Business Standard

Tuesday, December 24, 2024 | 10:32 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

Tipping Point: How can you claim tax benefit on a multi-year health policy?

The tax department allows deduction under Section 80D over multiple years

After the acquisition, Apollo Munich Health Insurance will be merged with the non-life insurance arm of HDFC Ergo
Premium

Representative image

Business Standard
If your health insurance is coming up for renewal, check with the insurer if it will accept premiums for two years or more. Usually, when you pay for two-three years in advance, the insurer offers a discount. But how do you claim a tax deduction on such multi-year policies? The tax department allows deduction under Section 80D over multiple years. If you pay premiums for two years, you can claim 50 per cent deduction each year spread over two financial years. Usually, the deduction availble is mentioned in the certificate that the insurer issues.
 


What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in