Should NRIs invest in health insurance in India?
Health insurance plans involve different types which provide maximum protection against high medical expenses caused by health illnesses. While buying a new policy, customers should keep certain things in mind that will help accomplish goals to a large extent. Not only that, it provides ways to select a plan that caters to the requirements of customers. At the same time, many people think they are suitable for only Indian residents, which is not true because NRIs can also invest their money in them. However, they should check the eligibility and other things when buying a policy.
The working population of Indians is increasing every year in foreign countries due to high salaries and better lifestyles. But, on the other hand, they cannot afford medical treatments in the hospitals as the costs are very high. One of the best ways to overcome them is buying NRI health insurance in India because it provides comprehensive coverage for illnesses that will help select the best treatments. Moreover, the insurance plan gives ways to claim amounts from insurers with ease.
Why should NRIs invest money in Indian health insurance?
Non-resident Indians may face difficulties in choosing medical services when they are away from their home. This is because they have to spend more when compared to medical costs in India. Buying NRI health insurance in India provides methods to save more money on treatment expenses and medical bills. Another thing is that it gives ways to seek admission in listed hospitals during emergencies that will help reduce mental worries. In addition, the premium rates are low when compared to health insurance policies in other countries. If the NRI family has some health issue or has a newborn, buying an insurance plan is the best option because it will help them gain more advantages.
When to buy NRI health insurance?
NRIs should choose the right time when they want to buy a health insurance plan in India. It is wise to purchase health insurance for NRIwhen a person is planning to return to India in the next 2-3 years. The plan is ideal for those who want to visit India for holidays or business purposes. Anyone who visits India frequently can benefit a lot from the plan that will help get coverage for health illnesses with ease.
Top 9 things to consider while buying health insurance for NRIs
Those willing to select an NRI insurance in India should keep certain things in mind that will help them get the required coverage for health illnesses.
- Duration of stay
- Coverage for family members
- Evaluating the features in detail
- Geographical Coverage
- Tax Benefits
- Inclusions and Exclusions
- Terms and Conditions
- Claim Process
1. Duration of stay
Duration is the most important factor to consider while buying a policy. When a person stays abroad for a shorter duration of 3 to 4 years, purchasing a plan is a wise idea because it will cover expenses regardless of the hospitalization. In addition, if anyone already has an insurance plan, they can continue paying the amount until they are back.
2. Coverage for family members
Buying a family health insurance policy will benefit parents and others when a policyholder wants to settle abroad with a family. This is because parents can get health check-ups and other services without any difficulties.
3. Evaluating the features in detail
Before buying health insurance for NRI from a company, customers should know the features with more attention. It will help a lot to check whether the benefits of a plan will suit the requirements of a person or not. Most health insurance policies come with exclusions that don’t cover specific illnesses and pre-existing diseases.
4. Geographical Coverage
Almost all health insurance plans in India have geographical restrictions, and policy buyers should know about them properly. Moreover, many insurers don’t provide coverage for untoward incidents that happen outside India. Hence, customers should check them with more attention which will help a lot to get peace of mind from unwanted issues.
5. Tax Benefits
Buying Indian health insurance for NRI makes feasible ways to avail of tax benefits on premium amounts under the income tax act. However, it is imperative to evaluate them with an insurer before selecting a plan in the markets.
6. Inclusions and Exclusions
Customers should check the inclusions and exclusions of insurance policies offered by the insurers in detail. Several plans don’t provide coverage for pre-existing conditions and some specific illnesses. Moreover, they have a waiting period of 2 years to 4 years, resulting in various problems.
Policy buyers should evaluate the prices of plans from different sources, including online, while investing money. This, in turn, gives ways to find the right one which suits the needs of a policyholder and budget. Comparing prices allows policy buyers to make the right decision. Not only that, they can choose policies at the best prices that will help save money significantly.
8. Terms and Conditions
The terms and conditions may vary from one insurer to another insurer in a location, and policy buyers should read them when they want to purchase a plan. Also, it gives ways to overcome any disputes while claiming amounts.
9. Claim Process
The claim process is the most important factor to consider when buying health insurance for NRI in India because it will help a policyholder in many ways. A policy buyer should know the steps involved in the claim process from an insurer before purchasing a plan.
Where to buy the best health insurance plans for NRIs in India?
Those who want to purchase the best health insurance in India for NRI should pick the best insurer in the markets. They should read reviews and testimonials online that give ways to get more ideas. Buying an insurance plan from the right company allows a policyholder to ensure better coverage for medical treatments and other costs. Policy buyers can even contact the customer care team when they want to know the details of plans. In most cases, an insurance company will cater to the needs of NRIs when they are looking out for a good health insurance plan in the markets.