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Author: My Insurance master
Date: Dec 30, 2009 - 2:03:38 AM

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Health insurance, healthier set benefits
On your upbeat shelter Read here to intend guan on tax.
 When the Finance ministry released the itemize of items that made you an income set assessed, it wasn't as if the itemize comprised only bungalows or fancy cars; it had mundane items such as cell phones, credit cards, digit wheelers, and such like. The termination more and more people under the set net. You could nearly see the Fin Min rubbing his hands together in glee at the sticking increase in set loot.
So what do you do now? There is no way of sidestepping tax. Therefore, embrace tax-saving instruments that will give you peak benefit by reducing your set burden.
One such tax-saving helper is upbeat insurance, where this budget (2008-09) has made set benefits more inclusive.
Only, you requirement to intend a lowercase smarter to intend the benefit. Let’s see how.
You are probably aware that the premium you pay on upbeat shelter policy is set deductible under Section 80 (D) of the Income Tax Act 1961.
Until budget '08 came around, there was a Rs. 15000 cap on upbeat shelter deductibles for individuals. This cap included the premium paying on upbeat shelter for the individual, his/her spouse, dependent children, AND the individual's parents.
Budget '08 has come up with a very good distinction that increases your set exemption while giving meliorate news for your family and parents. Here's the relevant revised section of the Income Tax Act, 1961:
While computing the amount income of an assesses, being an individual there shall be a reduction of sum specified in sub-section (2), clause (a) and (b) of Section 80 (D).
Sub-section (2): Where assesses is an individual the sum deducted from his/her dutiable income shall be the aggregate of the following:
•    The whole amount paying to gist or to keep in force an shelter on the upbeat of assesses or his family (here family means spouse and dependent children of assesses) but not exceeding Rs. 15000.
•    The whole amount paying to gist or to keep in force shelter on the upbeat of parent or parents of assesses but not exceeding Rs. 15000 in aggregate.

What all this means is you can today intend spend a set exempt Rs. 15000 towards your family's upbeat PLUS another Rs. 15000 towards the upbeat shelter of meet your parents. Therefore, effectively, you are eligible for Rs. 30000 - double the reduction from previous years.
Here is another nugget of information that you probably weren't aware of: You can also deduct premium paying towards a grave illness rider on your life shelter policy under Section 80 (D).
Remember, deductions under Section 80 (D) are over and above the deductions under Section 80(C) of Rs. 1 lacks.  
So, it is not meet that you are providing adequate upbeat cover for your family as well as you’re old parents; you are saving on set paying too. Which, let's grappling it, is always a good thing, some the Income Tax department might have to say otherwise.
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