Unexpected challenges often arise in life, and especially for non-resident Indians (NRIs), managing major health risks becomes more complicated while staying away from their native country. Whether it is a heart attack, cancer, or kidney failure, NRIs get stressed about affordable healthcare accessibility back home.
Well, NRI critical illness insurance in India assures financial security and top-notch quality treatment against life-threatening diseases for NRIs and their families. Read to know about eligibility, FEMA rules for NRIs, document requirements and steps to buy NRI critical illness insurance.
Are NRIs Eligible to Buy Critical Illness Insurance in India?
Yes, NRIs, OCIs (Overseas Citizens of India) and PIOS (Persons of Indian Origin) are eligible to purchase Critical illness insurance in India. While living abroad, NRIs can plan for financial security against hospitalisation emergencies in India. They just required an NRO or NRE account for the GST waiver, which reduces the policy premium in rupees.
Buying an NRI health insurance for Critical Illness in India enables NRIs to receive reliable coverage against the life-altering conditions, like stroke, nerve system damage, etc, during periodic visits or vacation stays in India. They can renew the plan and secure continuous medical protection after returning to India in future. NRIs can buy health insurance plans for their parents living in India.
Why Should NRIs Buy a Critical Illness Plan in India?
International health insurance policy generally do not cover emergency medical expenses in India. Therefore, while visiting India from your workplace in London or Australia, the overseas medical plan will not support your treatment costs. Here is why to buy a medical plan, such as heart disease insurance India for NRIs.
1. Growing Incidence of Critical Diseases
Cardiovascular diseases are rising globally, causing an estimated 17.9 million lives every year. At the same time, around a 77% increase in cancer cases is expected in 2050 from 25 million cases in 2022. In this scenario, having NRI Critical Illness insurance in India offers financial assistance against expensive treatment.
2. Emergency Coverage During Stay in India:
The critical illness policy covers diagnosis, hospitalisation bills, including pre- and post-hospitalisation costs, ambulance charges and medicine bills. Apart from cashless hospitalisation, NRIs can receive coverage of ICU charges, room rent caps, and rehabilitation in India.
3. Affordable Premiums than Abroad
In comparison to abroad, health insurance in India is less expensive. Policy premiums are typically 30% to 50% lower than global health plans. Even medical procedures are substantially 60-90% lower in India, with accessibility to advanced medical treatments compared to Western countries.
4. Financial Security for Parents
Elderly parents who live in India can suddenly face a critical health condition. Buying an NRI Critical Illness insurance in India benefits timely medical care for parents without the physical presence of the NRI and financial stress. Parents will receive cashless hospitalisation and other facilities, even if they are far away from India.
5. Waiting Period Benefit
Purchasing a medical insurance policy in India as an NRI allows you to fulfil the waiting period for any pre-existing condition before returning to India permanently. It ensures coverage accessibility when needed.
What are the Features of a Critical Illness Insurance Policy for NRIs?
A Star Critical Illness insurance plan for NRIs typically offers huge benefits to meet their requirements.
1. Extensive Coverage
The critical illness insurance covers around 37 critical illnesses, such as organ transplantation, stroke, cancer, kidney damage, etc, with robust security for NRIs.
2. Sum Insured Option
NRIs aged between 18 and 65 years are eligible to buy this NRI Critical Illness Plan in India. This is the best cancer insurance for NRIs, which features a flexible sum insured, ranging from Rs. 5,00,000 to Rs. 25,00,000.
3. Accessibility to Large Network
A critical illness insurance plan for NRIs provides access to a large network of over 14,000 hospitals. It enables cashless treatment with faster claim settlement within 2 hours of application.
4. Pre-Existing Disease Coverage
The critical illness policy offers coverage for any pre-existing disease over a 2-4 year waiting period. Therefore, NRIs can secure pre-existing condition coverage after a manageable waiting time while returning to India.
5. No Requirement of Medical Screening
The critical illness insurance plan does not require medical test reports for individuals aged below 50. It simplifies the medical insurance application process for NRIs.
What are the FEMA Rules for NRIs on Health Insurance Premiums and Claims?
There are Foreign Exchange Management Act (FEMA) rules on the process of policy premium payment and claim payout for NRIs.
- Premium Payment: The NRI needs to pay their policy premium from an NRO or NRE account.
- Repatriation: According to FEMA requirements, claim payouts facilitate smooth transactions without legal hurdles and are transferred to the RFC (Resident Foreign Currency) accounts for NRIs.
- Claims: NRIs can credit the claim to their NRE account, up to the amount of policy premium NRIs paid in foreign currency, not in Indian currency.
What Documents do NRIs Require to Buy Critical Illness Insurance in India?
NRIs are required to provide a few documents to purchase the Critical Insurance in India.
- NRI Status Proof
- Visa
- Passport
- NRO/NRE Account Details
- Proof of Indian Identity
- Aadhaar Card
- PAN Card
- Voter ID Card
- Address Proof
- Aadhaar Card for Indian Address
- Voter Card
- Overseas Address Evidence
- Age Proof
- Higher Secondary Admit Card
- Voter Card
- Income Proof
- Salary Slip if needed
- Others
- Passport (Copy of Passport Pages)
- Medical Documents if Required
These documents will ensure smooth compliance with the Indian underwriting insurance norms.
What Steps Should NRIs Follow to Buy an NRI Critical Illness Plan in India?
- Visit the insurance provider webpage for NRIs and apply online to review the policy applicable conditions and terms, coverage benefits, sum insured, waiting period and exclusions.
- You can receive additional discounts on the online application for the first time.
- Fill out the online policy application proposal with your personal details, such as full name, age, phone number, email address, and medical details (if required).
- Submit the necessary KYC documents, including OCI card, passport, visa copy, passport-size photocopy, and overseas address.
- Check the premium and pay using your NRE account (payment should be in foreign currency). For offline policy purchase, you need to pay through any of your family members in Indian Currency.
- After getting payment confirmation, you can download digital documentation of the Critical Illness insurance along with claim process details and emergency contacts via email.
Secure your future! Choose NRI Critical Illness Insurance in India to enjoy long-term coverage and the strongest financial security at an affordable cost.
NRIs often deliberately come back to India for any specialised treatment because treatments are less expensive, even including travel expenses. Therefore, buying NRI critical illness insurance in India facilitates cost-effective treatment with a seamless claim settlement process.
