Hyderabad: Yashish Dahiya, the co-founder and CEO of Policybazaar.com, said an increase in the tax deduction allowed for health insurance of senior citizens will boost the insurance sector.
The government has raised the maximum tax deduction available for senior citizens under section 80D from Rs 30,000 to Rs 50,000.
“The increased tax deduction limit will encourage senior citizens or families to buy adequate health cover for elderly parents. The medical inflation in India is increasing at a significant rate almost 12-15 per cent every year. Therefore, it is critical to have an adequate health cover for senior citizens,” he said.
He has also welcome the flagship National Health Protection Scheme for 10 crore families. According to Hitesh Sharma, national leader, Lifesciences, EY India, “The biggest benefit for the healthcare industry is expansion of coverage of insurance to the underprivileged by providing a coverage up to '5 lakh per family per year for secondary and tertiary care hospitalisation.”
