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Tax Benefits Options Available Under Group Health Insurance Policy

Tax Benefits Options Available Under Group Health Insurance Policy

After the COVID pemic crisis, one big lesson has been learned forever-stay prepare for medical expenses. With the rising medical market prices, getting medical assistance has become a financial burden to most families. As a salaried individual, you would be eligible to be covered under a Group Medical Insurance plan as a compensation package for your services to the company. It is the responsibility of every employer to consider the well-being of their employees workers.

A Group Medical Insurance policy is the group scheme under which their employers can ensure a close working team or group of coworkers. Such a health insurance package comes with loads of benefits to explore. The best part of having health insurance is the tax benefits.

Benefits of Group Medical Insurance Policy

Plum Insurance created a unique combination of the right ingredients into a Group Medical Insurance plan for employees keeping in mind the post-COVID risks. The following are the benefits of this policy:

Tax Benefits From Group Health Insurance Policy

Under the Income Tax Act, a tax deduction can be claimed against a group health insurance plan. The tax benefits are explained below:

Tax Benefit under section 80D

Insurance law under section 80D is specifically reserved for health insurance policies only. According to this section, an employee is eligible for tax deduction under different conditions. Along with this tax benefit, add-ons added to the base insurance policy can also add up to the tax deductions. Requirements for health insurance benefits as per section 80D include the following:

Tax Exemptions

There are certain tax exemptions under section 80D, which are mentioned as follows:

Conclusion

Group Health Insurance Policies can be very beneficial in the long run-be it from an employer or purchased for others. It has several amusing benefits, tax benefits, exemption eligibility, which can prove quite beneficial financially. With Plum Insurance’s exclusive creative insurance policies, employers can provide the proper coverage to their employees, helping them keep the financial stress aside concentrate better on their work.

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