Can NRIs Take Health Insurance in India?

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Yes, Non Resident Indians can buy insurance policy in India. However, green card holders are not allowed as they are not considered as NRIs for this purpose.

Policies offered to NRIs or a Person of Indian Origin (PIO) are same as offered to Residents of India. Some insurance companies allow investor to by policy from abroad. One can purchase the policy from overseas by written communication with the insurance company in India.

Can NRIs Take Health Insurance in India?
 In case of any medical purpose, the applicant should come to India for the treatment, as this policy will not be compensated abroad. Cost and premium are paid according Indian parameters.

The Insurance plans offered to NRI depends on the country of residence, age and other relevant details.

Not all the insurance companies in India, give policy to NRI's. Only, some of the companies have managed to provide the service to NRI. Some of the companies are:

1) Life Insurance Corporation of India (LIC)
2) ICICI Prudential Life Insurance
3) Max Life Insurance
4) Kotak Life Insurance
5) Bajaj Allianz

How can premiums be paid?

An NRI can pay premiums by any of these modes:

  • Remittance in foreign currency
  • NRO bank account
  • NRE/ FCNR bank account

However, some banks do not accept premium through Credit Cards issued outside India.

What are the documents required?

If Planning to take policy from the Life Insurance Corporation, here are the main papers required to obtain insurance cover:

1. Application form depending on the type of policy selected.
2. NRI Questionnaire.
3. Medical Report (not applicable if the proposal is under non-medical scheme)
4. Special questionnaire (if proposal is under ‘Mail Order Business' and if the agent does not visit the country of residence of proposer)
5. Special Medical Reports, if called for.
6. Attested copy of Passport.
7. Proof of age and income.
8. Initial Deposit equivalent to Installment Premium under the proposed plan of insurance.
9. Mailing address along with the proof
10. Pancard or form 60 where premium (total annualized premium under all policies)paid is 1 lac & above.

However, documentation vary with policy and depending on insurance company policies.

What happens in case of death or maturity?

The policy will cover an event of death happened anywhere in the world. If premiums have been made in Indian rupees by the NRO account, the death or maturity proceeds will not be repatriable. Means, only premiums paid in Foreign Currency are fully repatriable.

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Read more about: nri, insurance
Story first published: Thursday, December 11, 2014, 12:01 [IST]
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