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Other General Insurance Schemes for NRIs/ PIOs


NRI Health Insurance

NRIs can avail of 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 vary from company to company, most health insurance companies broadly cover hospitalization expenses, medical costs incurred on sudden illnesses and accidents, nursing expenses, and expenditure on specialized treatment which does not require hospitalization. Certain ailments and surgeries are secured by pre-determined limits, while others are covered by the sum insured in the policy.

The health policy can be gifted by NRIs to immediate family members like parents, grandparents, spouse and children subject to terms laid down by the individual insurance companies.

Most of the insurance firms in India offer an on-line premium payment facility for NRIs and a cashless claims facility at an exhaustive network of hospitals and nursing homes in Indian cities and towns. Health Insurance policies also endow tax benefits to NRIs on their Indian income, and in some specific cases, a reimbursement of return airfare to the NRI in case he is required to visit his dependent in India.

A good number of insurance companies also undertake to keep NRIs informed of claims filed by their dependents, and educate the insured on the policy coverage.

NRI Accident Insurance

Offered by Standard Chartered, HDFC and National Insurance, it covers NRIs upto 70 years. Accident insurance policies insure expenses incurred due to an accident, permanent disability and medical costs incurred abroad and education of dependent children.

Policy holders can opt between monthly, quarterly, half-yearly or annual premium plans for three different schemes of the National Insurance Company for a term of 5 years.

Overseas Travel Insurance

Offered by insurance firms like Tata AIG, ICICI Lombard and YES Bank (the latter through a partnership with Bajaj Allianz General Insurance), overseas travel insurance is open to all ages of travellers covering foreign trips between 7 to 180 days which can be extended online if the stay is prolonged. The premium on this policy is paid on a per-day basis and covers baggage losses, passport loss, cancelled trips and delays, hijacks, repatriation, medical evacuation etc Ailments the policy holder is already having or chronically suffering from are not covered by the policy.

Overseas travel cover can be availed from USD 50,000 to USD 250,000. Tata AIG and ICICI Lombard offer a range of products like the Platinum, Gold and Silver plans. The premium platinum plan also covers a daily allowance for hospitalization.

NRI Shield

The Indian Overseas Bank in partnership with the United India Insurance offers a combination of travel and health insurance products for NRIs visiting India.

From a sum of Rs.1 lakh to Rs. 50 lakh, the policy covers disability resulting from an accident, medical benefits, and baggage and passport losses during their stay in India.

While Plan A insures loss of effects and personal risks, Plan B offers health cover for medical expenses incurred at a network of hospitals in India. The travel and health insurance can stretch upto the maximum of 180 days a year during the NRI’s stay in India, but policies taken to cover his effects in India, such as property, are available for a year.

Student Medical Insurance

Offered by ICICI Lombard, this product meets the requirements of mandatory insurance demanded by foreign universities in Australia, Canada, USA and New Zealand. It covers the expenses of NRI students on sports induced injuries, cancer screening tests, nervous breakdowns, alcoholism and drug abuse, pregnancy, and childcare benefits.

The student medical insurance, if purchased in India offers a one-third price advantage over the scheme purchased overseas. Available to students between 18 and 35 years, it can be bought for a term of 2 years.

A choice of 4 plans (the Gold, Silver, Bronze and Plus) covering a combination of various risks can be purchased online and claims can be settled by applying to the Third Party Administrator who reimburses the amount in Indian rupees.

 

 

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