Health Insurance for NRI Parents in India in 2024
With the rising number of onsite job opportunities, people are moving miles away from their families to pursue their careers. While it might seem a lucrative option with no if’s and but’s attached, there are several points to the checklist before one takes that decision of moving out; Parents care being one of the foremost concerns. The recent Covid 19 pandemic further increased these concerns of NRIs for their parents’ health and well-being.
One of the major steps taken towards family health is buying a health insurance and that holds true for even NRIs. In this regard, the most common question that arises frequently is, “Can NRIs buy Health Insurance for their parents residing in India?” Answering this question, as per IRDA, yes, NRIs can definitely purchase health insurance for their parents residing in Inda.
Benefits of Buying a Health Policy for Parents in India
- High medical costs: The increased life expectancy in the last few decades has a flip side to it too. Medical costs have become skyrocketing and there would be manifold incidents especially in old age that require expensive medical assistance. For situations like these, a health insurance provides cushion to your savings.
- Save the pension for happy days: Even if your parents are pensioners, keep the pension safe for their personal expenses. For medical emergencies, that are bound to eat up a major portion of savings, it is always a wise decision to have health insurance.
- Make your parents self-dependent for unforeseen times: A major portion of Indian population does not even have access to pension. In such cases, parents are largely dependent on their earning children or on their lifetime savings. In either case, health insurance can protect our savings from being hit in times of medical exigencies. Also, with a cashless insurance at hand, our parents can have a hassle free and easy access to healthcare even if we are not present with them.
- Financial cushion to savings: Paying medical bills is definitely a strenuous job and a big impact on savings that would otherwise be used for some planned purpose. And these health requirements come up when you are least expecting them. For those times, have a health insurance so that your plannings and happy times do not suffer.
- A little more tax savings is always welcome: The premium paid towards health insurance policy in India also comes under tax exemption as per the Indian Income Tax Act. This includes any premium paid for self, spouse, dependent children, and dependent parents. So, NRIs can claim a rebate on their Indian Income under Section 80D.
Know more about the tax benefits:
Factors to Consider While Buying Health Insurance for Parents in India
Check for the age limit in the policy. Entry age is mostly 60 years since it's a policy for senior citizens. While most insurers provide coverage till the age of 80, there are some that cover only till 65. Some of them also provide assured lifetime renewability.
Take a sense of your parents’ requirements and accordingly decide the Sum Insured that you would like to take up in your health policy.
The most important point. Check the inclusions and exclusions carefully covered in the policy. If it’s a critical illness policy, check the list of critical illnesses covered, check for other covers like AYUSH, Covid cover, day care procedures, home treatment etc.
Check for the network hospital coverage on your policy so that when required and if you are not around in the country, parents can have easy access to healthcare facilities without any requirement of cash.
Most policies have a waiting period for pre-existing illness that ranges from 24 months to 48 months. Only after this waiting period is over, you can make a claim for the pre-existing illness. Hence, select a policy that comes with the minimum waiting period.
seamless and quick settlement process so that parents don’t have to run from pillar to post when their children are not around
What's great about a Health Insurance by Digit?
Simple online processes - From the process of buying a health insurance policy to making claims is paperless, easy, quick and hassle-free! No hard copies, even for claims!
No Age-based or Zone-Based Co-payment - Our health insurance comes with no age-based or zone-based copayment. This means, during health insurance claims, you need not pay anything from your pocket.
No Room Rent Restriction - We understand that everyone has different preferences. That’s why we have no room rent restrictions. Choose any hospital room you prefer.
SI Wallet Benefit - If you exhaust your Sum Insured during the policy period, we refill it for you.
Get treated at any hospital - Choose from 10500+ of our network hospitals in India for a cashless treatment or opt for a reimbursement.
Wellness Benefits - Get exclusive wellness benefits on the Digit App in collaboration with top-rated health and wellness partners.
Key benefits of Health Insurance by Digit
| Co-payment | No |
|---|---|
| Room Rent Capping | No |
| Cashless Hospitals | 16400+ Network Hospitals across India |
| Inbuilt Personal Accident Cover | Yes |
| Wellness Benefits | Available from 10+ Wellness Partners |
| City Based Discount | Up to 10% Discount |
| Worldwide Coverage | Yes* |
| Good Health Discount | Up to 5% Discount |
| Consumables Cover | Available as an Add-on |
*Available only on Worldwide Treatment Plan
FAQs about Health Insurance for NRI Parents in India
Can NRIs buy health insurance for their families back home in India?
Yes, NRIs can definitely buy health insurance for their families back home in India. This includes their spouse, dependent children, and dependent parents.
Do health insurance companies cover Non-Resident Indians?
Yes. Health Insurance companies cover Non-Resident Indians for their medical expenses incurred in India. However, recently, a few insurance providers have started covering the medical expenses in other countries too depending on terms and conditions.
Can NRIs claim tax deduction on health insurance premium?
Yes, the premium paid towards any health insurance policy in India comes under section 80D and can be claimed for income tax deduction in their Indian income.
Read more about buying health insurance for your parents and senior citizen health insurance.