On April 1, 2012 the service tax on health insurance premium would increase to 12.36% from the existing rate of 10.30%. It means that you have to pay a higher premium. For example if you pay a premium of Rs. 20,000/- for the health insurance premium, this is how you will be impacted:
It will be much better for you to go in for 2 years policy being offered by certain Insurance companies by giving discount of 7.5%.
From the above example you can see that you will be able to save Rs 3,721 on the 2nd year premium which is equal to 16.87% whereas banks FD for the same duration would not give you more than 6%-7% returns.
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