If mediclaim purchase for 3 year, then how many year we can claim

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If you've purchased a mediclaim policy valid for three years, you can generally claim for subsequent years even if you didn't make a claim in the first year. The tax deduction under Section 80D, which is capped at £25,000 per year, can be claimed proportionally for each year of the policy term. This applies even if the premium was paid as a lump sum for multiple years, allowing you to claim for the relevant financial years within the policy's validity.

Aryan

Aryan (Querist)
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11 January 2023 Dear Expert,

We would like to know that one of our employee had purchased Mediclaim valid for 3 years in FY 2021-2022.

Now our question is that if she has not claimed in the financial year 2021-2022, can she claim it in the financial year 2022-2023 or not?

If yes, then our next question is, can she claim only for one year or can claim for the next year also. Since she has paid Rs.68,000 for 3 years, we know that Rs.25,000 can be claimed in 80D in one year.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 January 2023 As per sec. 80D sub sec. 4A... appropriate amount is allowed for deduction, even if premium is paid in lumpsum for more then one year..
It means you can allow deduction for FY 2022-23 & 2023-24 in proprotionate amount, subject to limit specified in the act..

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Aryan

Aryan (Querist)
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11 January 2023 Thank you so much for reply.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 January 2023 You are welcome.

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Aryan

Aryan (Querist)
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19 January 2023 Dear Expert,

We have a little query about the premium amount of tax exemption.

that my query is if we paid any premium of medicliam or LIC etc, get exemption on basic amount of premium of including tax or exclusive of tax ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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19 January 2023 Inclusive of tax..

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