Health Insurance for OCI

What is OCI?

OCI, or Overseas Citizenship of India, is an immigration status that allows a foreign citizen of Indian origin to live and work in India for an indefinite period. It offers foreign citizens of Indian origin the opportunity to live in India without giving up their citizenship in another country. It also grants foreign citizens of Indian origin educational, financial and economic rights in India just like NRIs, except for the right to acquire agricultural land.

Difference Between NRI, OCI and PIO

The table below mentions the key differences between NRI, OCI and PIO:

Why Should OCI Cardholders Buy Health Insurance in India?

Here are some of the reasons why OCI cardholders must buy health insurance in India:

1. Deal with Medical Uncertainties in India

   If you are an OCI who frequently travels to India for personal or business purposes, buying a health insurance policy can be beneficial to pay for any unforeseen medical expenses incurred in India. Medical uncertainties can happen anytime and deplete your savings substantially. Moreover, medical insurance purchased abroad will not cover medical expenses in India. But if you have health insurance for OCI, you can avail hassle-free cashless treatment during a medical emergency without burdening your finances.

2. Get Quality Medical Treatment at Lower Premiums

   Health insurance in India is more affordable than those available abroad. This is because healthcare costs in India are lower than most countries abroad. The following table compares the cost of various medical procedures in India with other countries:

   Cost of Medical Procedures (Approx.)	India ($)	US ($)	UK ($)	UAE ($)	Singapore ($)
   Heart Bypass Surgery	5,200	144,000	10,500	25,000	17,200
   Heart Valve Replacement	5,500	170,000	10,500	25,000	16,900
   Cardiac Arrest	7,000	50,000	15,000	10,000	16,350
   Knee Replacement	6,200	50,000	12,500	13,000	16,000
   General MRI Scan	100	750	400	2,500	300
   Cataract Surgery	1,000	2,500	3,000	4,000	1,500
   Liver Transplant	50,000	300,000	80,000	30,000	175,000
   Hip Replacement	7,000	50,000	13,800	12,500	13,900
   Spinal Fusion	6,500	100,000	2,000	16,000	12,800
   Bone Marrow Transplant	50,000	250,000	20,000	30,000	140,000

   As health insurance companies in India have a lower liability than the insurers abroad, they charge lower health insurance premiums.

3. Advantage over Waiting Periods

   Are you an OCI planning to settle permanently in India in the coming years? In that case, buying health insurance right now will be the best time, as most health plans in India provide coverage after a waiting period. While the initial waiting period in health insurance is 30 days, pre-existing disease waiting period may vary from 2 to 4 years, depending on the plan. Buying the best health insurance for OCI beforehand will give you an advantage over waiting periods, as it will be ready for claims by the time you move to India.

4. Get Tax Benefits on Health Insurance Premiums

   As per the Income Tax laws of India, OCI cardholders need to pay income tax in India on the income generated within the country. However, they can enjoy tax benefits on the premium paid to buy health insurance in India as per the Income Tax Act. They can claim the premium amount at the time of filing ITR.

5. Avail GST Refunds on Premiums

   Buying a health policy in India not only offers financial support for medical expenditures but also provides GST benefits to OCIs. As per government guidelines, OCIs can claim an 18% GST refund on mediclaim insurance premiums paid to an insurer in India if they pay tax in another country.

How to Buy Health Insurance for OCIs?

Buying health insurance for OCIs is simple. You can easily purchase it online on Policybazaar.com, just like an Indian citizen or an NRI. Below are 6 simple steps to get health insurance for OCIs online in India:

Step 1: Visit Policybazaar.com and click on ‘health insurance’

Step 2: Select your gender and the people to be insured

Step 3: Provide the requested details like age, city of residence in India, phone number, etc. and information about pre-existing diseases to view plans

Step 4: Choose the health insurance plan for OCI that you want to buy

Step 5: Pay the premium amount online

Step 6: Submit the necessary documents, and your OCI health insurance policy will be issued.

Documents Required for Buying Health Insurance for OCIs

Here is a list of documents that OCI cardholders need to submit to buy health insurance from Indian insurers:

• Duly filled proposal form
• OCI Card
• A valid passport with a valid visa
• Passport/visa renewal application (in case the existing passport or visa has expired)

Things to Know About Health Insurance for OCIs

As an OCI, here are some key points that you must know before buying the best health insurance plans in India:

1. An OCI can buy a health policy in India even if they already have medical insurance in another country.
2. Health Insurance for OCI primarily covers medical expenses incurred within India.
3. Ensure your passport and visa are valid at the time of policy purchase to avoid any hassles.