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Health insurance for a family while living in abroad

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29 Jan, 2022 by  ashok T

Hi,

I currently live in abroad with my family(Spouse and a kid). We will return to india for good in another 5 years. Right now my age is 34 years. I have few question regarding health insurance in india


1) Is it best to buy health insurance in india right now even if we dont have plans to return to inida for next 5 years or we should wait and buy only after we return ?

2) If it is advisable to buy health insurance now only then which is better plan in terms of coverage, cost, claims settlement without hassle, benefits, etc ?

3) Is there any better strategy exists to make the insurance cost effective considering we wont be actually using it for next 5 years even if we pay premium ?

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Hello Ashok jee,


Answering your questions below:


1. Yes, it's a good idea to buy now because of the following reasons-

Young age, it will be easier to get policy and cover of your choice

If there is no significant medical history, it will be easier to get policy without much restrictions

There are some standard waiting periods in the policies, they will be over once you come back and can actually use if required.


2& 3. Answering your 2nd and 3rd question together.

You can buy insurance policy that comes with a deductible option and may /may not remove deductible once you plan to move back, you will have a choice.


To give you understanding of deductible, it is an initial amount that is to be paid once a year if claim arises ( also , you can understand as that you are sharing the claim amount with insurance company, that is why the premium is lower)


This is because you are not going to use it for next 5 years and it will significantly reduce the premium.


For example- HDFC ergo optima secure, if you opt for 25000 deductible, you get 25% discount on your premium and some other policies too that come with a deductible options.


Hope this helps.

Gurleen Kaur Tikku




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01 Feb, 2022
ashok T
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