Tax benefit of life insurance riders


#1

Can one claim deduction on life insurance riders?


#2

Hi,

Riders under Health Insurance plans can be used to claim tax deductions. Investing in a Health Insurance plan or their riders for yourself and your family (this includes your spouse, parents and dependent children) can help you save tax. You can get a tax deduction of Rs. 25,000 on your Health Insurance premium under Section 80D.

If the insured is a senior citizen (above 60 years of age), he/she can claim a tax exemption of Rs. 30,000. For uninsured, super senior citizens (more than 80 years old) medical expenses up to Rs. 30,000 is allowed as deduction.

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Cheers,
BB Expert