Can NRIs Buy Health Insurance Policy for Parents living in India?

Many Indians have settled abroad for work-related reasons. However, their parents and, in some cases, their families might stay back in India for which NRIs remit money to pay for their financial needs. Many NRIs also look to secure their parents’ finances with a health insurance policy. But can they buy a policy in India when they live abroad?

The answer is yes!

Just like resident Indians, NRIs can also invest in a health insurance plan for their parents who live in India.  

The process of insuring parents is simple. NRIs can buy a health insurance policy online for their parents. Here are some facts that they should, however, keep in mind –

  • You can pay the premium INR or in foreign currency as well. However, it is always advisable to pay in the Indian currency as it is easier and more convenient for insurers in order to process the premium.
  • You can make the payment from an NRE (Non-Resident External) or an NRO (Non-Resident Ordinary) account with an Indian bank. You can however use direct remittances and payment by cheque or draft as well.
  • The parents might need to undergo a health check-up before the issuance of the policy. However, they would need to visit a network hospital for the pre-policy health check-up.
  • If your parents are abroad at the time of the issuance of the policy, you can get their health check-ups done at a foreign location. Send in the reports to the insurer through your registered email as well.
  • Claim settlement can be done in Indian currency
  • Though the policy can be issued in India its coverage might be restricted to India only. Most health insurance plans cover hospitalisations in India. As such, if the parents suffer a claim when they are visiting the NRI abroad, the plan might not pay for the same. If you need coverage for international hospitalisations too, look for health plans that offer worldwide coverage either as an inbuilt feature or as an add-on.
  • If you happen to file your income tax return in India, then you can claim for paying the premium for your parent’s health insurance coverage under Section 80D. The limit is Rs.25,000 if the parents are below 60 and Rs.50,000 if they are senior citizens. 
  • However, if you are not a taxpayer in India, you will not be able to claim the deduction. 
Senior and young holding hands

Health insurance plans for parents staying in India

If you are an NRI and have parents staying in India, you can opt for a suitable health insurance plan that would cover them in medical emergencies. This would give you and your parents financial relief and the cashless feature of the plan would come to their aid even when you are living abroad. 

Here are some tips for buying the right policy for your parents –

  • If your parents are not very old, look for a normal health plan for a wider scope of coverage.
  • Check the waiting period in health plans and buy a plan which has the lowest waiting period. This is because your parents might suffer from a pre-existing condition. Given their age and getting coverage for such a condition at the earliest is recommended.
  • Choose an optimal sum insured because medical expenses in India are steadily increasing. If the sum insured is low, the coverage would be insufficient and you would have to shoulder the additional medical costs. A sum insured of Rs.10 lakhs or more would be ideal.
  • Check the coverage benefits offered by the plan. Opt for a comprehensive scope of coverage so that most of the medical costs are under the coverage benefits and your parents get the best medical care
  • Look for insurers with the widest network of cashless hospitals so your parents can make an easy cashless claim.

The bottom line

As an NRI, insuring your parents in India is not difficult thanks to the online medium. You can easily compare the available plans, choose the most suitable option and buy the plan online. Pay the premium digitally with your NRE or NRO account. You can relax knowing that they would be able to avail of quality healthcare facilities in medical emergencies. Moreover, you would be able to secure your family’s financial future with the plan in place. To know more check https://blog.oneassure.in/

    Request for a free health insurance consultation

    Fields marked with an * are required