Introduction to Medical Insurance for NRIs

These days, more and more Indians are beginning to explore education and employment opportunities overseas. Moving abroad can be a challenging experience, and you need to think about issues like steady finances, family stability, and health security. Linked to all these issues, a major concern or priority for NRIs is health insurance in India, especially if you plan on moving back or split your time between India and abroad during a year. The process of getting medical insurance in India for NRIs involves questions about eligibility, valid currencies, best-suited policies, benefits and so on. Finding the best health insurance for an NRI citizen in India can be a daunting task. However, with a few guidelines, this can be made simpler.

What is the Eligibility Criteria for Buying Health Insurance in India for NRIs?

There are certain criteria that need to be fulfilled when it comes to buying health insurance for NRIs in India. Persons of Indian Origin are required to present a document attesting to their Indian nationality, i.e.: their passport. Additionally, they have to provide proof of residence, with copies and also their income tax return details.

Which are the Best Medical Insurance Plans in India for NRIs?

As an NRI looking for health insurance in India, there may be certain aspects you may consider more important than others. Moreover, you may want to have a specific type of coverage. Here are a few top insurers for individual and family coverage health insurance plans for NRIs in India:

Insurance Provider

Number of Network Hospitals

Age Range

Sum Insured

Bajaj Allianz

>6000

18-65 years

Up to Rs.50 lakhs

HDFC Ergo

>10,000

18-65 years

Up to Rs. 5 crores

Max Bupa

>4,500

18-65 years

Up to Rs.1 crore

Star Health

>9900

18-65 years

Up to Rs.25 lakhs

Often, parents of NRI citizens also migrate with their children to a foreign country and may require medical care abroad. Hence, as an NRI you may also want to know the best health insurance options for NRI parents available in India. Here are some policies that can be availed by senior citizens or NRI parents:

Bajaj Allianz Silver Health:

This plan is ideal for senior citizens who need medical care quite frequently. The coverage includes pre and post-hospitalization expenses as well as ambulance charges. The entry age is set at 46 years, offering extensive coverage.

HDFC Ergo Health Optimum Senior:

This is a fairly comprehensive policy for senior citizens and includes customisable benefits such as the restore benefit. Citizens above the age of 61 years can apply.

New India Assurance Senior Citizen Mediclaim:

Another option with great coverage, this mediclaim policy covers OT, in-patient and out-patient costs, and even includes Ayurveda treatments. Indians in the age range of 60-80 years can apply.

Star Health Senior Citizen Red Carpet :

This policy is one of the few that does not require a health check-up prior to purchase. Citizens in the age range of 60-75 years can apply.

Things to Know Before Buying Medical Insurance for NRI Citizens

As a prospective health insurance buyer, there are a few points you should keep in mind to ensure that you are aware of certain concessions and regulations:

 

  • Foreign Exchange Management Act Regulations

The Foreign Exchange Management Act governs health insurance policies in India, and it is a must for all NRIs to familiarise themselves with the rules before purchasing a plan.

  • Tax Benefits Under Section 80D

Under Section 80D of the Income Tax Act 1961, NRIs can avail a health insurance tax exemption on the insurance premium. This benefit is available even if you are abroad; tax exemption on individual health insurance or senior citizen mediclaim policy is Rs. 25,000. Note that this exemption is subject to changes in tax laws.

  • Migrating Abroad with an Existing Insurance Plan in India

If you already have a valid health insurance plan in India, but have to go abroad for a duration of time, you can follow one of these few routes. If you are certain about your return after a fixed period of time, you can keep up with your existing plan in India rather than purchasing one abroad. However, if you are uncertain about the duration of your stay abroad, it is wise to purchase one in a foreign country.

To Sum It Up

If you have plans of moving abroad for a few years, and then returning to India to settle there, having a health insurance plan in India can be useful. In addition to that, you can get mediclaim policies for your parents to ensure that they are financially protected. Regardless of which policy structure you want to opt for, you can find the best solutions for all your insurance needs on Finserv MARKETS. Compare policies, analyse benefits and find the medical insurance plan that fulfills all your requirements today!

Best Health Insurance Plans Available at Finserv MARKETS

FAQs on Health Insurance For NRIs

  • ✔️Why are NRI applicants considered riskier by insurance providers in India?

    Given that NRIs do not reside primarily in India, Indian insurance providers may find it hard to settle claims efficiently and corroborate the authenticity of claims. Hence, NRI applications undergo a stricter approval process as the applicants are considered riskier.

  • ✔️If I am moving abroad for only a few years, should I buy a new plane in a foreign country?

    If you are certain about your return after a fixed period of time, you can keep up with your existing plan in India, or buy a plan in India rather than purchasing one abroad. 

  • ✔️What are the tax benefits Under Section 80D?

    Under Section 80D of the Income Tax Act 1961, NRIs can avail a tax deduction on the insurance premium. This benefit is available even if you are abroad; tax exemption on individual health insurance or senior citizen mediclaim policy is Rs. 25,000. Note that this exemption is subject to changes in tax laws. 

  • ✔️Are NRIs eligible for health insurance in India?

    There are certain criteria that need to be fulfilled when it comes to buying health insurance for NRIs in India. Persons of Indian Origin are required to present a document attesting to their Indian nationality, i.e.: their passport. Additionally, they have to provide proof of residence, with copies and also their income tax return details. 

  • ✔️What are some good health insurance options for NRIs in India?

    Here are a few tops insures for individual and family coverage health insurance plans for NRIs in India:

    Insurance Provider

    Number of Network Hospitals

    Age Range

    Sum Insured

    Bajaj Allianz

    >6000

    18-65 years

    Up to Rs. 50 lakhs

    HDFC Ergo

    >10,000

    18-65 years

    Up to Rs. 5 crores

    Max Bupa

    >4,500

    18-65 years

    Up to Rs. 1 crore

    Star Health

    >9900

    18-65 years

    Up to Rs. 25 lakhs