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However the tax deduction benefit is applicable to personal accident insurance only under a specific condition. The benefit is not extended for any coverage.
According to a deduction in section 80c personal accident policies are not eligible for tax deduction.
Personal accident insurance income tax benefit. The maximum deduction that can be claimed is rs. Section 80d of the income tax act 1961 does not provide any tax benefit for the premium paid for personal accident insurance plans that offer protection against any physical disability dismemberment or accidental demise. Any benefits received from your employer while injured are considered salary or wages and taxable as ordinary income.
Premiums paid on a life insurance policy like endowment whole life money back policies term insurance policies and unit linked insurance plans qualify for tax deduction under section 80c of the income tax act 1961. In such policies the policyholder must calculate the portion of premium that goes for life insurance and the part that goes to the accident cover. If you paid for an accidental insurance plan through the employer using pre tax dollars your benefits are taxable income.
There are now life insurance policies that come with coverage against personal accidents. Tax benefits under a personal accident policy. Specifically section 80d of the income tax act 1961 does not provide any tax benefit for the premium paid for personal accident insurance plans.
It is true that the insured person can enjoy the benefits of tax exemption after buying life insurance or health insurance. Accidental insurance payouts are taxable if the employer paid for the insurance plan. You can claim tax benefits only on the part of the premium that is paid for life insurance.
The maximum level of cover under an income protection policy is limited to around 60 70 of gross monthly salary setting up an income protection policy will require completion of a health questionnaire with premiums set accordingly personal income protection policy this is an income protection policy that has been arranged by the insured person.
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