Tax-saving investment — How to avail benefits from your health insurance policy

If you have not still completed your tax-saving exercise for the financial year 2022-23, then you should hurry up as the March 31 deadline is approaching. The Indian tax system offers several investment options to save on taxes through tax-exempted income streams. One of the most popular options include health insurance, which provides tax exemption under Section 80D of the Income Tax (I-T) Act.

If the annual income of citizens fall under tax liability, they must surely have health insurance policy so that income tax exemption can be claimed to a certain extent.

Every individual or HUF can claim a deduction under Section 80D for their health insurance which is taken from the total income in any given year. The benefit can also be taken from buying the policy to cover spouse, dependent children or parent.