Best Indian Insurance Policies for Non-Resident Indians (NRIs) Covering Both Life and Health for Families
Choosing the right insurance policy as a Non-Resident Indian (NRI) can be a daunting task, particularly when it comes to securing comprehensive coverage for both health and life of your family. There are several factors to consider, including premium costs, benefits, sum insured, waiting periods, network hospitals, and tax benefits. This guide will help you understand the different options available and how to select the best individual and family insurance plans.
Family Floater Health Insurance
Family floater plans offer a single sum insured to cover the entire family, making them particularly beneficial for NRIs looking to cover their family members in India.
Top Options:
Star Health Family Health Optima: Offers comprehensive coverage with a good sum insured, including pre- and post-hospitalization expenses. HDFC ERGO Health Suraksha: Extensive coverage with cashless hospitalization and no room rent capping. Max Bupa Health Companion: Flexible sum insured options and covers daycare procedures, ambulance charges, etc.Term Life Insurance
Term life insurance provides high coverage at lower premiums, making it a suitable choice for NRIs who prioritize life protection.
Top Options:
HDFC Life Click 2 Protect: Offers a variety of plans with options for critical illness and accidental death benefits. Max Life Term Plan: Provides comprehensive coverage with flexible premium payment options. ICICI Prudential iProtect Smart: Customizable coverage options and additional benefits for critical illnesses.Comprehensive Plans
Some insurers offer plans that combine both health and life insurance, providing a robust solution for family coverage.
Top Options:
Bajaj Allianz Family Floater Health and Life Policy: Covers health and provides a life cover ensuring both aspects are taken care of. Future Generali Health Total: Integrates health and life insurance offering a robust solution for family coverage.Considerations
Sum Insured: Ensure the sum insured adequately covers potential healthcare expenses. Waiting Periods: Look for plans with shorter waiting periods for pre-existing conditions. Network Hospitals: Verify that the insurer has a good network of hospitals for cashless treatment. Premiums: Compare premium costs against the coverage offered to find the best value. Tax Benefits: Premiums paid for health and life insurance qualifies for tax deductions under Section 80C and Section 80D of the Income Tax Act.Conclusion
Comparing policies based on your family's specific needs, coverage limits, and the insurer's reputation for claim settlement is crucial. Consulting with an insurance advisor can also help tailor a policy that fits your situation best.