Can spouses split health insurance premium to claim tax-saving deduction under section 80D?
Family floater health insurance plan covers two or more members of the family. it may happen that the policyholder may either not be able to pay the premium amount in one go or the premium may be higher than the maximum on which he or she can get tax benefits under section 80D of the Income Tax Act. So can insured persons split the premium in any ratio between himself and his spouse to claim tax-saving deduction under section 80D? Also, currently which insurers issue two separate tax certificates to the spouses for paying the premium in parts for one health policy?
If it is possible then will purchase the family floater policy of 30Lakhs for two individuals.