Buying a health insurance policy in India attracts an 18% GST (or Goods & Services Tax), which is included in your premium amount. But you can get a refund of the GST paid on your medical insurance policy if you are an NRI. That’s right! NRIs buying health insurance from India can get a GST refund. Know more about GST refund on health insurance for NRIs below.
*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 or Non-Resident Indians are eligible for a GST refund if they buy health insurance from an insurance company in India. This is because NRIs are already paying tax in their foreign country of residence and, hence, are exempted from paying tax in India. However, NRIs need to consciously opt for a GST refund at the time of buying their mediclaim policy.
To get a GST refund, the NRI proposer must be one of the insured members of the health insurance policy and should pay the premium using an NRE account. Moreover, the GST refund for NRI health insurance premiums is available on policies with an annual mode of payment.
Follow the step-by-step procedure given below to get a GST refund on buying health insurance from India:
Step 1: Visit policybazaar.com and click on ‘Health Insurance’
Step 2: Choose your gender and provide your full name
Step 3: Select the family members that you want to insure along with their ages
Step 4: Enter your city of permanent residence in India or its pin code
Step 5: Choose the international calling code of the foreign country where you stay and provide your overseas phone number
Step 6: Pick the relevant options providing medical history details of the people to be insured
Step 7: Select the health insurance policy that you want to purchase and proceed
Step 8: Fill up the proposal form and pay the premium online via your NRE account
Step 9: Share the required documents after successful payment
Step 10: Talk to our insurance advisors to raise a request for a GST refund
The insurance company will verify all the documents after policy issuance. In case of incomplete or wrong documentation, your GST refund request will be rejected.
People also read: Health Insurance for Parents Living in India
Check out the documents required to get a GST refund on health insurance for NRIs:
Note: The list of documents required for a GST refund on health insurance for NRI may vary from insurer to insurer. Also, a GST refund on health insurance renewal is applicable for NRIs if they have taken a GST refund on the fresh policy bought from Policybazaar.com. NRIs do not have to submit the TRC again to avail GST refund on renewals if they have availed GST refund on the fresh policy purchased from Policybazaar.
Most NRIs pay income tax in the foreign country where they reside. For them, paying GST on their health insurance policy in India is no less than a burden. But by opting for a GST refund, they can claim a GST of 18% paid at the time of buying a medical insurance policy from India. Make sure to submit the required documents to get a GST refund on your health insurance premium.
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