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GST Refund on Health and Term Insurance Premiums for NRIs
Health and term insurance policies issued in India typically attract an 18% Goods and Services Tax (GST). However, in an effort to attract NRIs to invest in Indian insurance products, the Indian government allows a GST refund on these policies—provided certain criteria are met. This refund lowers the overall cost of the policy, making Indian insurance even more competitive globally.
Here are the eligibility conditions NRIs must meet to avail the GST refund:
The policy proposer must be an NRI and also an insured person:
This means NRIs can buy insurance for themselves or their family in India, but they must also be covered in the policy to claim the GST refund.
- The premium must be paid through an NRE (Non-Resident External) account:
- This ensures that the payment qualifies under FEMA (Foreign Exchange Management Act) regulations and is eligible for the GST refund.
- The premium must be paid on an annual basis:
- Monthly or quarterly premium payments are not eligible for GST refunds. Only annual premium payments qualify for the exemption.
- Copy of PAN card
- Valid Indian and foreign address proof
- NRE bank account statement
- Passport and visa with entry/exit stamps
Tax Benefits for NRIs on Indian Insurance Policies
Apart from the GST advantage, another major reason NRIs choose Indian insurance is the tax benefits they can avail under the Indian Income Tax Act—particularly Section 80C, Section 80D, and Section 10D.
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