Save Tax with Health Insurance

It's common knowledge that buying health insurance helps you to save tax. Under Section 80D of the Income Tax Act 1961, you can get a maximum tax benefit of Rs.15000 on health insurance premium paid. The exemption limits are as follows:

• An individual can avail an annual deduction of Rs.15000 from taxable income for health insurance premium paid for self and dependants. 'Dependents,' in this case, refers to spouse and children.
• In the case of senior citizens (aged 60 years and above), the annual deduction from taxable income goes up to Rs.20000.

But here's a tidbit that might help you save more tax than you think:

• If you are paying the premium for your parents' health insurance, you can claim an additional tax benefit up to Rs.15000 under the provisions of Section 80D.
• If your parents are senior citizens (aged 60 years and above), the benefit goes up to Rs.20000.

However, there are a few conditions:

• You cannot claim tax benefit on health insurance premium paid for your in-laws.
• Proof of payment of premium has to be furnished, in order to avail the tax benefit.
• Except cash, any mode of payment is acceptable for claiming tax benefit.
• The health insurance premium must be paid from your taxable income of that year only if you want to claim a deduction. If you have paid the premium from your savings or from gifts of money received by you, then you will not be eligible to claim tax benefit under Section 80D.

The health insurance premium that you pay for yourself, your dependents (spouse and children) and your parents, are all considered for tax benefit under Section 80D of the Income Tax Act 1961.

*Tax benefits are subject to changes in tax laws.

Your-Health-Insurance-Claim-status-is-just-an-sms-away

At Bajaj Allianz, we are always working on new and better ways to make our customers’ lives easier! With this in view, we are happy to announce a new initiative – a unique facility whereby customers can avail information pertaining to claim status on a real time basis.

All it takes is an SMS!

Just type CSTATUS <space> ID Card NO and send it to 9773500500, to know the status of your health insurance claim at once!

How Can this Benefit You?

•    Quick claim status
•   Less time-consuming
•   Avoid mail communication
•   Avoid to call customer care and reply queue
•   Instant deliverability
•    24/7 claim status availability
•   Information accuracy

Looking for more reasons to buy Bajaj Allianz Health Insurance? Click here to learn about our products!

Here is what comes with your Bajaj Allianz car insurance.

In the event of irrecoverable loss of keys of your car, we will cover the cost of replacement of keys, subject to the specified sum insured for this cover.

If your car gets immobilized due to a flat battery, we will make alternative arrangements to make your car mobile again.

In case your car gets immobilized at the roadside, we will arrange for minor mechanical or electrical repairs, free towing of your car from the accident spot.

If you meet with an accident while traveling in your car, you are entitled to free legal advice over the phone from one of our legal advisors.

If your car breaks down or is involved in an accident within 100 km of your city, Bajaj Allianz car insurance provides transportation services to transfer the occupants of your car to a single destination within 50 km from the spot of immobilization.

In case of car accidents/breakdowns and repairs which take more than 12 hrs, Bajaj Allianz provides hotel accommodation for the occupants of your car for a maximum of two days and two nights.

Term Insurance is something that everyone need

Insurance is something that everyone will need at some point of their lives. This includes life insurance, motor insurance, health insurance, travel insurance, home insurance, etc. Here in this article, we highlight one of the simplest and cheapest forms of life insurance, known as Term Insurance.

Term insurance is the purest form of insurance. The policy will be in force for a particular term (say 30 years or up to the age of 75) and then comes to an end. During the time policy is in force, the insured pays a fixed premium to the insurance company at regular intervals. This is called premium, and if during this time if the insured dies, the insurance company pays a guaranteed amount of money, known as sum assured, to the family of the insured. In case the insured survives the period of insurance, the policy terminates and nothing is payable to the insured. 

All the premiums paid till date go to the insurance company. Hence term insurance products offer only risk cover without any returns or any maturity value. These policies are relatively much cheaper when compared to traditional insurance products and cater to the specific needs of an individual, i.e., to cover the risk of death. Term insurance is provided by almost all life insurers.

The right Medical Insurance plan

A right medical insurance plan is very much essential for all of us. Choose a right path for you . Before you go plan-hunting, there are some questions you need to ask yourself:

• Do I use many prescription medicines?
• How much preventive care do I want?
• Am I constantly exposed to hazards such as the possibility of an accident, exposure to toxins, a weak immune system, etc.?
• Am I at risk of any hereditary diseases?

Knowing the answer to these questions will help you recognise which slot you fall into, and what your insurance needs are. It’ll narrow down your search and give you an estimate of how much you should be spending – and what benefits you ought to get for your money.

Once you know your healthcare requirements, it’s time to go shopping. Even with the field narrowed down, it’s easy to lose sight of what you need. Here are some tips you should keep in mind to ensure that you aren’t buying the wrong plan:

 
First of all - Know how much the average cost of your healthcare should be. For example, it is generally accepted that a Rs.5 lakh cover is sufficient for a single adult.

The other points will be discussed in the next session  of The right Medical Insurance Plan.