Health Insurance for NRIs

Types of NRI Health Insurance

While looking for NRI health insurance in India, here are the types of plans you can consider:

• Individual Health Insurance: Covers individual medical expenses of NRIs.
• Family Floater Health Insurance: Medical expenses of NRIs with spouse and children in India are covered.
• Senior Citizen Health Insurance: A specially designed plan that covers the healthcare needs and age-related illnesses of NRIs’ elderaly parents in India.
• Critical Illness Insurance: Provides comprehensive coverage of treatment expenses for life-threatening diseases following diagnosis.

How Does NRI Health Insurance Work?

NRI Health Insurance works similarly to regular health insurance but with added provisions for NRIs:

Policy Purchase

NRIs, PIOS and OCIs can purchase health insurance from Indian insurers for themselves and their families residing in India. In most cases, the NRI must be insured under the policy to be eligible for certain benefits, such as a premium discount.

Coverage

Insurance for NRIs in India usually offers coverage for hospitalisation, surgeries and daycare treatments incurred in India.

Premium Payment

Premiums can be paid in Indian rupees through international debit/credit cards. Paying a premium would also qualify NRIs for receiving tax benefits in India under Section 80D if the proposer has taxable income.

Key Features of Health Insurance for NRIs

Here are the primary features that medical insurance for NRIs in India by Care Health Insurance includes;

Cashless Hospitalisation

This feature enables NRIs and their family members to receive cashless treatment at any of the insurer’s network hospitals. There would be no need for upfront payments, as the insurer would directly settle the bill with the hospital.

Pre and Post-Hospitalisation Cover

All expenses incurred before hospitalisation, including consultation and diagnostic tests, as well as after hospital discharge, such as follow-up visits, are covered under the NRI health insurance policy up to a pre-specified period.

Daycare Treatment Coverage

Medical procedures such as dialysis and cataract surgeries, that don’t require 24-hour hospitalisation, will be covered.

Additional Benefits

Some of the most useful add-ons to our NRI health insurance include instant coverage, annual health check-ups, money-back benefit, loyalty boost, tenure multiplier, and more.

Can NRIs Buy Health Insurance in India?

Yes, NRIs are eligible to purchase health insurance in India for themselves and their families, if they have valid proof of their Non-resident status and Indian citizenship. However, their coverage will be limited to the geographical borders of India.

Any expenses incurred outside India will not be covered under NRI health insurance unless it's mentioned in the policy terms and conditions.

Who Should Buy NRI Health Insurance?

NRI health insurance is usually ideal for:

• NRIs visiting India periodically - To ensure financial protection against unexpected medical emergencies.
• NRIs with dependent parents in India - To ensure that your loved ones get access to quality healthcare without any financial burden.
• Overseas Citizens of India (OCIs) and Persons of Indian Origin (PIOs) - For ensuring financial security against rising medical expenses in India.
• NRIs working abroad for long durations - Having a financial safety net to cover medical emergencies that may arise in India.

Documents Required for Purchasing NRI Health Insurance in India

In addition to KYC documents, below is the list of documents required for purchasing NRI health insurance in India :

• A valid passport proving your stay for more than 182 days in a country that is not India
• Latest gas, fuel, electricity, or other utility bills
• Legal Rent Agreement of your residence outside India
• Valid Driving License with an out-of-India address.

Note: The documents above are required to prove your stay out of India as a Non-resident Indian.

Things to Consider While Buying NRI Health Insurance

Before purchasing NRI health insurance in India, here are a few things that you should keep in mind:

Network Hospitals

Ensure that your insurer has a vast network of hospitals to avail cashless treatment, especially in the city where your family resides.

Pre-existing Illness Coverage

Review the waiting periods and policy terms and conditions related to pre-existing illnesses beforehand to avoid any surprises during the claim settlement process.

Sum Insured

The treatment costs in India and abroad vary significantly. Therefore, ensure that you choose a coverage amount that realistically matches treatment costs in India.

Renewability

Choose an NRI health insurance that offers lifetime renewability to avoid coverage gaps in later years.

Claim Settlement Ratio (CSR)

This indicates the percentage of claims an insurer has successfully settled, compared to the total claims received in a year. A high CSR is an insurer’s efficiency and reliability in honouring claims.

Exclusions and Waiting Periods

Before finalising the policy purchase, carefully read about the exclusions and waiting periods for certain benefits.

How to Buy Medical Insurance for NRIs in India?

Buying NRI Health Insurance in India is a simple process that involves the following steps:

Research and Compare Plans

Check health insurance policies specifically designed for NRIs. Compare their coverage, network hospitals, premium costs and waiting periods.

Choose the Right Insurer

Select insurers with a vast hospital network in India, preferably those with a good claim settlement history. This ensures that you and your loved ones receive cashless treatments and also don’t have to worry about claim settlements.

Apply Online

Fill out the policy application form and submit the relevant documents

At Care Health Insurance, we offer a 15% premium discount on purchasing and renewing NRI health insurance. If you plan to buy a policy for your parents residing in India, you will be required to be covered under the same policy to avail the discount.

Can NRIs Save Tax on Health Insurance Purchased in India?

Yes, NRIs can save tax on health insurance purchased in India under Section 80D of the Income Tax Act. They can claim a tax deduction of up to ₹25,000 per financial year for premiums paid towards health insurance for themselves, their spouse and dependent children.

Moreover, if an NRI pays health insurance premiums for their parents who are senior citizens, they are eligible to claim an additional deduction of ₹50,000.

Note: To be eligible for deductions under Section 80D, all premiums must be paid through banking channels, such as credit cards, debit cards, net banking, or electronic transfers.