20 March 2008
LICI has recently launched a new Medical Insurance Policy "Health Plus". Under this a part is allocated towards Health Insurance Premium and rest towards Invetments in Units - which is refundable to the policy holders. In earlier GIC Mediclaim policies where there was no Saving/Unit/Invstment portion, but some private insurance companies had. I want to know that DEDUCTION U/S. 80D WOULD BE AVAILABLE ON THE ENTIRE SUBSCTRIPTION OR ONLY ON THE AMOUNT OF PREMIUM ALLOCATED TOWARDS INSURANCE??
20 March 2008
Dear Subodh, deuction u/s 80D can be availed only towards the amount of premium allocated towards insurance. I have gone through the policy, it is clearly mentioned in the policy itself.
20 March 2008
The amount of Premium paid for Investment which you will get back after specied year will be treated as 80 C benefit and amount of premium paid for Medical coverage which will be not return the same will be treated as 80 D benefit.
Insurance company do mentioned the both amount on policy document.
CAclubindia
