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POSTED BY ON December 30, 2012 9:15 pm COMMENTS (4)
DEAR SIR
PLEASE SUGGEST ME HEALTH INSURANCE WHERE I GET MY PREMIUM PAID BACK 50% LIKE ICICI HEALTH SAVER.I WILL GET BENIFIT OE 80D
GUIDE ME
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One shouldn’t mix insurance with investments or return of premium or tax. Insurance is for protection like helmet while driving a two-wheeler.
Ask yourself-
Why am I taking health insurance?
Which is the health insurance policy that suits me and why?
Why is ICICI HEALTH SAVER giving you premium back? Because of return of premium are you paying more?
And then go in for a health insurance policy keeping rising rates of medical problems and their cost of treatment.
I am using Aplollo Much Family floater of Rs 5L along with United Insurance Super top up cover of Rs 15L with Rs 5L as deductible.
This combo will give you Health cover of Rs 20L for rest of your life.
ICICI Health saver is a combination of mediclaim+ULIP to create a health corpus (not sure where you got the 50% premium back info it is not in the policy wording).
The major disadvante is cover will cease at 75. Getting a mediclaim will be tough at that age
LIC has a similar policy called Health protection plus which offered additional hospital benefits (NOT same as mediclaim) + ULIP to create a corpus.
These plans are very expensive than simple mediclaim plans and are not the best way to save tax or build a health corpus.
You should consider a plain mediclaim for your family + parents and exhaust most of section 80 D there.
If you can spare some money you could get a critical illness policy which is also exempt from tax.
If you want to build a health corpus please use good mutual funds to do so. This will build a good enough corpus
Dear Sir,
As per Income Tax Rule Section No. 64 (1A), income of minor not added in their parent’s income if that amount will invested in PPF or relief bonds. If I gift to my child & he/she invest in Indian Post Monthly Income scheme, Can I getabove benefit