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GST Waiver for NRI on Health Insurance Premium – Check Eligibility & Documents Required for GST Refund on Health Insurance for NRIs
Like in other products, GST is levied on health insurance policies too. But did you know that an NRI or non-resident Indian with a health insurance policy in India is eligible for a GST refund? GST, or Goods & Services Tax, is a value-added tax (VAT) in India that is levied on products and services sold for domestic usage.
NRIs or non-resident Indians are people born in India but working and living abroad. NRIs are eligible for a GST refund on health insurance plans bought in India. Let us learn more about it.
Why are NRIs Eligible for GST Refunds while Buying Health Insurance from India?
We already know that non-resident Indians (NRIs) can get a refund of GST on health insurance if they buy the policy from India. But what makes them eligible for such refunds? NRIs pay taxes in the country they work and live in; hence, they get tax exemptions in India. However, it is important for an NRI policy buyer to consciously opt for a refund of GST while buying the policy from an insurer in India.
Hence, it is necessary for NRIs to make the premium payment of their health insurance plan by using an NRE account. Also, they must pay annual health insurance premiums to avail GST refund.
How to get a GST Refund on Health Insurance for NRIs?
To get a GST refund/GST Waiver on a health insurance policy bought from an insurer in India, an NRI has to follow the steps below:
- Visit the official website of the health insurance company you want to buy the policy from
- Go to the ‘Health Insurance’ section
- Offer details like name and gender etc.
- Provide details, including the age of family members who will be insured under the plan
- Enter the details of permanent residence in India with the pin code
- Provide details of the international code of the city abroad that you live in, along with your overseas contact number
- Provide details of the medical history of the insured members of the family
- Choose the health insurance plan that you want to avail
- Now, duly fill out the proposal form and make the payment of the premium through the NRE account online
- Once the payment is successfully made, share the details with the insurer
- You can then speak with an insurance advisor from your insurance provider to raise a GST refund request
It is essential to file the documents properly because the insurance provider will authenticate the documents, and if any wrong information is detected, the refund of GST on the health insurance policy request may be rejected.
Documents Required for GST Refund on Health Insurance for NRIs
Below are the documents that an NRI would be required to submit to the insurer to get a GST refund on health insurance:
- NRI Tax Residency Certificate (TRC)
- Address proof of the country where you are residing
- Declaration form
- Bank statement of NRE account of last 6 months
- KYC documents like passport, Aadhaar, etc.
However, the documents that an NRI is required to submit for a GST refund on health insurance may vary from one insurance provider to another.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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Jan 08, 2025
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What consequences does it bring upon the insured if the person offers wrong information on his/her life insurance proposal form? Let us find out in this post!
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There are plenty of life insurance myths that people have regarding and they need to be dispelled.
It is thanks to these wrong ideas that people fail to see insurance as what it truly is – a vital part of your financial planning. You need to understand that these policies are an important constituent of your financial contingency plan – one that would protect your near and dear ones financially in the future. It would make sure that they do not experience a shortage of funds when they need them in the future. In certain cases, it can also act as a source of income following retirement as well as ailments and accidents that render you unable to work and earn.
When Rajesh wanted to purchase a new life insurance policy for his family, many of his friends advised him to understand the claim settlement ratio of a company. Although he didn’t understand what claim settlement ratio is, he knew that it was relevant in making the decision to buy a policy from a particular company. He therefore researched about it, compared plans and at last, he bought a policy from a company that had a high claim settlement ratio.
Buying a new online term insurance plan involves researching on various things like cover, exclusions, add-ons, and one should know about them in detail. For example, Tata AIA is a leading insurance company that offers a wide range of insurance plans in market at very competitive prices. However, being competitive in pricing alone is not enough, it is necessary to understand the company’s claim settlement ratio (CSR) before purchasing a plan.
Saral Jeevan Bima Yojana is a new standardized life insurance policy that has been brought about by the IRDAI (Insurance Regulatory and Development Authority of India) so that people can have an economical life insurance policy.
This is a non-participating and non-linked individual pure risk premium life insurance policy. In this case, your nominee would receive the sum assured if you pass away while you are covered by the policy. In its annexure, the policy states some benefits and riders. Apart from that, it does not offer any other benefit, rider, variant, or option. The only exclusion in the policy is that of suicide.
The Indian government offers various life insurance plans to secure the financial future of people. The PLI or Postal Life Insurance is one such government policy that monetarily protects the lives of your family members at an economical postal interest.
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