Everything you must know about tax benefits of medical and life insurance

The income tax laws provide a tax deduction under Section 80D of the premium paid towards a medical cover taken for oneself or family (spouse and children) upto Rs 25,000 from the individual's income

Medical emergencies too when they arise, do take a toll on us. Therefore, it is equally important that we medically insure, both ourselves and our near and dear ones. The government actively supports this by allowing you some tax breaks upon taking of such insurance covers - be it a life or a medical cover. 

Here are the benefits of life and medical covers and the conditions attached for claiming them.

Tax benefits of a life cover

A life insurance policy taken with any insurer public or private, approved by the Insurance Regulatory and Development Authority of India (IRDAI), insuring life