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Tax Savings - Insurance Premium for medical treatment
According to the Income Tax Act, if you are paying a premium to Life Insurance Company (LIC) or any other insurance company (approved by the Income Tax board) for the medical treatment of a ‘dependent’ physically disabled person, you can avail exemption under the section 80DD.
Here, the ‘dependent’ should be none other than your spouse, children, parents or sibling. If the person is suffering from 40% of any disability, a fixed sum of Rs 50,000 can be claimed in a year. Similarly if the disability is 80%, the fixed sum hikes to Rs 1,00,000 per year. For initiating the process of deduction you need to submit the medical certificate issued by a medical authority along with the return of income.
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