Is mediclaim taxable or exempt?

Shivani Bhardwaj (CA Final Student) (166 Points)

04 April 2019  

My uncle, who is in the category of super senior citizen, had an accident some time back. Now, he has received a mediclaim for the same around Rs 2 lakhs. I want to know whether this mediclaim received from the insurance company is taxable or exempt in income tax.
Whether we have to offer this as an income and if yes, then under which head?