Can NRIs Buy Health Insurance for Parents Living in India?

Can NRIs (Non-residential Indians) buy a health insurance policy in India? This is a commonly asked question by NRIs living overseas. The question has become even more prominent recently with the onset of the COVID-19 pandemic. The good news is, as per the Insurance Regulatory and Development Authority directives, ‘Yes’ NRIs can purchase health insurance for parents in India.As an NRI, if you are looking to purchase a healthcare plan for your family in India, you can consider buying a family floater plan covering your parents and other family members. You can also buy a critical illness policy to protect your parents against medical emergencies.

In the purview of the rising healthcare costs, paying the medical bills for senior citizens can be difficult. In case of a critical illness like cancer, the treatment cost can run into several lakhs, and it can have a severe impact on your long-term financial planning. With robust health insurance for parents, you can provide the best medical facility to them without worrying about the high cost.Over the past few years, the life expectancy of the people has increased significantly. This indicates that the parents will live longer. On the flip side, there may be an increase in medical emergencies in the family and the treatment cost, especially in old age. Therefore, buying health insurance for parents will give you the financial cushion and give you the peace of mind knowing that your parents are sufficiently covered.Today many parents invest in a pension plan to secure their old age. But, not everyone can make pension provision. If you are parents financially dependent on you, providing a comprehensive health cover will be a wise decision.

• Age limit Age is an important factor to consider while buying a health insurance policy. Most insurers in India provide health cover till the age of 80. But, some insurers offer cover only until 65 years. So, you must compare the plans and choose the one with no restriction on the entry age and meet your expectations.
• Sum Insured The total amount you get when you file a claim with the insurance company. The insurer will reimburse the medical expense you incur to up to the sum insured amount. You can choose the sum insured based on your budget and your specific requirements. The higher the sum insured amount, the more compensation your parents would get.
• Illnesses covered This is another vital factor to consider while buying health insurance for parents. Typically, most insurance plans in India cover about 8-20 diseases, and the policy you purchase must cover the specific condition that your parents may have. Ensure that you choose a plan that offers a more comprehensive coverage so that your parents get maximum protection.
• Cashless treatment The insurance companies have collaborations with several hospitals, which are known as network hospitals. When you avail treatment facility that is part of the insurer’s network, you can get a cashless facility. While buying a health insurance policy for parents, opt for a plan that offers this facility so that they can get treatment without the hassles of arranging cash to pay the bills.

Securing the parent’s health is your primary responsibility, and you can ensure that they live a carefree life during their golden years by giving them comprehensive health insurance cover.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.