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Tax Planning Series III – Health Insurance Saves Tax Too!


Health insurance plans, commonly known as mediclaim policies, are today one of the most popular policies for a good reason. Health insurance provides cover to your medical expenses if the insured (individual) is hospitalised for more than 24 hours. The expenses normally covered are cost of operation, nursing and doctors fees, diagnostic tests, room charges as well as pre and post hospitalisation expenses. Health insurance is normally a 1 year/2 year contract and needs to be renewed every time.

Individual Health Insurance: It covers the medical expenses (up to sum assured) incurred by individual if he is hospitalised. For eg: if an individual has a mediclaim policy of Rs 2 lakhs and he incurs hospital expenses of Rs 1 lakhs, the complete amount will be refunded by insurance company, up to maximum of Rs 2 lakhs.

Family Floater Policy: Family floater policies are designed where head of the family member takes the policy, and it includes spouse and dependent children as family members. The policies provide the flexibility to utilize the total sum assured by any/or all the members of the family during the year. The premium for family floater plans is typically less than that for separate insurance cover for each family member.

Critical Health Insurance: In this policy, the policy holder receives a lumpsum amount if he is diagnosed one of the critical illnesses (cancer, heart attack, etc) as mentioned in the policy. The amount is paid irrespective of the policy holder going for treatment or not.

To conclude, every individual should consider the situation holistically before buying any insurance policy. Instead of randomly selecting insurance policies, based on his agents or neighbour’s advice, one should understand the terms and condition of every policy and choose the one which suits his profile and need. And lastly, every individual should secure himself completely for both life and health before taking the next financial decision.

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Published on:18 Feb, 2013

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5 thoughts on “Tax Planning Series III – Health Insurance Saves Tax Too!

  1. Pingback: Health Insurance for Women | Bajaj Allianz

  2. Venugopal P K

    I wish to take a health insurance policy . Please advise what to do Sir..mediclaim…with Cashless faciity.. I am a retired person of 60 years.


    • CFU

      Dear Venugopal,

      Thanks for writing to us.

      Please provide us the updated contact details so that we can arrange the call back from our sales department.

      Thanks and Regards,
      Help and Support Team

    • CFU

      Dear Mushtaq,

      Thanks for writing to us.

      For new registration, you need to logon our website and register on customer portal on below given link:

      Kindly follow the below mentioned procedure for online registration-

      – Click on “New Registration” Link

      -“New Registration” form will be displayed.

      -Enter the fields following field and click on Validate
      1) Policy Number,
      2) Premium amount
      3) Date of Birth of Policy Holder

      -Kindly enter all other details

      -Please confirm if the address is correct? Y/N

      -If N, kindly enter the correct address and update the same.

      -Please enter all the details and submit the form.

      -Your User id and Password will be mailed within 24hours on your e-mail id registered with us.

      Note- Kindly enter the 10 digits policy number (Add 0 before policy number)

      eg. If you Policy Number is 123456789, kindly enter 0123456789

      Thanks and Regards,
      Help and Support Team

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