With better education and growing career prospects in foreign countries several citizens have moved out of the country. Off late there has been increased number of non-residents in India. Indians who have been staying out for their country for work or business have different reasons to buy insurance policy in India.
Almost every NRI seeks insurance policies to provide support and safety to their family in India, which is usually the main concern of most NRIs. Another big concern for NRIs is securing their assets in India like land, property, home or vehicles.
Indian insurance companies, both public and private, offer range of insurance solutions like Health insurance, travel insurance, Overseas Travel Insurance that can be an ideal gift for the dear ones in India. Even miles away, one can ensure total care and security for their concerns back home.
NRIs can avail medical cover for their dependents residing in India through health insurance schemes offered by insurance companies like ICICI Lombard, HDFC Standard Life, YES Bank, Standard Chartered and State Bank of Travancore NRI Care. While finer details may vary from company to company, most health insurance companies broadly cover hospitalization expenses, medical costs incurred on sudden illness or accidents, nursing expenses, and specialized treatment which does not require hospitalization. Certain risks are secured by pre-determined limits, while others are covered by the sum insured in the policy.
With online insurance purchase from our website, you can buy insurance policies with ease.
Health Insurance policies also endow tax benefits to NRIs on their Indian income, along with a reimbursement of return airfare to the NRI in case he is required to visit his dependent in India. Companies like Indian Overseas Bank partnered with the United India Insurance offers a combination of travel and health insurance products for NRIs visiting India.
Though NRI’s stay abroad but their heart and feelings are with their family members in India. To ensure that their families travel abroad safely and worry free, it is important that NRI’s must have a Travel Insurance for their parents and family members. Offered by insurance firms like Tata AIG, ICICI Lombard overseas travel insurance covers foreign trips up to 180 days which can be extended online if their stay is prolonged. The premium paid on a per-day basis covers loss of baggage, loss of passport, canceled or delayed trips, repatriation and medical evacuation etc.
Most of the NRI’s have a link back in India and explore buying property in India from investment point of view that must be insured. Young professionals planning to return back home or invest to own a property in India for a rainy season can opt for Bajaj Allianz and ICICI Lombard for best Home Insurance plans (also known as Householder Policy) in the category.The policy covers expenses arising due to unfamiliar situations like fire, burglary, earthquake, etc.
The Student Medical Insurance is well-paid for NRI students if purchased in India as it offers a one-third price advantage over the scheme purchased overseas. The policy covers expenses of NRI students on cancer screening tests, nervous breakdowns, alcoholism and drug abuse, sports induced injuries, pregnancy and childcare benefits.
Claim Settlement in India is done in Indian currency, in some cases insurance companies do settle claims in foreign currency, subject to approval from the Reserve Bank of India. To avail this benefit the policy holder needs pay all his premiums in foreign currency.
NRIs can purchase combinations of various insurance plans offered by general insurance firms, through our website, while receiving very competitive quotes from qualified and IRDA registered Insurance Agents.