Policybazaar expands health insurance access for global Indian families

Health insurance in India is at least 35% cheaper than in other countries.

Policybazaar has rolled out a new set of initiatives through its insurance partners to serve the growing health insurance needs of Non-Resident Indians (NRIs) and their families in India.

The company reported a significant increase in interest from NRIs seeking health insurance policies not only for family members residing in India but also for themselves. 

Driving this trend are India’s comparatively lower healthcare costs and premiums. Health insurance in India is at least 35% cheaper than in countries such as the US, Canada, the Gulf nations, and Europe. 

Medical expenses, including procedures, medicines, and consultations, are 70% to 90% lower in India, offering NRIs a cost-effective alternative for quality healthcare.

In response, Policybazaar has introduced up to 40% discounts on premiums for no-claim policyholders who provide valid documentation such as a passport and proof of international residence. 

NRIs paying premiums via NRE accounts are also eligible for an 18% GST refund, provided they submit the required KYC, address, and banking documentation. 

Additional savings of up to 15% are available for those who opt for multi-year or annual policies.

To support NRIs with elderly parents in India, Policybazaar has partnered with leading insurers to offer the NRI Care Program. 

The service includes a 24/7 emergency helpline, hospitalisation coordination, doctor-on-call consultations, outpatient treatment coverage, and wellness support.