Health insurance plans are excellent financial plans for safety against hefty medical expenses. With globalisation, many NRIs reside in India and seek financial security, including plans like cashless health insurance.
So, are you an NRI(Non-Resident Indian) or someone wondering whether NRI can have Indian medical insurance? The answer is yes; NRIs can purchase the medical insurance plan for themselves and their family in India based on specific criteria, eligibility and terms and conditions.
In this article, let’s explore the different options for health insurance for NRIs, which empowers NRIs to make wise decisions when it comes to securing their health needs.
What is Health Insurance for NRI?
Health insurance for Non-Resident Indians (NRIs) refers to insurance plans designed to provide healthcare benefits, coverages and financial protection to the person who is not a legal resident of India or who resides temporarily or permanently outside of India.
These policies offer several coverage and features to NRI, such as:
- Comprehensive medical coverage
- Coverage for pre and post-hospitalisation expenses
- Coverage for a pre-existing illness
- Cashless treatment
- Coverage for critical illnesses
- Maternity benefits
- Wellness programs
- Global coverage
Should NRIs Buy Health Policies In India?
Yes, NRI should consider to a buy online medical policies in India for the following reasons:
● Comprehensive Medical Coverage
Through health insurance policies in India, NRI can ensure comprehensive coverage against inflated medical expenses. They can also benefit from a cashless hospitalisation facility, which will be fruitful when you come from abroad.
● Affordable Premiums
The health insurance premiums in India are relatively cheaper than those in developed countries. So buying health insurance in India from companies like Tata AIG NRI can leverage the benefit-cost effectiveness while extensively safeguarding their health care needs.
● Coverage for Dependent Family Members
NRIs may have dependent family members, such as parents or children, who reside in India. However, purchasing health insurance plans for them will ensure quality health care services in case of any need without much financial strain.
What are Different Health Insurance Policy Options for NRIs?
When you are looking for some of the health insurance NRI plans in India, then you consider the following, as mentioned in the table:
| Health Insurance Options for NRIs | Description |
| Individual Health Insurance | Provides coverage for medical expenses and hospitalisation for the insured individual. |
| Family Floater Plans | Offers coverage for the entire family under a single policy, including spouse, children and parents. |
| Senior Citizen Health Insurance | Specifically designed for elderly parents in India, addressing age-related medical needs. |
| Critical Illness Insurance | Offers a lump sum payment upon diagnosis of critical illnesses, helping cover significant costs. |
| Maternity Insurance | Covers expenses related to pregnancy, childbirth, and maternity-related medical treatments. |
| Group Health Insurance | Suitable for NRIs with employees or a group, providing health coverage to a larger number. |
| Top-Up and Super Top-Up Plans | Enhances existing coverage by providing additional protection beyond a predefined threshold. |
| International Health Insurance | Offers coverage not only in India but also in countries where NRIs live or frequently travel. |
| Customised Plans | Allows NRIs to tailor coverage according to specific needs and preferences. |
| Government Health Schemes | NRIs can explore state-specific and national health schemes like PMJAY for their family in India. |
Can NRI Claim a Medi-Claim Deduction?
Yes, NRI can claim a medi-claim deduction under Section 80D of the Income Tax Act in India. Let’s quickly look at some of the aspects to avail of this deduction in the table below:
| Aspect | Details |
| Eligibility for Deduction | NRIs can claim a deduction on health insurance premiums under Section 80D. |
| Coverage | Deduction can be claimed for self, family members (spouse, children), and parents. |
| Maximum Deduction Limit | ● For individuals: ₹25,000
● For senior citizens: ₹50,000 ● Additional ₹25,000 for parents |
| Mode of Payment | Payments should be made through non-cash modes such as cheques, credit/debit cards, or net banking. |
| Receipts and Documents | Keep payment receipts and policy documents as evidence for verification by tax authorities. |
| Tax Benefit for Non-Resident Parents | NRIs can claim a deduction for health insurance premiums paid for non-resident parents if they’re dependent (spouse, children, parents, and parents-in-law) |
| Claiming the Deduction | The deduction can be claimed while filing an income tax return, mentioning it in the appropriate section. |
Conclusion
Health insurance is important to safeguarding your health care needs and reduces your financial burden for Indian and Non-Indian residents. The various health insurance online options available to NRIs may vary depending on their age, purpose of visit, residential status and more.
However, to opt for one of the health insurance policies, NRIs should carefully consider their healthcare needs and financial requirements. With the right insurance plan, they can leverage comprehensive medical coverage and quality healthcare facilities regardless of their coverage.
