When you buy an insurance policy, you should be aware of what you are buying and also the terms and conditions related to the plan. There are various reasons why your insurance claim may get rejected. Once you know them you can avoid them.
Reasons why your claim may get rejected
Now, the question is what you can do if your claim gets rejected. There are ways to avert such a sticky situation by the following procedures. Steps taken to ensure that your insurance policy does not get rejected
Thus, follow the above steps to ensure that your insurance claim does not get rejected and you get the claims definitely.
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Buying a health insurance policy for yourself and your family goes a long way. Not only does it bails you out of a financial crisis during a difficult time, but also contributes to your peace of mind.
What’s more? Any health insurance plan purchased for you and your family will help you in saving money when you pay income tax. Are You a Tax Paying Citizen? Paying income tax is an important duty that everyone must abide by. However, when it comes to parting with hard-earned money, nobody could be blamed for wanting respite. The budget for the year 2015-16 brought numerous alterations, but when it came to income tax, some expectations were not met. The exemption limit was held at INR 2.5 lacs. However, section 80D underwent a major change. You may read an article about health insurance tax benefit 2015 here. Additional Saving of Money Maximum tax deduction under section 80D for FY 2015-16 was increased from INR 15,000 to 25,000. So, considering you fall in the 30% income tax bracket, you are eligible to save a further Rs.3000 if you have a health insurance plan. The increased limit will be applicable for deduction under section 80D for FY 2016-17. The Section for Tax Deductions On Medical Insurance Premium The need to encourage the buying of medical insurance was recognised by the government after the initial years of independence. After that, the section 80D of the Income Tax Act of 1961
For individuals or families where no one is above 60 years of age, the deduction is maximum INR 25,000. For senior citizens, the exemption is more than INR 30,000. The point to note here is that the tax exemption provided is dependent on how much health insurance plan premium you pay. So, if you pay a medical premium of INR 18,000 for self and family, your deduction will be INR 18,000 and not 25,000. Parents’ health insurance premium tax benefit can also be claimed. Consequently, your taxable income can be reduced by further 25 or 30 thousand rupees. This link gives considerable information regarding 80D deduction for AY 2015-16. Features of The Section 80D There is no restriction on which company you buy your health insurance from. Therefore, even the private general insurance companies list the 80D income tax exemption in their benefits. Another aspect to note is that it does not matter what kind of health insurance plan you have. Critical illness policy, accident care plan and all the rest are included. There is a provision for adding a maximum amount of INR 5000 to the tax deduction claim for health check-ups. Although, this is not apart from the maximum 25 or 30 thousand deductions. If you pay a premium of INR 21,000, you can add another INR 4,000 to it if you have undergone a health check-up. Be Aware of These Details You are eligible for the tax benefit if you have taken care not to pay the health insurance plan premium with cash. The section 80DD tax benefit can be availed for specific cases only. Refer here for more information about this section. Employed children cannot be quoted in the deduction claim. Also, the allowed amount under medical check-up is the gross total for the whole family and not per person. Secure The Health of the Family These days, due to the rising medical costs, having a health insurance plan is vital. So taking the multiple covers of a mediclaim policy and the tax benefits into account, getting insured is enormously advantageous. |