Personal Accident Insurance 80C Or 80D

3) Is personal accident insurance covered under Section 80c? Yes, all types of life insurance premiums are covered. This includes personal accident insurance which pays out in case of death due to an accident. However the insurance cover must be at least 10 times the annual premium.. When it comes to health insurance, Section 80D of the Income Tax Act governs the deductions on premium for the policy. Tax deduction on Life Insurance. Here are the main conditions for claiming tax deduction for life insurance premium under Section 80C of the Income Tax Act: Only an individual or a Hindu Undivided Family can claim a deduction.. Health Insurance Offers Double Benefit Health Insurance is a crucial instrument that provides you and your loved ones financial security in times of need. Thus, whether an emergency or a planned hospitalisation, a health insurance policy ensures umbrella coverage by helping you pay for the covered medical expenses in case of hospitalisation due to illness or injury.. 20 February 2012 Personal accident premium is not covered under any of the sections. However, in case of an accident, if claim is being received this amount is tax free. . Premium paid towards health insurance is covered U/s 80D..

Section 80D offers one of the best tax-saving benefits in India, which specifically provides deduction in taxable income to the extent of premiums paid on purchase of health insurance or medical insurance / mediclaim products.A really wonderful feature of this deduction is that it even includes the premiums that you pay for the health insurance of your parents, children and other family members..

Tax Benefits for Personal Accident Insurance Plan. There is NO tax benefit for the premium paid for personal accident plan under Section 80D. Please understand insurance decisions should never be driven by tax considerations. Does Personal Accident Insurance cover a gap? We have discussed various aspects of personal accident insurance plan.. Section 80C of the Income Tax Act allows for deductions up to Rs.1.5 lakh p.a. Under the section, individuals can invest in a number of savings schemes to claim deductions on their taxable income. Section 80C of the Income Tax Act. came into effect on 1 April 2006. It basically allows certain expenditures and investments to be exempt from tax..