A Handy Guide for NRIs Seeking Health Insurance in India
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Many non-resident Indians (NRIs) face the same dilemmas as other non-resident Indians (NRIs) who migrate for better job prospects or for business reasons. When it comes to big financial decisions, such as buying health insurance, one should consider making the best decision possible in terms of product advantages and features, coverage, and tax implications.
A Handy Guide for NRIs Seeking Health Insurance in India
In this article, we'll go through some pointers for NRIs who are unsure if buying health insurance in India is a viable and smarter choice.
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Is There a Chance They'll Be Accepted?
They are, indeed. An NRI can buy a health insurance plan in India with only a proof of residency, an ITR, and other supporting documents. PIOs (Persons of Indian Origin) are permitted to present an Indian passport along with other documents.
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Take into Account a thorough Understanding of the Policy's Language
If necessary, set aside some time to read and comprehend the policy text, including its terms and conditions, of at least a few of India's most well-known insurers. The majority of health insurance plans have a provision stating that the policy would not cover any expenses incurred by the insured outside of India. In any case, if you live in the United States and seek medical treatment, the insurance provider in India will not reimburse you for the costs. However, several Indian insurance firms have begun to cover their customers outside of India, but only for specific illnesses such as cancer and organ transplants.
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Guidelines for Non-Resident Indians (NRIs) in Underwriting
Insurance firms are in business to mitigate risk, and as a result, they have well-defined guidelines for non-resident Indians that must be followed when reviewing any scheme. According to insurers, NRIs are riskier than Indian residents because of the difficulties in obtaining corroborating evidence when a claim is made and the subsequent struggle to determine the validity of the claim when the individual is abroad.
As a result, most insurers will turn down such claims. Those that do finance such situations have a finite budget. Insured with strict terms requiring the insurer to obtain medical examinations in India, among other things.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
