I Joined a new construction company.
Please share the difference between the mediclaim allowance in CTC and Group insurance permium.
If Company is taking Group insurance policy for its employees, is it necessary to deduct the premium from employee's salary.
Regards
Monica
From United States, Worcester
2Please share the difference between the mediclaim allowance in CTC and Group insurance permium.
If Company is taking Group insurance policy for its employees, is it necessary to deduct the premium from employee's salary.
Regards
Monica
From United States, Worcester
Dear Monica
Normally the Medical Allowance is paid to the employee is taxable untill unless he submits medical prescription and medicine bills for the amount. The ceiling is Rs.15000/- per annum.
Some companies are covering their employees with Mediclaim policy for illness for self and family members (Nos will be declared by the company). This mediclaim policy premium will be deducted from the salary of the employee and the claim will be processed only through the company.
From India, Kumbakonam
Normally the Medical Allowance is paid to the employee is taxable untill unless he submits medical prescription and medicine bills for the amount. The ceiling is Rs.15000/- per annum.
Some companies are covering their employees with Mediclaim policy for illness for self and family members (Nos will be declared by the company). This mediclaim policy premium will be deducted from the salary of the employee and the claim will be processed only through the company.
From India, Kumbakonam
In CTC regime, any expenses incurred towards employee are counted in CTC. Group Insurance Policy is different from Mediclaim. Both premiums are included in the CTC as the company is paying the premia for the employee welfare.
Pon
From India, Lucknow
Pon
From India, Lucknow
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
From India, Bangalore
Thanks Sir
But I learnt that maximum amounts for:
1. Self, spouse and children – Rs.15000
2. Parents – Rs.15000
3. Parents who are senior citizen (65 and above) – Rs.20000
If the company deducts Rs.20000 from us and pays to insurance company will we get 80 D benefit?
I think the papers must be in our parents name.
Thanks
Mahesh
From India, Bangalore
But I learnt that maximum amounts for:
1. Self, spouse and children – Rs.15000
2. Parents – Rs.15000
3. Parents who are senior citizen (65 and above) – Rs.20000
If the company deducts Rs.20000 from us and pays to insurance company will we get 80 D benefit?
I think the papers must be in our parents name.
Thanks
Mahesh
From India, Bangalore
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MEDICLAIM MADE EASY.doc
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Mediclaim.pptx