Health cover: All under one umbrella

K. VENKATASUBRAMANIAN | Updated on March 10, 2018 Published on July 07, 2012

There are considerable tax benefits under section 80 D.

One could take a group medical cover for his/her immediate family and add parents as beneficiaries.

You are a senior citizen and would like to insure your medical costs. Apart from taking health insurance, there is another way to cover yourself and your spouse.

Your son or daughter could take a group medical cover for his/her immediate family and add you and your spouse as beneficiaries. That way, all of you would come under a single medical cover.

Right now, LIC – Jeevan Arogya, and Max Bupa – Family First, are the schemes that allow your children to take such a cover.

Although the cover is quite comprehensive, the premiums are very expensive.

For example, Max Bupa’s Family First policy requires a premium of Rs 47,591 for insuring two adults, two parents and a child. This amount is for a sum assured of Rs 1 lakh for each covered person and Rs 3 lakh as floating cover.

So, considerable thought needs to go into whether such schemes are viable.

But the good thing would be that your son/daughter would get considerable tax benefits under section 80 D. In addition to Rs 15,000 as exemption for premiums paid for self and family, an additional Rs 20,000 is allowed for covering parents with a health insurance policy.

The total deduction allowed for your son/daughter would thus work out to Rs 35,000.

READ ALSO: >Health cover for seniors

Published on July 07, 2012

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.