Can a Foreigner Buy Health Insurance in India?

Buying Health Insurance in India as a Foreigner

Purchasing health insurance in India as a foreigner can provide you with a financial backup against any unexpected emergencies during your visit here.

Health insurance in India is also far cheaper than in other countries. The premiums here are available at a range of $120 - $300 annually. It is $8000 less than in the United States and $5000 less than in the Gulf States.

Are Foreigners Allowed to Purchase Health Insurance in India?

Yes, foreigners can purchase health insurance policies in India for themselves and their families. It is very useful for foreigners who plan on returning to India in the near future. It additionally eliminates the hassle of purchasing health insurance right after relocation.

What Regulations are Applicable to the Purchase of Health Insurance Policies by Foreigners in India?

The Foreign Exchange Management Act (FEMA) has regulations for issuing foreigners who want health insurance. Here are a few of them:

1. Foreigners can buy health insurance plans in India and pay for them in foreign currency. However, if they wish to repatriate the claim amount received from an Indian insurer, they can do so.
2. Repatriation is only possible if the premium amount is paid in foreign currency.
3. A repatriation of the claim amount is not possible if the premiums are paid in Indian currency by a foreigner.

What is the Process of Purchasing Health Insurance Plans in India as a Foreigner?

The process of applying for health insurance for foreigners in India differs based on your health insurance provider. However, here is a general list of steps that you need to follow to purchase one:

1. Determine your ideal health insurance provider and contact them, whether by directly visiting their branches or their website.
2. Understand clearly the applicable terms and conditions, benefits, exclusions and eligibility criteria for different types of policies.
3. Submit all of the necessary KYC documents, such as a passport, a recent photograph, proof of residence, etc.
4. Undergo any necessary medical tests as required by the health insurance provider.
5. Pay the premium that is applicable as per your policy.
6. After a successful confirmation of your payment, you will receive the details at your email address.

What Documents Do Foreigners Need For Purchasing Health Insurance Policies in India?

1. Copy of Passport
2. Last Entry and Exit Stamp
3. Foreign Address Proof (of country residence)
4. Recent Passport-Sized Photographs
5. Copy of Visa
6. Recent Bank Statements (of the previous 6 months)
7. Salary Slip (of the previous 3 months)
8. Employee ID Proof

Why Should a Foreigner Purchase Health Insurance Policies in India?

There are many benefits that foreigners get upon purchasing health insurance policies in India.

1. For instance, a foreigner (Overseas Citizens of India) can claim an 18% GST refund on their purchase of a health insurance policy.
2. Under Section 80D of the Income Tax Act, foreigners can claim a deduction of up to Rs. 25,000 in a year on premiums for health insurance (purchased for self and family).
3. There is also an additional Rs. 25,000 deduction available every year for health insurance plans opted for parents.

Health insurance in India for foreigners is a great choice to cope with the rising medical costs in the country. Having health insurance can prove beneficial in getting timely access to quality care, cashless hospitalisation, and reducing out-of-pocket expenses.