India's healthcare system is globally renowned for its warmth and accessibility, making it a comforting choice for many. As for Indians living in Canada, having medical or health insurance in your home country brings you several benefits. While it may not serve as your primary insurance policy, such a policy for NRIs (Non-residents of India) can be a blessing in disguise.
If you’re wondering how, then know that just as one keeps a spare key for unforeseen situations, having medical insurance here ensures preparedness for such times. Moreover, with the digital advancement of insurance providers, now many have made purchasing them completely straightforward. Today, let this guide walk you through the steps to obtain medical insurance in India from Canada to ensure that you're ready for any health-related needs.
Who Can Buy a Medical Plan in India While Living in Canada?
Back in the day, buying a medical plan in India while sitting in Canada would have been nearly impossible due to geographical challenges. However, it has become pretty easy with the online purchasing facilities. For those living in Canada or any other country, the India health insurance purchasing eligibility criteria is as follows:
Non-Resident Indians (NRIs): If you’re an Indian citizen, turned emigrant for occupation, education, or other reasons, you’d be considered an NRI.
Persons of Indian Origin (PIOs): Individuals who do not hold the status of an Indian citizen, but have ancestral roots, are also eligible for purchasing Indian health insurance.
Overseas Citizens of India (OCIs): Foreign nationals of Indian origin, with certain privileges and granted rights can also buy medical plans in India while living in another country.
Now, putting all these categories under one umbrella is the FEMA Act 1999. The Foreign Exchange Management Act (FEMA) regulates all financial transactions involving foreign exchange in India. For NRIs purchasing medical insurance in India, it is advisable to understand the FEMA regulations as per your insurance provider.
Why is NRI Medical Insurance Gaining Popularity?
Over the years, there's been a noticeable uptick in NRIs investing in medical insurance policies within India. This trend isn't merely coincidental but driven by several factors. Here are a few reasons behind this growing inclination:
Family Support, Even From Miles Away
Many NRIs have ageing parents or dependent family members in India and in such cases, a local insurance policy offers several benefits. This may include OPD coverage, routine medical examination for chronic conditions, and even cashless hospitalisation. While bringing you peace of mind, it ensures that your loved ones receive hassle-free and timely medical attention whenever required.
Ease of Managing Emergencies During Visits
While travelling to India for holidays or family commitments, a sudden illness or accident can put you in stressful situations. Having health coverage is a proactive approach to ensuring a safety net. In fact, accessing quality healthcare becomes seamless, ensuring that your visits remain pleasant and stress-free.
Tax Benefits (For Income Earned in India)
If you file taxes in India, perhaps through rental income or investments, paying premiums for yourself or your parents gives you exemption benefits. Specifically, NRIs can claim tax deductions. However, it is essential to timely declare your residence status. In addition to providing financial relief, it encourages proactive health planning for your family.
What Steps Should NRIs Take to Purchase Medical Insurance in India?
Buying Indian health insurance while living in Canada doesn’t require a plane ticket. In the present day, all you need is to have all the necessary documents and find a reliable online insurance provider.
Afterwards, here’s how to go about it:
Step | What to Do |
Assess Your Needs | Decide if you’re buying it for yourself, your spouse, or your family in India. Determine your age, prior medical conditions, and how often you travel to India. |
Choose a Plan | Look for plans that cover hospitalisation, day-care procedures, and critical illnesses, and offer cashless claim facilities. |
Submit Documents | Typically includes a scanned passport, proof of address, and a completed application form. Certain plans might necessitate a medical examination. |
Pay the Premium | Use your NRE/NRO account or international debit/credit card for premium payments. Most insurers accept foreign payments securely. |
Get the Policy Digitally | Once approved, your policy document will be emailed to you. Some insurers also offer customer portals or apps for easy access. |
What You Must Remember While Buying NRI Medical Insurance?
Besides knowing the process of buying Indian medical insurance while living in Canada, there are many other things you must remember about it. The following are a few must-remember points about the same:
Know the Coverage Limits
Be clear about the sum insured, room rent caps, and disease-specific sub-limits. If anything is unclear, do not be hesitant when it comes to connecting with the insurer's customer support.
Understand Waiting Periods
Most policies have a waiting period for pre-existing conditions and certain treatments. If you’re buying this for your parents, consider a plan with minimal waiting periods.
Check for Network Hospitals
Ensure the insurer has a strong network of hospitals in the city or town where your family resides. This ensures faster, cashless hospitalisation during emergencies.
Read the Claim Process
Though NRIs are abroad, claims are often processed by relatives in India. Choose an insurer known for easy and responsive claim processes.
Watch Out for FEMA Rules
Based on the guidelines under the FEMA (Foreign Exchange Management Act), be aware of the following things:
Payment for premiums is accepted in both local and international currencies.
Claims are settled in INR or foreign currency based on the premium’s origin.
Repatriation of claim amounts is possible through RFC accounts only, if required.
Conclusion
Home is supposed to be a safe place, where you experience a sense of belongingness and comfort. As for being an NRI living in Canada, that can be ensured by having a health backup plan. While this may not be your primary coverage plan, medical insurance in India takes care of your loved ones back home or safeguarding yourself during travel.
At Niva Bupa, best health insurance company in india, they offer something exactly for you. They understand your concerns and unique requirements, consequently, making medical insurance easily available online for purchase. On their user-friendly official website, you can learn more about the strong hospital networks, smooth digital processes, and expert support that feels just like home.
Wherever you go, carry the assurance of care with you with Niva Bupa.