The Union Budget 2018-19 has made certain proposals that could benefit consumers of the health insurance industry, who prefer to pay insurance premiums for multiple years in one year itself.
The Budget 2018 speech, among the other changes proposed in direct taxes reads, “It is proposed to provide that in a case where premium for health insurance for multiple years has been paid in one year, the deduction shall be allowed proportionately over the years for which the benefit of health insurance is available.” Let us try and understand the implications of what is said above.
