Buy Cover At A Cheaper Price
The cost of health insurance in India is relatively cheaper, compared to a few countries such as the USA or the UK. The cost of medical treatments in those countries is high, resulting in high health insurance premiums.Compare the prices and benefits offered by the plans available in the country you’re currently residing in - with that of the plans available in India - before making a decision.
Waiting Period Will Be Completed Before You Come To India
When you buy a health insurance plan, you need to wait for a specified time span before you can begin availing its benefits. You cannot make a claim for specific diseases - including pre-existing diseases - till the waiting period is over. Buying a policy while you are still outside the country will ensure that associated waiting periods for diseases are completed beforehand, and one has a full cover.
For example, if your NRI family has a history of diabetes, it might be a wise decision to buy the insurance before moving to India. Certain pre-existing ailments, such as diabetes and cardiac ailments, are not covered by insurance for the first 2-4 years - depending from product to product.
Pre-Book A Good Cover While You Are Young
Ageing can bring about serious health issues. In case you want to settle down in India after retirement, you wouldn’t only be older but there are also chances you would have developed a critical illness. And so, it might get difficult for you to buy a policy because of age and health constraints.
Hence, investing in health insurance while you are still young, healthy, and earning a fortune abroad, is like pre-booking a good cover for a better future.
Avail Tax Deductions
Under section 80D of the Income Tax Act, 1961, you can get tax benefits on the premiums you pay for a health insurance policy purchased in India - up to specific limits.
Please note: These benefits can be availed only if you’re filing your tax returns in India.