Comprehensive Family Health Insurance Plans for NRIs

A Guide to Comprehensive Family Health Insurance for NRI

There are many Indians who reside abroad, and they often visit India for many purposes. As no one knows when a person will become sick, medical treatments might become necessary at any time. When you are an NRI and face a medical emergency in India, it will be better if you have already bought health insurance in India.  

What is a Comprehensive Family Health Insurance for NRIs?

A Comprehensive Family Health Insurance for NRIs gives comprehensive coverage, such as hospitalisation, emergency services, etc., offering them peace of mind at the time of their visit to India. A Family Health Insurance for NRI is a necessity, so by investing in the best Comprehensive Family Health Insurance, they can experience their stay in the country with the assurance that they are protected against any medical emergencies.  

Why is a Comprehensive Family Health Insurance needed?

With increasing healthcare costs, family health insurance for NRIs with families is important, particularly for those who frequently visit India or have dependents living in the country. It is significant to understand the different aspects of a health insurance policy in India before making a final decision.

Can Non-Resident Indians buy a Comprehensive Health Insurance in India?

Yes, the Health Insurance companies provide specialised health insurance products tailored for Indians living overseas. These plans cater to the unique requirements of NRI families living abroad. Many insurance companies in India permit NRIs to buy health insurance policies for their children. The policies are available from many providers, with NRI-specific features such as global coverage riders, and premiums can be paid using NRE, NRO, or domestic Indian bank accounts.

Why NRIs Should buy Comprehensive Health Insurance plans in India?

There are some reasons why NRIs must buy a medical insurance policy in India. The following are the reasons why NRIs must buy Health Insurance :

Availability of Medical Coverage in India

By buying health insurance for NRIs visiting India, NRIs can claim medical or healthcare expenses incurred during their visit to India. This is because the health insurance purchased in your country of residence will not be useful if you become ill during your visit to India.

Provide Enough Medical Coverage

A few people living abroad are prone to certain health problems, like the flu and stomach-related ailments. In case you fall ill because of these health ailments during your India visit, and when you have bought NRI medical insurance in India, then the medical expenses will be covered by your insurance company in India.

Continued Health Insurance Coverage

If you travel to India multiple times in a year, purchasing health insurance will ensure that you have medical coverage whenever you visit India during the health insurance policy tenure. Also, it prevents you from purchasing medical insurance each time you plan to visit India and claim your medical expenses when you get sick during these Indian visits.     

Plans Available at Lower Premiums

In India, medical insurance policies can be bought at lower premiums than in other countries abroad. This is because healthcare services are more costly overseas when compared to India.  

Since medical facilities are affordable in India, they cause a lower liability on the insurer, and so, health insurance is available at a lower premium.

Enjoy Hassle-free Claim Settlement

Filing a health insurance claim with an India-based health insurance provider will be easier and hassle-free in case you fall sick during your visit to India. The process will be smoother, and you will be easily able to avail yourself of cashless treatment facilities. However, the same may not be possible if you have a medical insurance policy from a foreign insurance company, as the process may be more time-consuming.

Get Benefit on Waiting Period

Most health plans in India provide coverage after a waiting period, which may vary from 2 to 4 years. By purchasing an NRI health insurance plan beforehand, you will have a benefit on waiting periods, as it will be over by the time you permanently shift to India.

Obtain GST Refund on Premiums

In the Indian sub-continent, the premium of a health insurance policy includes an 18% GST (Goods and Services Tax). If you are an NRI who pays tax in your foreign country of residence, you can claim a GST refund on the health insurance premium paid in India.

What are the benefits of Comprehensive Health Insurance in India?

There are many benefits of Comprehensive Family Health Insurance for NRIs in India. The benefits of Comprehensive Health Insurance in India are given below :

• Health Coverage for Family Members in India - Several NRIs purchase plans to offer coverage for ageing parents or dependents residing in India. This is because the healthcare costs have risen sharply in the past decades.
• Future Return Plans - If you have planned to return to India in your future, then investing early in a health insurance plan confirms that you're not penalised later for age or pre-existing conditions. A few insurers have waiting periods for pre-existing diseases, so beginning early will work in your favour.
• Lower Premiums - India provides health insurance at a fraction of the price, when compared to Western countries. You can get comprehensive coverage without the need to spend from your pocket.    
• Tax Advantages - Below Section 80D of the Indian Income Tax Act, you can claim deductions on premiums paid for yourself and your family, like parents. This is an additional financial incentive, particularly for NRIs who file taxes in India.
• Number of Network Hospitals - Many Indian insurers have a wide range of network hospitals that provide cashless treatment, which helps hassle-free claim settlements.
• Digital Ecosystem - With the increase of digital platforms, purchasing and handling health insurance for NRIs in India is not much easier. Several insurance companies provide app-based services, e-consultations, telemedicine, and paperless claims.
• Customisable Choices for Particular Requirements - Many insurance companies now provide plans tailored to the requirements of NRIs, like shorter waiting periods for pre-existing conditions, and language-specific support services.

Factors to Choose Comprehensive Family Health Insurance for NRIs

There are many factors that help choose the Comprehensive Family Health Insurance Plans. Let's discuss those factors to select Comprehensive Family Health Insurance for NRIs :  

• Sum Insured : Analyse your family's medical history and the increasing cost of healthcare. Look for the health insurance plans that offer the benefit of additional coverage.
• Coverage : When you select a health insurance plan, ensure that the insurance company provides extensive coverage, like hospital room rents, prescription medications, surgeries,  diagnostic tests, etc.  
• Network Hospitals : Ensure that your health insurance provider has a wide range of network hospitals, and they have access to cashless facilities.
• Waiting Periods : Some plans have waiting periods for pre-existing diseases or specific treatments. Always check the terms to avoid problems down the line.
• Claim Settlement Process : Check if your health insurance company settles your claims faster and hassle-free.

How to Buy Comprehensive Health Insurance for NRIs in India?

NRIs can buy health insurance in India just like people living in India. The process to buy medical insurance for NRIs in India online :

• Go to the official website and tap' health insurance'.
• Type the requested details, like your age, medical history and contact information.
• Just choose the health insurance policies for NRI that you wish to purchase.
• Next, pay the premium amount online and submit the documents, if needed.
• Your NRI health insurance plan will be issued.  

Can NRIs avail of tax savings on Health Insurance or medical insurance bought in India?

According to the provisions on tax for NRIs in India, Non-Resident Indians(NRIs) can avail of tax benefits under Section 80D of the Income Tax Act. This will be applicable to premiums paid for health insurance or medical insurance policies in India. They can get tax deductions for themselves, children, spouse, and parents. They also have additional benefits for senior citizens.

What are the rules below the Foreign Exchange Management Act (FEMA) for NRIs?

The Foreign Exchange Management Act (FEMA) regulations have set the guidelines for providing health insurance to Non-Resident Indians(NRIs). For any claim below health insurance for NRI, the claim amount payable can be a maximum of the total premium amount paid in foreign currency. The amount that gets approved can be credited to either the foreign account of the insured NRIs or their Resident Foreign Currency (RFC) Account handled by any authorised bank in India.  

What are the terms and conditions applicable to Health Insurance for NRIs in India?

While buying medical insurance for NRIs in India, it is important to read the terms and conditions of the policy carefully. Read the terms and conditions applicable to NRI health insurance in India :  

• Geographical Caps : Many NRI health insurance plans offer coverage to the medical expenses incurred within India only. Even if they do provide overseas coverage, it is limited to emergency medical expenses and life-threatening conditions, such as critical illness treatment. Also, it might have a high in-built co-payment and may be available for a higher premium. So, read the policy wordings carefully before you buy health insurance for an NRI in India.   
• Limited Insurance Coverage  : Many Health insurance providers in India generally provide a limited sum insured to NRIs. This is due to the fact that NRIs are seen as risky applicants, since they don't live in India. This makes it harder for insurers to identify their authenticity. So, they provide health insurance to NRIs with a limited sum insured and might not provide advantages such as preventive health check-ups.