How is premium eligible for tax deduction calculated for a floater health insurance policy?

POSTED BY vishy ON March 1, 2014 7:05 pm COMMENTS (4)

Hello 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

4 replies on this article “How is premium eligible for tax deduction calculated for a floater health insurance policy?”

  1. vishy says:

    Thanks for the prompt reply 🙂

  2. ashalanshu says:

    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

  3. ashalanshu says:

    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

    1. vishy says:

      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

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