Health Insurance for NRIs – A Purchase Guide

Buying health insurance in India is not a difficult task. All one has to do is be aware of their specific medical needs as well as the budget limit. The health insurance market is laden with numerous health insurance policies that are specifically designed by health insurance companies to provide the ultimate support in times of medical need. Since there are multiple health insurance options available, every health insurance policy buyer, even an NRI finds one that fits their needs to a tee. Yes! Even NRIs are eligible to buy health insurance in India. 

Things NRIs Should Be Aware of

It is advised to NRIs to keep in mind a few significant points while considering health insurance purchase in India. The list includes:

1. If you are an NRI looking forward to coming back to India and buying health insurance, you are 100% eligible to make a health insurance purchase. Keep in mind that you would require an address proof, ITR and various other documents for making your purchase. PIOs or Persons of Indian Origin, you can show your passport along with other documents to go ahead with your health insurance purchase.

2. To make an ideal health insurance policy purchase, you will have to keep a few key aspects in mind. The prime factors NRIs must focus on while considering health insurance in India are:

• Stay and Family Status: The duration of your stay in India, expected time of return, family location, expected time of arrival in India, and change of family residence are a few prime factors that you will have to consider. If you already live outside India or are going abroad only to return after 2-3 years, simply go ahead and buy health insurance. Keep in mind that you will have to face the waiting period on your return. Take note that if you have family members in India that are dependent on you, you can buy family floater policies. 
• Geographical Restrictions: You may find many health insurance policies with geographical restrictions. In other words, you may come across policies offering coverage only in India. If you have a policy that does not provide overseas coverage, you can consider porting to a health insurance company that provides global coverage. 
• Tax Benefits: In case, you have income in India and you wish to return, it will help you gain tax benefits. Also, if you have financially dependent family members in India, it will help you in reducing your tax liability. Take note that as per Section 80D of the Income Tax Act, you will be eligible for tax deductions on payment of health insurance premiums. 
• Regular Travel: If you travel to India for work or business purposes quite frequently, it would be beneficial to purchase health insurance in India as it will support you financially in case of medical emergencies. 

Also, Read

Advantages of Buying Health Insurance from New India Assurance

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Final Words

Health insurance for NRIs is a boon that can be extremely benefiting at the time of need. If willing to go ahead with a health insurance policy purchase in India, make sure you read the policy wordings carefully so that there are no last minute disappointments and neither your money, nor efforts go to a waste.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.