Cost of insuring of family of four for 1.5 lakh each is Rs 6000. The total premium paid over 20 years would be Rs. 1.3 lakh. Two instances of hospitalization in 20 years would cost the family at least Rs.1.2lakh not only that we need the money at right time(if we are not having the health insurance). So the premium pays for itself. And the tax saved is a bonus.
Note:Under sec80D, Premium for a medical insurance plan is fully deductible for the taxable salary
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