Health insurance is an essential buy for people in India as well as NRIs settled abroad. In fact, NRIs are increasingly buying medical insurance from India to ensure medical coverage during their visit back home and cover their families living in India. But wait, there’s more! NRIs can also save tax by getting a GST refund on health insurance premiums in India. Read on to know more.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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NRIs who buy medical insurance from an insurance company in India are eligible for a GST refund on the premium amount. As per the tax laws in India, NRIs paying tax in their foreign country of residence are eligible for a GST (Goods and Service Tax) refund on health insurance premiums paid in India. This refund is provided to prevent NRIs from paying tax twice – once in India and once in their foreign city of residence.
However, NRIs who do not have a taxable income in their foreign country of residence and pay tax back in India will not be eligible for a GST refund on health insurance premiums. Such people can avail tax deductions on the premium paid to buy health insurance in India as per Section 80D of the Income Tax Act, 1961.
Moreover, NRIs must opt for the GST refund option while buying medical insurance in India.
Check out a few points that NRIs must keep in mind to get a GST refund on health insurance purchased from India:
NRIs can follow the process listed below to obtain a GST refund on the health insurance policy purchased from Policybazaar.com:
The insurance company will issue a GST refund within 15 days after verifying all the submitted documents.
NRIs must provide the following documents to the insurance company in India to get a GST refund on health insurance premiums:
Please note that the list of documents may vary from one insurance company to another.
Health insurance offers dual benefits to NRIs – comprehensive medical coverage and a refund of GST. The GST refund option allows NRIs to avoid paying taxes in two countries without hampering their medical coverage. Just make sure to check the eligibility criteria and keep all the documents handy to get your GST refund without any hassles.
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