Summary of this article
NRIs can save significantly on surgeries by opting for treatment in India.
Indian health insurance policies are available to NRIs with OCI or citizenship.
Policies may have coverage limits, waiting periods, or minimum stay requirements.
Extra premiums can reduce waiting time and add daycare or pre-existing cover.
India is a leading destination for medical tourism, attracting millions of patients from all over the world for cheaper treatments. For the same reason, if you are a Non-Resident Indian (NRI), it might make sense to buy a health insurance policy in India.
Why It Makes Sense
Some of the elective surgeries, such as hip replacement, cataract surgery, cardiac bypass surgery, dental procedures, knee replacement, fertility treatments, etc., are more affordable in India when compared with the costs in other countries like the United States, the United Kingdom, or Canada. “Therefore, it's advisable to opt for planned medical procedures in India rather than incurring high costs in these foreign countries,” says Sarita Joshi, head, health and life insurance, Probus.
Let us look at knee replacement surgery as an example. In the US, it may cost up to Rs 27 to Rs 40 lakh. In India, even in the top hospitals, it would cost Rs 1.5 lakh to Rs 3.5 lakh, which is only a fraction of the cost.
Can NRIs Buy Indian Health Insurance Policies
If the NRI has valid proof of Indian citizenship or has an Overseas Citizenship of India (OCI) status, then they can buy Indian health plans. However, it might come with certain exclusions, including the coverage (such as being applicable only during their stay in India), which would be mentioned in the policy document.
It is important to check for cashless admission facilities, especially in your location. If you are looking to cover your parents, you may pay an extra premium to include daycare procedures and reduce pre-existing disease waiting periods.
Some policies may require a minimum number of days in India to stay valid. One also needs to know whether claims can be filed from abroad. So, choose an insurer who enables seamless digital claim filing and tracking. Also, remember that section 80D deductions are available only if you have taxable income in India and if you opt for the old tax regime.
What To Consider
The premiums of the Indian policies might be comparatively lower, but they come with a pre-existing waiting period of around two to four years. However, you can get day one coverage or do away with the waiting period by paying an extra premium. Also, when considering treatment in India, NRIs would need to factor in airfare, accommodation, and travel expenses. If planned well, having health insurance in India can help you get any planned medical procedure done at a fraction of the cost.
