Health Insurance for NRI is designed to provide medical coverage to NRIs or Non-resident Indians travelling to India for a long or short period of time. This NRI health insurance policy covers the medical expenses incurred by the insured NRI during their stay in India. However, it does not offer coverage for the medical treatments availed outside India.
*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
Who would you like to insure?
Yes.
Any NRI living abroad can buy NRI health insurance plans available in India for themselves and their entire families. All they need to do is to provide the necessary documents to prove their Indian citizenship, such as valid address proof, recent ITR, etc. However, persons of Indian Origin (PIOs) are required to provide their passports to buy health insurance in India for NRI.
Buying a health insurance policy in India is highly recommended to NRIs who plan to return back to reside in India permanently within 3-4 years. By doing so, the policy will be ready for raising claims by the time they shift back to India as the in-built waiting periods will be over. Besides, they would not have the pressure of buying a health insurance policy immediately after returning to India.
The Foreign Exchange Management Act (FEMA) states the guidelines for issuing health insurance for NRIs in India. As per the FEMA regulations, the claim amount payable under an NRI health insurance policy can be up to the total premium amount paid by the NRI in foreign currency.
Moreover, the claim payment can be made to the foreign bank account of the insured NRI or the Resident Foreign Currency (RFC) account maintained by an authorized bank in India.
Here are some of the reasons why NRIs should buy a medical insurance policy in India:
In case you have purchased health insurance in your country of residence (for example UK), it will not come useful if you fall sick while visiting India. This is because these plans have geographical restrictions and do not cover medical expenses outside the country. However, by buying medical insurance for NRI visiting India, you can claim medical expenses incurred during your travel in India.
Some people living abroad are more prone to certain health issues, like stomach-related ailments and flu. In case you fall prey to these health ailments during your India visit, you will not be able to claim these medical expenses under your health policy purchased outside India. But if you buy medical insurance for foreigners in India, these expenses will be adequately covered by your insurance company in India.
As an NRI, if you travel to India multiple times in a year, you must buy health insurance for NRI in India. Doing so will ensure that you have medical coverage whenever you visit India during the policy tenure. It prevents you from buying medical insurance every time you plan to visit India and will enable you to claim your medical expenses in case you fall sick during these visits.
Health insurance plans can be purchased at lower premiums in India than in most countries abroad. The reason behind this is that healthcare services are extremely costly overseas as compared to India. The following table compares the prices of common medical procedures in different countries:
Cost of Medical Procedures (Approx.) | India ($) | US ($) | UK ($) | UAE ($) | Singapore ($) |
Heart Bypass | 5,200 | 144,000 | 10,500 | 25,000 | 17,200 |
Heart Valve Replacement | 5,500 | 170,000 | 10,500 | 25,000 | 16,900 |
Cardiac Arrest | 7,000 | 50,000 | 15,000 | 10,000 | 16,350 |
Knee Replacement | 6,200 | 50,000 | 12,500 | 13,000 | 16,000 |
General MRI Scan | 100 | 750 | 400 | 2,500 | 300 |
Cataract Surgery | 1,000 | 2,500 | 3,000 | 4,000 | 1,500 |
Liver Transplant | 50,000 | 300,000 | 80,000 | 30,000 | 175,000 |
Hip Replacement | 7,000 | 50,000 | 13,800 | 12,500 | 13,900 |
Spinal Fusion | 6,500 | 100,000 | 2,000 | 16,000 | 12,800 |
Bone Marrow Transplant | 50,000 | 250,000 | 20,000 | 30,000 | 140,000 |
Since medical facilities are more affordable in India, they pose a lower liability on the insurer and hence, medical insurance is available at a lower premium.
Filing a health insurance claim with an India-based health insurance provider will be easier and hassle-free in case you fall sick during your visit to India. The process will be smoother and you will be easily able to avail cashless treatment facilities. However, the same may not be possible if you have a medical insurance policy from a foreign insurance company, as the process may be more time-consuming.
If you are an NRI who plans to ultimately reside in India after a few years of staying abroad, then buying health insurance in India for NRIs is a good idea. Most health plans in India provide coverage after a waiting period, especially in the case of pre-existing diseases where the waiting period may vary from 2 to 4 years. By buying an NRI health insurance policy beforehand, you will get an advantage on waiting periods, as it will be over by the time you permanently shift to India.
NRIs can easily buy health insurance in India on Policybazaar.com just like the people residing in India. Here is the process to buy medical insurance for NRI in India online:
Step 1: Visit Policybazaar.com and click on ‘health insurance’
Step 2: Enter the requested details, such as your age, medical history and contact details
Step 3: Select the health insurance plan for NRI that you want to buy
Step 4: Pay the premium amount online
Step 5: Submit the necessary documents, if any
Step 6: Your NRI health insurance policy will be issued
While buying medical insurance for NRI in India, it is essential to go through the terms and conditions of the policy carefully. Check out the terms and conditions applicable to NRI health insurance in India:
Most NRI health insurance plans cover medical expenses incurred within India only. Even if they do offer overseas coverage, it is limited to emergency medical expenses and life-threatening conditions like critical illness treatment, etc. Moreover, it may have a high in-built co-payment and may be available for a higher premium.
Therefore, it is essential to read the policy wordings carefully and find out the geographical limit of the policy before buying health insurance for NRI in India.
Health insurance providers in India usually offer a limited sum insured to NRIs. This is because NRIs are considered risky applicants, as they do not reside within India. This makes it difficult for insurers to determine their authenticity. As a result, they offer health insurance to NRIs with a limited sum insured and may not offer benefits like preventive health check-ups.
Yes.
An NRI can buy a health insurance policy in India even if they already have medical insurance from a foreign insurer in their country of residence. Whether they are covered under the health policy offered by their employer or have purchased it on their own, they can buy the best medical insurance in India for NRI.
Yes.
NRIs can buy health insurance for their parents living in India. They can choose to buy individual health insurance or family health insurance for their parents as per their preference. In case their parents are above 60 years, they can buy a senior citizen health insurance policy and cover them against emergency and planned medical expenses.
Yes.
An NRI can save tax on a health insurance policy purchased in India. Section 80D of the Income Tax Act, 1961 allows non-resident Indians to claim tax deductions on the premium paid for buying health insurance for NRIs in India.
As per the current tax slabs, NRI policyholders can save tax for up to Rs 50,000 in a financial year. The limit for tax deductions is Rs 25,000 for an individual and Rs 25,000 for parents. In case the NRI or his/her parent are above 60 years, the tax deductions limit increases to Rs 50,000. Thus, the NRI can earn tax deductions for up to Rs 1,00,000 if both the policyholder and the parent are above 60 years.