What are the Health, Life (Term Life Insurance, ULIPs, and Traditional Life Insurance) insurance policy tax benefits under new and old tax regimes after 1st April 2023? Let us discuss this aspect in detail.
As you may be aware, effective from 1st April 2023, there are certain changes were done to the life insurance premium taxation. This I have discussed in my post is related to budget 2023. You can refer to the same in “Budget 2023 – 12 Key highlights impacting personal finance“.
Considering all these changes, let us see the current insurance policy taxation rules under both new and old tax regimes.
Insurance Policy Taxation – Under New / Old Tax Regime
Let us start with the explanation of Health insurance.
Health Insurance Policy Tax Benefits – Under New / Old Tax Regime
Health Insurance Policy Tax Benefits – Under Old Tax Regime
Health insurance premiums paid for Self, Spouse, or dependent children are tax deductible up to Rs.25,000…