policy in India. I am planning to buy medical insurance for me and my family. However, the only income tax benefit i am aware is under sec 80D of the IT act which is upto Rs 15000. However, there is no mention about the same. It would be great if you can elaborate on the same and other benefits of health insurance in India.