POSTED BY March 1, 2014 7:05 pm COMMENTS (4)
ONHello all,
I am planning to buy a health insurance policy for myself and my younger sister(non-earning).I know that i cannot claim tax benefits on the premium paid for my sister.If I buy a floater policy covering me and my sister,can i claim tax deduction on my share of the premium?
For example,instead of buying two individual policies of 5 lakhs each,if I buy a single floater of 10 lakhs,will i be able to claim for tax deduction on my share of 5 lakhs i.e 50% of the premium?
Please help
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Thanks for the prompt reply 🙂
Dear Vishy, if that’s the case, you may ask for prem. break up -prem. charged for each individual from your insurer in family floater policy. Then youcan use your own prem. amount for tax benefit.
Thanks
Ashal
Dear Vishy, why are you not opting 2 individual policies as proposer for yourself and your sister? In this case, you can directly claim benefit on your policy.
Thanks
Ashal
hi ashal,thanks for replying.I had earlier thought about going for 2 individual policies but currently i cannot afford that since i am also paying for parents’ policies,the premium of which is quite high due to their age.
I’ll migrate to individual policies in the future,but for time being i want to go for a floater