The cost of healthcare and life insurance in India continues to rise, making it crucial to select an appropriate plan while still obtaining adequate coverage. In this article, let’s explore the best health insurance and life insurance plans in India, so you can make the most of your insurance investments.
Health insurance is a very important and well-thought investment for you and every family in India. A health insurance policy can provide financial security in case of illness or injury and peace of mind during an emergency along with tax benefits.
To select the best health insurance in India, consider the following:
Health insurance also offers potential tax savings in India. Individuals can claim a tax deduction of up to Rs. 25,000 for the premium paid towards their health insurance policy under section 80D of the Indian Income Tax Act. Senior citizens can claim a tax deduction of up to Rs. 50,000 for their health insurance premium.
Life insurance is a critical investment for securing one’s financial future and providing for loved ones even in the event of death. In India, there are two main types of life insurance policies: term insurance and variations of endowment policies.
Life insurance also offers tax savings opportunities in India. Premiums paid towards life insurance policies are eligible for tax deductions under section 80C of the Indian Income Tax Act, up to a maximum of Rs. 1.5 lakhs. Additionally, the death benefit received from a life insurance policy is tax-free under section 10(10D) of the Income Tax Act.
In addition to tax savings, there are other ways to save money on insurance premiums. Opting for a higher deductible can lower premium costs.
In conclusion, life insurance and health insurance are essential investments for securing one's financial future in India. By taking advantage of the tax savings opportunities and exploring insurance savings options, you can ensure they are fully protected.