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There is also the payment of premium for life insurance plans, which provide a policyholder with life cover as well as certain tax benefits.
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Similarly, products like Guaranteed Return Savings Plan not only offer high guaranteed returns of 7.2% but also offer Triple Tax Exemption
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A resident individual incurring medical expenses for a disabled dependent (spouse, child, parent, brother or sister) can claim deduction under section 80DD.
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Any resident or non-resident individual can claim tax benefit up to Rs 1.50 lakh per year for life insurance premium paid under section 80C.
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As an individual, the deduction is available for policies taken in the name of yourself, your spouse or your children.
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Tax benefits are available on both life and health insurance subject to certain conditions. The consumer must comply with those clauses to avail the tax benefit.
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The amount of tax deduction available under section 80D is determined by the age and number of people covered under health insurance.
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Transfer money through check or NEFT or UPI. However, cash payments for preventive health check-up are admissible for tax benefits.
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And if the taxpayer incurs any expenditure, he is entitled to a tax deduction of Rs 75,000. A deduction of Rs 1,25,000 is available if the dependent has 80% or more disability