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Tax Saving with Health Insurance – Section 80D

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WITH the tax planning season on, are you considering of buying a health insurance policy to save tax and are confused about which policy to buy? In most cases, people compare the premium being charged and opt for the cheapest policy. However, since insurance companies revise the premium rates based on their loss ratios, this should be the last factor for deciding your health cover.

Consider the following key factors to choose a good product: Benefits being offered: Though you may mostly come across plain vanilla health insurance policies, there are several policies that offer maternity benefits, hospital cash on contracting a critical illness or in case of accident. Also, check on the discounts given for not claiming. Though many offer 5 per cent of your sum insured as a no-claim bonus, there are others who offer 10 per cent or more.

In case you are young, consider a cover that offers high discounts for not claiming and covers maternity expenses. Also, check number of day care procedures and critical illnesses covered in the policy.

Deductibles: Most health insurance products cap the room rent at 1 per cent of the sum insured per day, while a few policies pay a room rent that is 2 per cent of the sum insured per day. So, assuming you have chosen a sum insured of Rs 3,00,000, your insurer will pay you not more than Rs 3,000 as room rent charge per day.

If you stay in a small town, a cap of 1 per cent may be fine. But, if you stay in a metro, it is advisable to go for a policy that pays higher room rent charge or has no caps on room rent.

All top hospitals in Mumbai charge Rs 8000-10,000 for a single room. If you have chosen a Rs 5,00,000 policy, you will get only Rs 5,000 from your insurer and will have to shell out the remaining cost.

Also, many charges such as surgeon's fee, anaesthetist fee, consultant's fee, OT charges will be linked to the cap on room rent

How much of the sum insured can be enhanced?


Choose a health cover that allows you to enhance your sum insured to the maximum. Policies offered by some private insurers allow a person to increase his sum insured from 10 per cent to up to 50 per cent of his existing sum insured.

Renewability: With rising life expectancy, there is a high probability that you may outlive the age till which the policy can be renewed. Ensure that the cover has high renewability. Most public sector insurers allow policyholders to renew their cover till 70-75 years. Also, some standalone health insurers have introduced plans that offer lifetime renewability.

Time excesses for different diseases: Insurance companies do not cover certain diseases such as cataract, hernia, fistula, piles, fibroids in the initial years of the policy. Also, certain diseases are completely excluded from the policy. "A person should check the waiting period of the diseases that are hereditary.

Age for undergoing medical tests: Most insurers do not ask a prospective policyholder to undergo medical tests if he is below 45 years of age. The higher the exemption age, the better it is.

Network hospitals: One should also check if the hospitals close to his residence are there on the insurance company's list for providing cashless hospitalisation,".
 

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

 

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These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

 

Download Tax Saving Mutual Fund Application Forms from all AMCs

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These Application Forms can be used for buying regular mutual funds also

 

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. HDFC TaxSaver
  2. ICICI Prudential Tax Plan
  3. DSP BlackRock Tax Saver Fund
  4. Birla Sun Life Tax Relief '96
  5. Reliance Tax Saver (ELSS) Fund
  6. IDFC Tax Advantage (ELSS) Fund
  7. SBI Magnum Tax Gain Scheme 1993
  8. Sundaram Tax Saver

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