You are here: Home » PF » News » Tax
Business Standard

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

Business Standard 

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

If your health insurance is coming up for renewal, check with the if it will accept premiums for two years or more. Usually, when you pay for two-three years in advance, the offers a discount. But how do you claim a deduction on such multi-year policies? The 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 issues.

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

First Published: Thu, June 20 2019. 01:23 IST
RECOMMENDED FOR YOU