2019 Top 10 Health Insurance Policies with Tax Benefits
Published On Apr 15, 2019 5:30 AM By Prashant Srivastava
Health insurance provides you with a distinct advantage of tax benefits.
The premium you pay against your health insurance is tax-deductible under section 80D of the Income Tax Act, 1961.
The Income Tax law states that any individual or Hindu Undivided Family (HUF) enjoys the privilege of saving tax. They can claim a deduction for premiums paid on their health insurance policy.
So, adding a health insurance product to your investment portfolio is a good move. It’s not just helpful for availing tax benefits, but also securing you and your family from various lifestyle diseases as well as the inflating prices of healthcare.
Given that we have sorted out the top 10 health policies that can let you stay healthy and enjoy tax benefits.
1. Easy Health Plan
The Easy Health Plan is a popular health insurance policy of Apollo Munich. It provides a combination of tax benefits and coverage against unplanned medical expenses. It also provides optional add-on coverage for listed critical illnesses. The Easy Health Plan has 3 variants: Standard, Exclusive, and Premium. All three packages come with a lot of common benefits and coverage. But, the extents vary for both the individual and family plans.
Key features of the plan:
- Sum Insured starts from 2 lakh
- In-patient hospitalisation covered
- Pre and post hospitalisation coverage
- All daycare procedures covered
- Expenses of domiciliary treatment covered
- Coverage for organ donor
- Emergency ambulance up to Rs.2000 per hospitalisation
- Daily cash for choosing shared accommodation
2. Complete Health Insurance Plan
ICICI Lombard Complete Health Insurance Plan is a comprehensive policy. It protects you and your family against expenses incurred in hospitalisation and lets you reap tax benefits.
Key highlights of the plan:
- In-patient coverage
- Day Care expenses
- Cover for 30 days prior and 60 days post hospitalization
- Lifetime renewal facility,
- An option to reset your sum insured up to 100%
- Cover for alternative therapies with AYUSH
- Tax deduction benefits on the premium paid for yourself, spouse and dependent children
- Add-on cover for Outpatient Treatment, Wellness and Preventive Healthcare and Maternity Benefit
3. Health Companion
The Health Companion policy from Max Bupa is a comprehensive health insurance product, designed for both individuals and small families. This is an affordable plan, which helps you save tax and secure your family from unwanted medical conditions.
Key benefits of the plan include
- In-patient care/treatment
- Hospital accommodation
- All daycare treatments
- Refill benefits, alternative treatments
- Tax benefits
- Renewal benefit
- 30 days and 60 days pre & post-hospitalisation expenses
- No limit on room rent
- 2-year policy tenure option
- Organ transplant, tax benefits, etc.
4. Janata Mediclaim Policy
Janata Mediclaim Policy is one of the health insurance products of New India Assurance. Apart from allowing the tax benefits, this policy provides protection at pocket-friendly rates. The premium starts from Rs. 750, which is based on the age of the policyholder.
Key features of the policy are:
- Hospitalisation expenses cover
- Pre- and post-hospitalisation expenses (30-60 days respectively)
- Day-care treatments/surgeries
- Ambulance charges cover
- Ayurvedic/Homeopathic/Unani treatments
- Income tax benefits under Section 80D
- Discounts and bonuses, like a loyalty discount, family cover discount, good health discount, cumulative bonus, etc.
5. Family Health Optima
Star Family Health Optima is a super saver plan, covering the entire family members under one sum insured as well as helping you save income tax. Loaded with many benefits, the policy provides comprehensive insurance coverage to all.
Key benefits of the policy:
- In-patient hospitalisation
- Cover for domiciliary treatment
- 400+ day-care procedures
- Air ambulance cover
- Donor expenses for organ transplantation
- Newborn baby coverage
- Cashless pre-medical test, and so on.
- Income tax benefits of the Income Tax Act, 1961
- Pre & post hospitalization (60 and 90 days)
- Recharge benefits, portability, etc.
6. Smart Health Insurance Policy
Bharti AXA Smart Health Insurance Policy is a popular insurance product. It offers fast cashless coverage at 4500+ hospitals, pre & post hospitalization cover and tax benefits u/s 80D. Also, the plan covers day-care treatments, domiciliary expenses, AYUSH treatments, etc.
Key benefits of the policy:
- Cover against hospitalisation expenses
- Inbuilt critical illness cover
- Coverage up to Rs. 5 Lakh
- Dread disease, recuperation benefit in case of a critical illness.
- Pre- and post-hospitalisation expenses
- Renewal discount of 5% up to 25% on no claims made
- Room rent as per the policy wordings
7. Happy Family Floater Policy
Happy Family Floater Policy from Oriental Insurance is another insurance policy you can buy to reap tax benefits and fight against a medical emergency. Available in three plans Silver, Gold, and Diamond, this floater policy implies a single Sum Insured for the entire family living in India. The family may include self, dependent children, spouse, parents, and parents-in-law.
Salient features of the policy
- Maternity expenses cover
- Increase in daycare procedures
- Life hardship survival benefit under all plans*
- Second opinion reimbursement
- Restoration of sum insured*
- The extension (on request) to SAARC countries without any additional premium.
- Optional personal accident cover*
- Free look period
- If TPA services are not preferred, the opportunity to get additional 5% discount on the premium
8. iCan Cancer Plan
iCan Cancer Insurance Policy by Apollo Munich is a new addition to its health insurance products. As the name suggests, it’s a cancer-specific plan available at a pocket-friendly premium. Offering wide coverage, the plan delivers two Lump Sum Payouts, up to 160% of the sum insured, over and above lifelong treatment cover, etc.
Key highlights of the plan
- Pre-Post hospitalization (30 & 60 days)
- Follow up care post-treatment
- CritiCare benefit
- Cashless cancer treatment
- Conventional and advanced treatments
- Family care benefit
- All Types of cancers covered
- Emergency ambulance care
- Income tax benefits
9. ProHealth Insurance - Plus Plan
ProHealth Plus Plan is a valuable insurance product designed by ManipalCigna. This is the right policy for the future. The plan offers up to Rs. 15,000 for normal delivery and Rs. 25,000 for a C-section per event. This is a plan that brings protection and savings together.
Key benefits of the policy
- Cover for in-patient hospitalization
- Pre and post hospitalisation coverage
- Newly born baby expenses cover
- Coverage for first-year vaccinations
- Extended pre and post-hospitalisation benefit
- Income tax benefits under 80D
- Over for normal and Caesarean deliveries
- Additional protection with unlimited restoration
- Worldwide emergency cover
10. Family Plus Plan
Family Plus is a comprehensive Family Floater Plan of Royal Sundaram. Specially designed for a large family, this insurance policy covers up to 19 relationships and offers maternity coverage as well. The uniqueness of the product is that it offers the individual sum insured to each member.
Salient features of the plan
- No capping on room rent
- Tax benefit under section 80D of Income Tax
- Coverage for 19 Different Relations in Same Policy
- Maternity Benefit with Nutritional Allowance Benefit
- Maternity cover for up to 2 deliveries (INR 50,000)
- Base sum insured doubles in 5-claim free years
- 20% of Base Sum Insured up to a max of 100%
- New Born Baby Cover based on the Sum Insured of the mother
- Cover for vaccinations till the next policy anniversary
These are the top 10 health insurance policies you can buy in India to save tax. All these insurance products can financially safeguard you from unforeseen medical emergencies. For detailed information about the best health insurance plans, give a call to our toll-free number. Our insurance experts are ready to assist you.