Health Insurance for NRI Parents in India

Health insurance for NRI parents provides medical coverage to the parents of Non-resident Indians (NRIs) who continue to stay in India. It covers the medical expenses incurred on the treatments availed by the parents of the NRIs in India. NRIs can consider buying a senior citizen health policy, a family floater policy or a critical illness insurance policy depending on their parents’ health needs.

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      Can NRIs Buy Health Insurance for their Parents Living in India?

      Yes.

      An NRI is allowed to buy health insurance for themselves and their parents living in India. However, health insurance providers only cover medical expenses incurred on the treatments availed within India unless the policy offers overseas coverage.

      For example, if you are an NRI living in the USA and your parents get an emergency medical treatment there, then health insurance bought in India will not cover the expenses. But if your parents undergo treatment in India, the Indian insurance company will pay for the incurred expenses.

      Tax Benefits on Health Insurance for NRI Parents

      NRIs are eligible to claim tax deductions on the premium amount paid to buy medical insurance for their parents living in India. This is possible only if NRIs pay their parents’ health insurance premiums from their taxable income in India as per Section 80D of the Income Tax Act.

      NRIs can claim tax deductions for their parents’ mediclaim policy premium up to the specified limits just like Indian residents. Check out the tax deduction limits in India for health insurance premiums under Sec 80D, Income Tax Act:

      Scenarios Premium Paid for Parents
      (Rs)
      Premium Paid for Self, Family
      (Rs)
      Total Deductions u/s 80D
      (Rs)
      Individuals/family/parents below 60 years 25,000 25,000 50,000
      Individuals/family below 60 years & parents above 60 years 50,000 25,000 75,000
      Individuals/family/parents above 60 years 50,000 50,000 1,00,000

      Benefits of Buying Health Insurance for NRI Parents

      Take a look at some of the reasons why NRIs must buy health insurance for their parents living in India:

      • Medical Inflation - Paying off medical bills can be strenuous for NRI parents, especially with the constant rise in treatment costs for both minor and major illnesses. With medical insurance, it becomes the responsibility of your insurance company in India to pay for the medical treatments of your parents in India.
      • Unforeseen Medical Exigencies – As the age of your parents increase, there are high chances of an increase in the incidences of medical emergencies. Keeping up with these treatment costs, especially in old age, can be very difficult. Therefore, by buying a health policy, NRIs can keep their parents financially secure from any unforeseen medical emergency.
      • Financial Dependence on NRI Children - Elderly parents are dependent mostly on their children for financial support unless they have a good pension provision. However, not everyone gets a pension in India. Therefore, by covering your parents under a health insurance plan, you can provide them with the best medical facilities in India without draining all your funds.
      • Tax Benefits – NRIs can save tax under Sec 80D of the Income Tax Act if they pay the premium for buying health insurance for parents from their taxable income in India.

      How to Buy Health Insurance for NRI Parents in India?

      NRIs can follow the procedure given below to buy health insurance for their parents in India:

      Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited

      Step 2: Click on the ‘Health Insurance’ icon on the homepage

      Step 3: Pick your gender and enter your full name

      Step 4: Choose your parents among the list of family members to be covered and enter their ages

      Step 5: Select the city where your parents stay in India

      Step 6: Provide your international phone number

      Step 7: Choose if your parents suffer from any existing illnesses

      Step 8: Pick the health insurance plan that you wish to buy for your parents and pay the premium amount online

      Step 9: The insurance company will issue health insurance for NRI parents.

      Note: NRI customers can get a GST refund if the policy was purchased from an NRE account and for a 1-year tenure. All they need to do is to submit a declaration, TRC and a 6 months bank statement of the NRE account used to pay the premium.

      How to Renew Health Insurance for NRI Parents in India?

      Given below is a step-by-step process that NRIs can follow to renew the health insurance of their parents in India:

      Step 1: Log in to Policybazaar.com and select ‘Renew Your Policy’ on the right top corner of the page

      Step 2: Provide your international phone number and enter the OTP received on it to log in

      Step 3: If you are new to Policybazaar, click on the ‘Health Insurance’ icon on the homepage

      Step 4: Provide your name, gender and choose your parents among the family members to be insured

      Step 5: Enter all the requested details

      Step 6: Select the health insurance plan you want to renew for your parents and pay the renewal premium

      Step 7: The insurance company will renew health insurance for NRI parents

      Note: NRI customers can get a GST refund if the policy was renewed from an NRE account and for a 1-year tenure. All they need to do is to submit a declaration and a 6 months bank statement of the NRE account used to pay the renewal premium.

      Things to Consider While Buying Health Insurance for NRI Parents?

      Here are a few things that NRIs should consider before buying health insurance for parents in India:

      1. Age Limit

        Most health insurance companies in India offer medical coverage to parents up to the age of 65 years. However, some senior citizen health insurance plans offer coverage to parents up to the age of 80 years. So, NRIs should buy a policy that covers their parents from their current age to a maximum number of years.

      2. Sum Insured

        The sum insured is the total amount that you will get after you claim your parents’ mediclaim policy with the insurer. The higher is the sum insured amount, the more your parents will be recompensed against their medical bills. Therefore, NRIs should buy a health insurance policy for their parents that comes with a high sum insured amount without crossing their budget.

      3. Covered Illnesses

        People mostly develop pre-existing illnesses as they age. Therefore, at the time of buying health insurance for parents, NRIs should check the diseases that are covered under the policy, such as COVID-19, cancer, etc. Make sure that the health plan you choose offers coverage against a larger number of existing diseases and critical illnesses.

      4. Waiting Period

        Usually, there is a time period after which a mediclaim policy offers coverage for various medical treatments and illnesses. While an initial waiting period of 30 days is standard in all policies, most plans cover pre-existing diseases after a waiting period of 2 to 4 years. Similarly, certain medical procedures and diseases are covered after a maximum waiting period of 2 years. So, NRIs should read all the terms and conditions of the policy carefully and buy the one that comes with a lower waiting period.

      5. Network Hospitals

        All health insurers in India have a network of hospitals registered under their panel, where the insured parents can avail cashless treatment. Opting for cashless treatment at the network hospital of your insurer will ensure a hassle-free experience when your parents are hospitalized as the bills are paid to the hospital directly by the insurance company. Hence, NRIs should check the list of network hospitals for different insurers and choose the one with a network hospital near their parents’ residence in India.

      6. Premium Amount

        Health insurance for parents can be a little expensive as elderly people are more prone to critical illnesses that require long-term treatment. However, picking a health policy with an extremely lower premium may result in insufficient coverage for your parents. Therefore, NRIs should choose the best health insurance for parents as per their health conditions and paying capacity.

        Besides, it is always sensible to buy a senior citizen health policy instead of getting your parents covered under your family insurance plan.

      FAQs

      • Q1. Can an NRI take health insurance for parents?

        Ans: Yes, NRIs can buy health insurance for their parents in India. However, it will only cover medical expenses incurred by the NRI parents within India.
      • Q2. Can I take health insurance for my parents in India?

        Ans: Yes. Whether you stay in India or you are an NRI, you can buy health insurance for your parents in India.
      • Q3. Can NRIs claim health insurance for parents?

        Ans: Yes. NRIs can claim health insurance for their parents in India. All they need to do is inform the Indian insurance company about the hospitalization and submit the required documents. The insurance company will pay the medical bills to the network hospital in case of cashless treatment or reimburse the amount to you in case of reimbursement claims.
      • Q4. Is it worth buying health insurance for NRI parents?

        Ans: Yes. NRIs should buy health insurance for their parents so that they can avail the best medical treatment without worrying about paying the bills. Besides, elderly people are prone to diseases and hence, buying medical insurance ensures that your savings are intact at all times.
      • Q5. Should I buy separate health insurance for my parents in India?

        Ans: Yes. NRIs must buy separate health insurance for their parents in India. This is because the premium of your family policy will increase due to the age of your parents. But if you buy a separate policy for your parents, the premium of your family policy will remain affordable.
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