80 D Deduction on Unit Linked Medical Insurance
This query is : Resolved
20 March 2008
LICI has recently launched a new Medical Insurance Policy "Health Plus". Under this a part is allocated towards Health Insurance Premium and rest towards Invetments in Units - which is refundable to the policy holders. In earlier GIC Mediclaim policies where there was no Saving/Unit/Invstment portion, but some private insurance companies had.
I want to know that DEDUCTION U/S. 80D WOULD BE AVAILABLE ON THE ENTIRE SUBSCTRIPTION OR ONLY ON THE AMOUNT OF PREMIUM ALLOCATED TOWARDS INSURANCE??
I want to know that DEDUCTION U/S. 80D WOULD BE AVAILABLE ON THE ENTIRE SUBSCTRIPTION OR ONLY ON THE AMOUNT OF PREMIUM ALLOCATED TOWARDS INSURANCE??
20 March 2008
Dear Subodh, deuction u/s 80D can be availed only towards the amount of premium allocated towards insurance. I have gone through the policy, it is clearly mentioned in the policy itself.
CA Praveen Chopra
(Expert)
20 March 2008
Mr.Shailesh is correct
MBA(Fin)_Pranav
(Expert)
20 March 2008
The amount of Premium paid for Investment which you will get back after specied year will be treated as 80 C benefit and amount of premium paid for Medical coverage which will be not return the same will be treated as 80 D benefit.
Insurance company do mentioned the both amount on policy document.
Insurance company do mentioned the both amount on policy document.
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