Already have health insurance from my employer. Why do I need to take this policy?
Your employer will cover your medical expenses only as long as you are in his services. Tomorrow, you may change your job, retire, or even start something on your own. In all such cases you and your family will be stranded if a medical emergency arises and you have not arranged for an alternative health insurance policy. It is at this point of time that 10K Tax Saver Health Insurance policy will come to your rescue.
In addition, 10K Tax Saver Health Insurance policy can also act as a supplement to your existing medical cover in case the cost of medical treatment is higher than your existing cover level.
What is ICICI Lombard’s 10K Tax Saver Health Insurance plan all about?
The 10K Tax-Saver-Health-Insurance is a fixed premium floater health plan, which is designed to give you maximum tax benefit under Section 80D of Income Tax Act. The premium amount is fully deductible while computing your taxable income.
How is 10K Tax Saver Health Insurance Plan different vis-à-vis other health plans?
In a traditional health insurance plan, your premium varies on the basis of your age, number of family members covered and the sum insured selected. However, with our 10K Tax Saver Health Insurance Plan, your premium remains fixed at Rs 10,000. What varies is the amount of sum insured, which is based on your age and the number of family members covered.
For example, if you fall in the age bracket of 19 years to 45 years, your premium will remain fixed at Rs 10, 000 irrespective of the plan you choose but your sum insured (cover) will change as follows:-
-- Plan 1 – Rs 5,00,000 cover (for 2 members)
-- Plan 2 – Rs 4,00,000 cover (for 3 members)
-- Plan 3 – Rs 3,50,000 cover (for 4 members)
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What are the other exclusive benefits available under this plan?
Other exclusive benefits available under the plan are :-
Floater Benefit: One single policy takes care of the entire family’s health insurance needs.
Double benefit:
A benefit of Rs.10,000/- is paid, if more than one member of the family (covered under one policy) are hospitalised simultaneously for a period of 5 consecutive days or more.
Convalescence Benefit:
A benefit of Rs 10,000 is paid, if the period of hospitalization is more than 15 continuous days. This benefit is paid once in a year.
Can I buy a policy for my family excluding myself?
Yes, you can buy a policy for your family as a proposer, excluding yourself and still get tax benefits.
What is the eligibility criterion to buy the policy?
The enrolment age of the senior most family member should be between 19 years to 60 years. However, the minimum age required to form part of the policy is 91 days
What are the expenses covered under the plan?
The coverage includes medical expenses viz:-
-- Incurred as an inpatient during hospitalisation for more than 24 hours.
-- 30 days prior to hospitalisation.
-- 60 days post hospitalisation.
-- Day care expenses incurred on advanced technological surgeries and procedures like Dialysis, Radiotherapy, and Chemotherapy, requiring less than 24 hours of hospitalisation.
-- Pre-existing disease can be covered after 4th year provided the policy is renewed with us for four consecutive years.
-- Technologically advanced treatments that do not need hospitalisation but are covered are Dialysis, Chemotherapy, Radiotherapy, Eye Surgery etc.
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Can I have an insurance cover above Rs 5 lacs?
No, we do not offer cover above Rs 5 lacs at this point in time.
What are the circumstances under which deduction under Section 80 D is not allowed?
The circumstances under which deduction under Section 80 D is not allowed are:
-- If the premium towards medical insurance is paid through cash and not cheque., credit card or online banking.
-- If the premium payment has been made prior to the starting of the financial year or after the end of the financial year.
-- If your income is not chargeable to tax., you cannot claim deduction.
-- If the policy is taken for parents and children, who are not dependent.
How do I select the appropriate sum insured (cover) amount?
The sum insured would depend on the age of the senior most member of the plan and the number of family members covered. The premium amount, however, would remain constant at Rs 10,000.
Is medical check-up required under the policy?
There is no medical check up required to enroll in the plan. We shall accept the proposals based on self-declaration.
Yes, the policy cover is renewable till the age of 75 years.
What is the extent of tax benefit available under the plan?
The plan allows you to avail full income tax benefit under Section 80 D of the Income Tax Act. Under Section 80 D, a sum not exceeding Rs 10,000 per annum, paid as premium towards health insurance is fully deductible from taxable income. Thus, you can save up to Rs 3,366 * in income tax payable.
*(For the highest tax slab of 33.66%)
Who is eligible to claim deduction under Section 80 D of the Income Tax Act?
An individual who pays the premium amount is eligible for deduction under Section 80 D of the Income Tax Act.
How do I claim the tax benefit while filing my tax return?
If you are a salaried individual, submit a copy of your policy to the Accounts Department. Your policy details would be included in Form 16, which will entitle you to avail tax benefit under Section 80 D.
However, if you are a businessmen or a non-salaried individual, mention premium paid towards health insurance under deductions in your income tax return. While filing the return, attach a copy of the policy along with the return.
Can I have an insurance cover lower than Rs 2 lakh?
No, we presently do not provide an insurance cover less than Rs 2 lakh.
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