what is expat insurance?

What is Expat Insurance?

Learn how expat insurance keeps you and your loved ones financially secure while managing life, work, or studies abroad.

2025-10-12

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7 minutes read

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Living and working abroad comes with exciting opportunities, but it also brings unique challenges. Being away from your home country can limit access to local healthcare benefits, social security, and financial protection for your loved ones. Expat insurance bridges this gap, offering comprehensive coverage for health emergencies, life risks, and repatriation while ensuring your family remains financially secure.

In this blog, we explain what expat insurance is, why it matters, the types of plans available, and key factors to consider before choosing the right coverage for your needs. Stay tuned until the end.

 

Key Takeaways

  • Expat insurance protects your health and life across borders, ensuring financial security for you and your family

  • Health insurance for expats covers medical emergencies abroad and even planned treatment back home, reducing unexpected financial burdens

  • Life insurance for expats ensures your dependents can maintain their lifestyle and meet essential expenses if something happens to you

  • Flexible plans adapt to your stay, coverage needs, and payment options, providing uninterrupted protection overseas

  • Choosing the right plan requires evaluating the coverage area, policy exclusions, claim support, and investment benefits for long-term security

Understanding Expat Insurance 

Expat insurance is an insurance plan designed to protect individuals and families living outside their home country. Because local insurance policies may have limitations for non-residents, expat plans ensure you receive coverage tailored to your global lifestyle.

Expat insurance plans typically cover health emergencies, life risks, repatriation, and financial protection for you and your family. For example, an Indian professional working in Dubai can secure life insurance coverage for himself and his family through an expat life insurance plan. The main purpose of expat insurance is to provide continuous protection across borders, so you and your loved ones remain financially secure no matter where life takes you.

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Types of Expat Insurance 

Expat insurance offers tailored solutions to keep you and your loved ones secure while you stay overseas. Here are the main types of expat insurance you should know about:

  • Health Insurance for Expats: Health insurance for expats provides medical coverage while living abroad for work or study. It helps you manage healthcare costs during your stay overseas as well as when you visit your home country. By purchasing a health policy, you can protect your savings from unexpected or planned medical expenses and remain financially secure.
  • Life Insurance for Expats: Life insurance plans for expats protect you while living outside your home country. It provides financial security for your loved ones by offering a death benefit in case of your unfortunate demise. With this coverage, your family can manage living expenses, pay off debts, and stay financially stable, no matter where you are in the world.
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Did You Know?

Middle-East countries require foreign workers to have health insurance for visa approval.

 

Source: Intelmarketresearch

Young Term Plan - 1.5 Crore

Why Do Expats Need Insurance Coverage?

Being away from your home country means you may not have access to the same social security benefits or insurance networks you are used to. Expat insurance helps fill that gap, offering financial protection and peace of mind.

  • High Medical Costs Abroad: In many countries, healthcare costs can be very high. Even a minor illness or hospitalisation can quickly become expensive. Expat insurance helps cover these medical expenses, ensuring you receive proper treatment abroad without worrying about the financial burden.
  • Financial Protection for Dependents: Life insurance for expats ensures that your family back home is financially secure in case something happens to you. This coverage provides peace of mind, helping your loved ones maintain their lifestyle and cover essential expenses.
  • Flexibility and Continuity of Coverage: Expat insurance plans are flexible and can continue even if you move between countries or return to India. This ensures uninterrupted protection for your life, allowing you to live abroad confidently without worrying about gaps in your coverage.

Who Can Buy Expat Insurance?

You can buy expat insurance from Indian insurers if you fall into one of these categories:

  • NRIs (Non-Resident Indians): Indian citizens with valid Indian passports living abroad temporarily

  • PIOs/OCIs (Persons of Indian Origin / Overseas Citizens of India): Individuals who previously held Indian passports, or whose parents or grandparents were Indian citizens

  • Spouse of an Indian Citizen: If your partner is an Indian citizen, you may be eligible

  • Foreign Nationals: Citizens of other countries who are living in India

Factors to Consider Before Buying Expat Insurance 

Choosing the right expat insurance requires thoughtful planning to ensure you and your family are fully protected abroad.

