Union Budget 2015 Proposes to Abolish Service Tax on Health Insurance Premiums

Health insurance is a vital part of human existence today. With new diseases lurking in the dark to pounce on you, a health insurance cover gives you the financial assurance in helping you fight the dreaded illnesses. For receiving better health care, people must dole out a heavy premium to enjoy its benefits, when the need arises. But, does pay a service tax on already heavy insurance premiums worth the talk?

Read More

Policybazaar exclusive benefits
30 minutes claim support##
(In 120+ cities)
Relationship manager
For every customer
24*7 claims assistance
In 30 mins. guaranteed*
Instant policy issuance
No medical tests~
People trust Policybazaar^
7.7 crore
Registered consumers
50
Insurance partners
4.2 crore
Policies sold
Policybazaar is one of India's leading digital insurance platform
0%
Find affordable plans with up to 25% Discount**

Select members you want to insure

  • More Members
  • Back
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Maximum child sum can be 4
    This will help us calculate the premium & discounts for your family
    Previous step
    Continue
    This will help us to find the network of Cashless Hospitals in your city

      Popular Cities

      Previous step
      Continue
      Get to plans directly next time you visit us
      Please provide your active international number
      Previous step
      Continue
      We will find you the plans that cover your condition.

      Do any member(s) have any existing illnesses for which they take regular medication?

      Get updates on WhatsApp

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step

      The Insurance industry has paid considerable attention to the health care sector with the launch of new insurance products aimed to meet the growing demands of health care for all sections of society. The IRDA’s constant effort for a customer-friendly environment by writing laws to protect the interest of both the policyholders and the insurance companies across the product segments has further boosted the Insurance sector. The optimism has been taken further with the introduction of newer initiative of e-policy issuance.

      As per the recent WHO reports, the Indian Healthcare System is ranked at 112 out of 190. It is safe to say that India’s health care facilities have drastically improved in the last decade. The rural divide has made the picture a bit bleaker though. But over all significant advancement has been made. Globalization has played a pivotal role in maintaining and improving the health care sector of India. India competes with top quality health care facilities at an international level; however, the population is affected with lifestyle illnesses like diabetes and cardio vascular diseases. This has resulted in the increase of long term health care costs.

      However foreign insurance companies have noted that only about 5% of the Indians are covered by health insurance policies. It is not possible to make the situation better in a single day. It will take time and ample research for the health care facilities and policies to stay popular and in tune with the good of the citizens. However with the majority of the rural regions having no clue about health care policies, it significantly brings down the total development.

      The Health Insurance sector is looked upon as a secondary investment as compared to other insurance schemes. People fail to realize its importance until a medical emergency befalls them.

      Tax benefits on the healthcare policies will allow the healthcare sector to boom again. Under the current norms a maximum amount of Rs. 15,000 inclusive of any amount paid for the preventive health care checkups can be availed for a deduction under Income Tax u/s 80D Act. Also senior citizens get an additional claim of Rs. 5000 under this section. Policy holders can claim a maximum of Rs. 30,000 and 35,000 in case the parents are senior citizens.

      Considering the gravity of the situation in India the claim amount should be raised to a minimum of Rs. 100,000 for family, and additional Rs. 10,000 for senior citizens with immediately effect.

      Such moves will only improve the situation and facilitate in providing better health care facilities to the public. And this will boost the sales revenues of the health care sector. Not to mention tax rebates will push the health insurance sector to new heights.

      (Source: This article has been adapted from the article "UNION BUDGET 2015: REMOVE SERVICE TAX ON HEALTH INSURANCE PREMIUM: BIMBHET" that appeared on Feb 5, 2015  in newshub.org.)

      book-home-visit
      Search
      Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

      Health insurance Articles

      • Recent Article
      • Popular Articles
      17 Dec 2024

      How to File a Claim for Maternity Health...

      Maternity insurance is one of the best investments married couples

      Read more
      03 Dec 2024

      Health Insurance Checklist

      Health insurance is a crucial investment you can make to secure

      Read more
      26 Sep 2024

      Can You Get Maternity Insurance If Already...

      Pregnancy is one of the most beautiful phases of a woman’s life

      Read more
      12 Aug 2024

      Moratorium Period in Health Insurance

      Getting a health insurance claim accepted for pre-existing

      Read more
      30 Jul 2024

      Is Dengue Covered by SBI Health Insurance?

      Dengue, a common vector-borne disease, causes high fever, severe

      Read more

      Best Health Insurance Plans for Senior Citizens

      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance

      Read more

      Zero Waiting Period in Health Insurance Plans

      Every medical insurance plan comes with a few terms & conditions, and the waiting period is one of them. A

      Read more

      How to Apply for Ayushman Bharat Pradhan Mantri...

      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal

      Read more

      Does Health Insurance Provide Coverage for LASIK...

      A vast majority of the Indian population is suffering from vision problems. For some of them, LASIK eye surgery is

      Read more

      Can You Get Maternity Insurance If Already...

      Pregnancy is one of the most beautiful phases of a woman’s life. However, this fascinating journey requires

      Read more

      *We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.

      *Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

      ~Source: Google Review Rating available on:- http://bit.ly/3J20bXZ

      ##On ground claim assistance is available in 114 cities

      Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.

      STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

      Policybazaar is a registered Composite Broker |Registration No. 742, Valid till 09/06/2024, License category- Composite Broker| Visitors are hereby informed that their information submitted on the website may be shared with insurers.

      Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001 Contact Us | Legal and Admin Policies

      © Copyright 2008-2024 policybazaar.com. All Rights Reserved.

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL