Can NRIs Buy Health Insurance in India?

Posted on: Jan 24, 2023 | 3 mins | Written by: HDFC ERGO Team

Can NRIs Buy Health Insurance in India?

Health Insurance for NRI

Can NRI’s buy health insurance in India? Is a commonly asked question by all the non-residents Indians? Many of us reside overseas; however, keep coming back to India. If you are one of them and constantly feel weather you are eligible to get a treatment in India or no, then read further as we unveil the details.

Can NRIs Buy Health Insurance in India?

Yes, NRIs can buy any health insurance plans in India for themselves and their families; there are no specific health plans. In fact, health insurance for NRI is highly recommended for those who plan to return to India permanently after a few years, those who frequent India, or those who stay in India for a prolonged period during their visit. However, they may have to undergo medical tests, particularly the elderly or those with pre-existing conditions. If you are at risk of developing a critical or life-threatening illness, buying critical illness insurance is a better option.

Eligibility to buy Health Insurance for NRI

To be eligible to buy health insurance in India, an NRI has to submit proof of Indian citizenship such as a Passport, recent ITRs, and other related documents. Persons of Indian Origin (PIOs) have to present their Indian Passports for buying medical insurance in India.

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

As per FEMA regulations, if an NRI files any claim, the insurer will compensate up to the total premium amount paid in foreign currency. If the premium of the policy is paid in Indian rupees, the claim amount payable will also be in Indian rupees. If the medical insurance for NRI provides global coverage, you can seek medical treatments outside India, but the claim amount in foreign currency will be subject to the premium amount paid in that specific foreign currency.

The approved claim amount can be credited to their Resident Foreign Currency (RFC) Account maintained by any authorised bank in India or to the foreign account of the insured NRI.

How to Buy Health Insurance for NRIs in India?

Buying the best health insurance for NRI in India can be done in two ways — offline and online. For offline purchases, you have to visit the branch of the insurance provider during your visit to India.

If you are opting for online mode, the process is simple and quick. Here are the steps –

Step 1: Visit the website or app of the insurance provider.

Step 2: Provide the required details and choose the type of plan. Review the policy inclusions, exclusions, waiting periods, and other terms and conditions.

Step 3: Complete the KYC by submitting documents like Passport number, PAN, overseas address proof, etc.

Step 4: Make the premium payment using any of the payment modes as approved by FEMA.

Step 5: Once the payment is complete, you will receive the policy document.

Before buying the policy, you must research and compare the plans using online tools to find the best NRI health insurance plan. Also, some insurers mandate medical tests before issuing the policy.

What are the Terms & Conditions Applicable to Health Insurance for NRI in India?

Geographical limitations: For NRIs it’s important to know that health insurance policy bought in India will cover your hospitalization expenses that take place within the boundaries of India. If you have a health insurance policy in India you cannot undergo a treatment at Malaysia and claim it with an Indian health insurance policy or company.

NRI health insurance policy issuance may have certain set of conditions as they’re more prone to health risks. So a limitation in opting for Sum Insured can be put.

Tax benefits remain the same, medical insurance in India for NRI allows them to enjoy tax saving upto 55,000.

FAQs

1. Can NRIs buy health insurance for their family staying in India?

Yes. An NRI can buy health insurance for his/her family residing in India, subject to the policy terms and conditions.

2. Can I claim tax benefits for buying NRI health insurance in India?

If you are filing income tax returns in India, you are eligible for a tax deduction as per the Income Tax Act.

3. Are there any specific health insurance plans for NRIs?

There are no specific health plans as such and you can buy any policy based on your needs. However, the terms and conditions may be different. So, it is better to check with the insurance company before buying the policy.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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