The NRIs should, therefore, opt for essential health insurance in India while making frequent visits to the country as international covers would not provide entire insurance protection. Travel insurance can be one such safety net against health-related risks while visiting, but these have been known to be less effective in cases of long-term health issues or chronic conditions.
It does have its benefits, such as using a network of local hospitals, direct claim settlements, and of course, no currency conversion. It is also a good opportunity for an NRI who decides to return permanently to India since domestic health insurance provides continuous coverage without waiting periods that usually accompany pre-existing conditions.
According to him, one has to select a policy with absolute care. NRIs should also look into their policy for coverage of pre-existing diseases, cashless hospital networks, critical illness coverage, and so on. He recommends that exclusions frequently include cosmetic surgeries, maternity benefits, treatments outside India, among others, so it is only wise to read the policy terms very carefully before buying.
For health insurance in India, the NRIs need to obtain an Overseas Citizen of India (OCI) card. In addition, if the premium is paid from a Non-Resident External account, the NRIs will be able to benefit from GST exemptions when they provide the form for exemption to the company offering them the policy.
For NRIs a judicious strategy will be the base health cover with some top-up plan. The base will actually provide protection on essentials, and the top-up will add coverage for serious critical illnesses or costly treatments with minimal increases in premium payments. For instance, a base cover of ₹10 lakh with top-up of ₹90 lakh would amount to a total coverage of ₹1 crore, thus quite economically viable.
According to Rakesh Goyal, Director at Probus, an insurance broking firm: “Healthy growth in healthcare costs is likely to continue in India. So, the super top-up plan will help avail extensive coverage for serious medical conditions at relatively lower costs. This plan is very useful for NRIs, since they may not frequently require any healthcare but want to stay safe and sound against some high-cost emergencies.”
Furthermore, Siddharth Singhal, Head of Health Insurance at Policy bazaar, has endorsed the strategy of pairing minimal base cover with a higher top-up, as it effectively deals with normal routine healthcare needs and those potential high-cost treatments.
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