I joined a new construction company. Please share the difference between the mediclaim allowance in CTC and Group insurance premium. If the company is taking a Group insurance policy for its employees, is it necessary to deduct the premium from employees' salary?
Regards,
Monica
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From United States, Worcester
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2Regards,
Monica
[Email Removed For Privacy Reasons]
From United States, Worcester
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Normally, the Medical Allowance paid to the employee is taxable unless the employee submits medical prescriptions and medicine bills for the amount. The ceiling is Rs. 15,000 per annum.
Mediclaim Policy Coverage
Some companies cover their employees with a Mediclaim policy for illness for themselves and family members (numbers will be declared by the company). The Mediclaim policy premium will be deducted from the employee's salary, and claims will be processed only through the company.
Regards
From India, Kumbakonam
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Mediclaim Policy Coverage
Some companies cover their employees with a Mediclaim policy for illness for themselves and family members (numbers will be declared by the company). The Mediclaim policy premium will be deducted from the employee's salary, and claims will be processed only through the company.
Regards
From India, Kumbakonam
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In the CTC regime, any expenses incurred towards employees are counted in CTC. Group Insurance Policy vs. Mediclaim
Group Insurance Policy is different from Mediclaim. Both premiums are included in the CTC as the company is paying the premium for employee welfare.
Pon
From India, Lucknow
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Group Insurance Policy is different from Mediclaim. Both premiums are included in the CTC as the company is paying the premium for employee welfare.
Pon
From India, Lucknow
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Hi If a company deducts mediclaim amount from employee (both towards him and his parents) and pays to the insurance company, will the employee gets 80 D benefit? Thanks in advance Regards Mahesh
From India, Bangalore
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From India, Bangalore
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Thanks, Sir. But I learned that the maximum amounts for:
1. Self, spouse, and children – Rs. 15,000
2. Parents – Rs. 15,000
3. Parents who are senior citizens (65 and above) – Rs. 20,000
If the company deducts Rs. 20,000 from us and pays it to the insurance company, will we get the 80D benefit? I think the papers must be in our parents' name.
Thanks,
Mahesh
From India, Bangalore
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1. Self, spouse, and children – Rs. 15,000
2. Parents – Rs. 15,000
3. Parents who are senior citizens (65 and above) – Rs. 20,000
If the company deducts Rs. 20,000 from us and pays it to the insurance company, will we get the 80D benefit? I think the papers must be in our parents' name.
Thanks,
Mahesh
From India, Bangalore
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