With the rising number of onsite job opportunities, people are moving miles away from their families to pursue their careers. While it might seem a lucrative option with no if’s and but’s attached, there are several points to the checklist before one takes that decision of moving out; Parents care being one of the foremost concerns. The recent Covid 19 pandemic further increased these concerns of NRIs for their parents’ health and well-being.   

One of the major steps taken towards family health is buying a health insurance and that holds true for even NRIs. In this regard, the most common question that arises frequently is, “Can NRIs buy Health Insurance for their parents residing in India?” Answering this question, as per IRDA, yes, NRIs can definitely purchase health insurance for their parents residing in Inda.  

• High medical costs: The increased life expectancy in the last few decades has a flip side to it too. Medical costs have become skyrocketing and there would be manifold incidents especially in old age that require expensive medical assistance. For situations like these, a health insurance provides cushion to your savings.

• Save the pension for happy days: Even if your parents are pensioners, keep the pension safe for their personal expenses. For medical emergencies, that are bound to eat up a major portion of savings, it is always a wise decision to have health insurance. 
  
• Make your parents self-dependent for unforeseen times: A major portion of Indian population does not even have access to pension. In such cases, parents are largely dependent on their earning children or on their lifetime savings. In either case, health insurance can protect our savings from being hit in times of medical exigencies. Also, with a cashless insurance at hand, our parents can have a hassle free and easy access to healthcare even if we are not present with them. 

• Financial cushion to savings: Paying medical bills is definitely a strenuous job and a big impact on savings that would otherwise be used for some planned purpose. And these health requirements come up when you are least expecting them. For those times, have a health insurance so that your plannings and happy times do not suffer.  

• A little more tax savings is always welcome: The premium paid towards health insurance policy in India also comes under tax exemption as per the Indian Income Tax Act. This includes any premium paid for self, spouse, dependent children, and dependent parents. So, NRIs can claim a rebate on their Indian Income under Section 80D.  

Know more about the tax benefits: 

• Health Insurance Tax Benefit
• Income Tax Benefits for Senior Citizens