More non-resident Indians (NRIs) are opting to purchase health insurance and healthcare in India. This has seen a significant surge of 150% on a year-on-year basis according to a news report published in the business daily Business Standard.
The news report said according to the data collated by the insurance aggregator PolicyBazaar.com the growth has been sharp among women (125%) while NRIs under 35-years of age have seen a 148% increase.
The report said there has been a major shift in the way NRIs view India’s healthcare system. It’s not just about affordability; it is also about trust in the country’s healthcare infrastructure.
Nearly half (46%) of the claims lodged by NRIs originate in tier-3 cities. It has been observed that cities (all categories) in the southern states of the country dominate NRI preferences as regards the healthcare infrastructure and healthcare providers.
The report points out that one of India’s main advantage is the stark cost difference for surgeries and medical procedures when compared to the US and UK. The average NRI claim amount for elective procedures in India is between $2,000 and $15,000. The report said even the insurance premiums in India are much lower than in the US and GCC.
Annual premiums in India range from $120 to $300 per person while in the US health insurance premiums average $8,000 per person annually, while in GCC countries it is between $4,000 and $5,000.
Hospitals in India, especially in the private sector, are equipped with the latest state-of-the-art technology and equipment and most of the doctors employed in these hospitals are trained in the leading global medical institutes and universities. Also, the Indian private hospitals offer quicker consultations and surgeries, often without long waiting periods.