If you are an and interested in availing health insurance in India, rest assured, you’re not the only one going through this struggle. However, when it comes to taking any major financial decisions like purchasing health insurance, you must consider sticking to the right decisions from the point of view of health insurance policy benefits and features, coverage and tax provisions.
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Is an NRI eligible to get Health Insurance in India? Yes, an NRI can purchase a Health Insurance Policy in India, but he definitely needs proof of residence, ITR and other related documents for making the purchase.
1. Duration of time spent in India needs to be considered:
If you are an NRI and intend to return to India within a couple of years, then it makes sense to avail Health Insurance in India. In such cases your return must be certain otherwise, the premium payment would be considered as an additional expense.
2. Family Residing in India:
If your family is residing in India, or you visit them each year, or if you visit India and reside for a minimum span of 3-4 months, then you can purchase health Insurance plans in India. During the tenure of stay, in order to cover health hazards, you might purchase a health insurance policy in India.
3. NRI by Profession only:
4. Business in India:
If you have a business or regular work visits to India, then you might consider availing an Insurance policy. Purchasing a health insurance plan for the stay in India makes a lot of sense under such circumstances.
Geographic conditions are considered in some Insurance Policies which clearly state that they will not provide insurance coverage outside the territory of India, except for select few illnesses.
If you are not present in India, you can opt to buy a policy online. In such cases, the cost of medical tests which you may require will be integrated with the cost of your policy.
Premiums paid on Health Insurance policies enjoy tax deductions. Premiums paid up to Rs 25,000 a year for Self + Spouse and children, enjoy tax deductions under Section 80D, if you are below 60 years of age. Even NRI’s can avail these deductions just like any residents in India.
The significance of Underwriting
Health Insurers have elaborate underwriting guidelines and practices that serve as benchmarks for a particular type of policy issued in the country.
The regulations known as Foreign Exchange Management Act or FEMA, stipulate the conditions with respect to the insurance policies availed inside and outside the country.
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