I
already have health insurance from my employer. Why do I need
to take this policy?
What
is ICICI Lombard’s 10K Tax Saver Health Insurance plan all about?
How
is 10K Tax Saver Health Insurance Plan different vis-à-vis other
health plans?
What
are the other exclusive benefits available under this plan?
What
is the eligibility criterion to buy the policy?
Can
I buy a policy for my family excluding myself?
What
are the expenses covered under the plan?
Can
I have an insurance cover above Rs 5 lacs?
What
are the circumstances under which deduction under Section 80 D
is not allowed?
How
do I select the appropriate sum insured (cover) amount?
Is medical check-up required under the policy?
Is
medical check-up required under the policy?
What
is the extent of tax benefit available under the plan?
Who
is eligible to claim deduction under Section 80 D of the Income
Tax Act?
How
do I claim the tax benefit while filing my tax return?
Can
I have an insurance cover lower than Rs 2 lakh?
I
already have health insurance from my employer. Why do I need
to take this policy?
Your employer will cover your medical expenses only as long as
you are in his services. Tomorrow, you may change your job, retire,
or even start something on your own. In all such cases you and
your family will be stranded if a medical emergency arises and
you have not arranged for an alternative health insurance policy.
It is at this point of time that 10K Tax Saver Health Insurance
policy will come to your rescue.
In addition, 10K Tax Saver Health Insurance policy can also act
as a supplement to your existing medical cover in case the cost
of medical treatment is higher than your existing cover level.
What
is ICICI Lombard’s 10K Tax Saver Health Insurance plan all about?
The 10K Tax-Saver-Health-Insurance is a fixed premium floater
health plan, which is designed to give you maximum tax benefit
under Section 80D of Income Tax Act. The premium amount is fully
deductible while computing your taxable income.
How
is 10K Tax Saver Health Insurance Plan different vis-à-vis other
health plans?
In a traditional health insurance plan,
your premium varies on the basis of your age, number of family
members covered and the sum insured selected. However, with our
10K Tax Saver Health Insurance Plan, your premium remains fixed
at Rs 10,000. What varies is the amount of sum insured, which
is based on your age and the number of family members covered.
For example, if you fall in the age bracket of 19 years to 45
years, your premium will remain fixed at Rs 10, 000 irrespective
of the plan you choose but your sum insured (cover) will change
as follows:-
-- Plan 1 – Rs 5,00,000 cover (for 2 members)
-- Plan 2 – Rs 4,00,000 cover (for 3 members)
-- Plan 3 – Rs 3,50,000 cover (for 4 members)
What
are the other exclusive benefits available under this plan?
Other exclusive benefits available under the plan are :-
Floater Benefit: One single policy takes care of the entire
family's health insurance needs.
Double benefit:
A benefit of Rs.10,000/- is paid, if more than one member of the
family (covered under one policy) are hospitalised simultaneously
for a period of 5 consecutive days or more.
Convalescence Benefit:
A benefit of Rs 10,000 is paid, if the period of hospitalization
is more than 15 continuous days. This benefit is paid once in
a year.
What
is the eligibility criterion to buy the policy?
The enrolment age of the senior most family member should be between
19 years to 60 years. However, the minimum age required to form
part of the policy is 91 days
Can
I buy a policy for my family excluding myself?
Yes, you can buy a policy for your family as a proposer, excluding
yourself and still get tax benefits.
What
are the expenses covered under the plan?
The coverage includes medical expenses viz:-
-- Incurred as an inpatient during hospitalisation for more than
24 hours.
-- 30 days prior to hospitalisation.
-- 60 days post hospitalisation.
-- Day care expenses incurred on advanced technological surgeries
and procedures like Dialysis, Radiotherapy, and Chemotherapy,
requiring less than 24 hours of hospitalisation.
-- Pre-existing disease can be covered after 4th year provided
the policy is renewed with us for four consecutive years.
-- Technologically advanced treatments that do not need hospitalisation
but are covered are Dialysis, Chemotherapy, Radiotherapy, Eye
Surgery etc
.
Can
I have an insurance cover above Rs 5 lacs?
No, we do not offer cover above Rs 5 lacs at this point in time.
What
are the circumstances under which deduction under Section 80 D
is not allowed?
The circumstances under which deduction under Section 80 D is
not allowed are:
-- If the premium towards medical insurance is paid through cash
and not cheque., credit card or online banking.
-- If the premium payment has been made prior to the starting
of the financial year or after the end of the financial year.
-- If your income is not chargeable to tax., you cannot claim
deduction.
-- If the policy is taken for parents and children, who are not
dependent.
How
do I select the appropriate sum insured (cover) amount?
The sum insured would depend on the age of the senior most member
of the plan and the number of family members covered. The premium
amount, however, would remain constant at Rs 10,000.
Is
medical check-up required under the policy?
There is no medical check up required to enroll in the plan. We
shall accept the proposals based on self-declaration.
What
is the extent of tax benefit available under the plan?
The plan allows you to avail full income tax benefit under Section
80 D of the Income Tax Act. Under Section 80 D, a sum not exceeding
Rs 10,000 per annum, paid as premium towards health insurance
is fully deductible from taxable income. Thus, you can save up
to Rs 3,366 * in income tax payable.
*(For the highest tax slab of 33.66%)
Who
is eligible to claim deduction under Section 80 D of the Income
Tax Act?
An individual who pays the premium amount is eligible for deduction
under Section 80 D of the Income Tax Act.
How
do I claim the tax benefit while filing my tax return?
If you are a salaried individual, submit a copy of your policy
to the Accounts Department. Your policy details would be included
in Form 16, which will entitle you to avail tax benefit under
Section 80 D.
However, if you are a businessmen or a non-salaried individual,
mention premium paid towards health insurance under deductions
in your income tax return. While filing the return, attach a copy
of the policy along with the return
.
Can
I have an insurance cover lower than Rs 2 lakh?
No, we presently do not provide an insurance cover less than Rs
2 lakh.
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