Health insurance, term plans in India gain popularity among NRIs
health insurance for themselves or their dependents in India.
According to a PolicyBazaar report, among NRIs, those from Gulf nations like the UAE, Saudi Arabia, Qatar, Oman, and Kuwait constitute the largest percentage of health insurance buyers, at 58%, followed by the USA/Canada (14%), the UK (8%), and Australia (6%).
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The appeal lies in the lower cost of health insurance in India compared to other countries, making it a viable choice for those residing abroad.
Family floater health insurance plans are the preferred choice among NRIs, accounting for 40% of purchases. A significant portion of these policies (25%) is bought for parents or senior citizens residing in India. To maximize their health insurance benefits, NRIs opt for high-sum insured plans, especially crucial for severe illnesses or costly medical conditions. At least one-fourth of NRIs choose coverage of more than Rs 1 crore, while 34% opt for a sum insured between Rs 25 lacs to Rs 1 crore.
Over half of the buyers opt for multi-year policies to take advantage of premium discounts. This not only locks in the premium for the chosen period but also guards against medical inflation or changes in premiums due to increasing age.
NRIs around the world are struggling to maintain their property in India
NRIs often select add-ons to enhance their health insurance coverage, such as Unlimited Coverage, Global Coverage, PED Waiting Period Reduction, AHC, and Claim Shield. Reducing the waiting period for the Pre-Existing Disease (PED) add-on is the most popular choice (17%), followed by unlimited coverage (10%). Furthermore, 15% of NRIs prefer Additional Health Coverage (AHC) and claim shield
