NRIs Increasingly Embrace Health and Term Insurance in India

NRIs Increasing : A growing number of non-resident Indians (NRIs), particularly those aged 28 to 45, are increasingly selecting health insurance for themselves or their dependents within India.

This preference is driven by the comparatively lower cost of health insurance in India in comparison to other countries, rendering it a feasible option for those living abroad.

NRIs Increasing Insurances

Among NRIs, family floater health insurance plans are the preferred option, constituting 40% of their choices. A substantial portion of these policies are purchased by parents or elderly relatives residing in India.

To optimize their health insurance coverage, NRIs are inclined to choose high-sum insured plans, which are particularly valuable in the case of severe illnesses or expensive medical conditions.

A minimum of one-quarter of NRIs opt for coverage exceeding Rs 1 crore, while one-third opt for a sum insured ranging from Rs 25 lakhs to Rs 1 crore. More than 50% of purchasers select multi-year policies to benefit from reduced premiums.

This not only fixes the premium for the chosen duration but also provides protection against medical cost escalation or premium alterations linked to advancing age.

NRIs qualify for a GST refund when purchasing health insurance policies from India. As the majority of NRIs pay income taxes in their foreign country of residence, there is no obligation to pay taxes in India.

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