Here are the key factors to keep in mind before making your decision:

  1. Coverage Area: Check if your insurance plan covers the country where you live, work, or travel frequently. Choosing the right coverage area ensures you are financially protected wherever you go, without worrying about unexpected gaps.
  2. Duration of Stay: Consider how long you will be living abroad. Expat insurance plans are designed for short-term or long-term stays. Pick a plan that matches your duration, from the start of your journey until your return or relocation.
  3. Type of Coverage: Decide what kind of protection you need. Health insurance covers medical expenses, while life insurance provides financial security for your family. Some plans also offer optional add-ons for critical illness or disability. Choosing the correct type of coverage ensures your specific needs are fully protected.
  4. Premium Payment Options: Check how you can pay your premiums. Many insurers allow payments through NRE or NRO accounts or other international payment methods. Flexible payment options make it easier to manage your policy and help avoid missed payments.
  5. Claim Settlement Support: It is important to know how your claims will be handled and how quickly your family can receive the benefits. Good claim support ensures your loved ones get financial help without delays. At Canara HSBC Life Insurance, we have a claim settlement ratio of 99.43%, ensuring that your family receives financial assistance promptly.
  6. Policy Exclusions: Check what is not covered in the plan. Common exclusions include pre-existing conditions, certain treatments, or specific countries. Knowing these details helps you avoid surprises later and ensures you select a policy that meets your needs.

Future Dollar Investment Plan: Elevate Your Global Ambitions

We at Canara HSBC Life Insurance offer the Future Dollar Investment Plan, a non-participating, unit-linked, individual life insurance plan designed to help you achieve your global ambitions. Some of the key features are as follows:

  • Invest in U.S. Dollars: Build long-term financial security by investing in a globally stable and trusted currency

  • Flexible Payment and Withdrawal Options: Choose payment terms that fit your goals and access funds easily during emergencies

  • Waiver of Premium with Wealth Plus Option: Ensure your family’s financial goals stay protected even after your demise

  • Enhanced Savings with Loyalty Additions: Grow your wealth faster with added rewards for staying invested longer

Why the Future Dollar Investment Plan is Ideal for Expats?

Here’s how this plan adds long-term value to your financial journey:

  • U.S. Dollar-Based Investment: The plan allows you to invest in U.S. dollars, providing exposure to a stable and globally recognised currency. This is particularly advantageous for expats earning or holding savings in USD, as it helps mitigate currency risk and aligns your investments with your income.
  • Dual Benefit: Investment Growth & Life Coverage: As a unit-linked insurance plan (ULIP), it offers the potential for wealth accumulation through market-linked investments while simultaneously providing life insurance coverage. This dual benefit ensures that your financial goals are met without compromising protection for your loved ones.
  • Flexibility in Premium Payments: The plan offers flexibility in premium payment terms and modes, allowing you to choose what best fits your financial situation. This is particularly useful for expats whose income streams may vary or who prefer to manage their finances according to their circumstances.
  • Wealth Plus Option: In the unfortunate event of your demise, the Wealth Plus option ensures that future premiums are waived, and the policy continues to provide coverage and investment growth. This feature offers peace of mind, knowing your family will remain protected without additional financial burden.
  • Multiple Fund Options: You can choose from a range of investment funds based on your risk appetite and financial goals. These funds are managed to optimise returns while balancing risk, giving you the flexibility to align your investments with your financial objectives.
  • Tax Benefits: The premiums paid and benefits received under the plan may be eligible for tax deductions under Section 80C and exemptions under Section 10(10D) of the Income Tax Act, subject to prevailing tax laws. This can lead to significant tax savings, enhancing the overall value of your investment.

Final Thoughts 

Living and working abroad can require thoughtful financial planning. Expat insurance ensures you are prepared for uncertainties, from medical emergencies to life risks, while providing financial security for your loved ones. By understanding the different types of plans, coverage options, and key factors to consider before buying, you can make an informed decision. The right expat insurance helps you manage risks efficiently, giving you peace of mind and confidence as you focus on your career, studies, or life overseas, knowing that both you and your family are protected wherever you go.

Glossary

  1. Claim Settlement Ratio: It is the percentage of claims an insurer approves and pays out of total claims received
  2. Death Benefit: The amount paid by a life insurance company to the nominee when the policyholder passes away
  3. NRE: Non-Resident External account is a bank account in India for NRIs to park foreign earnings in Indian rupees
  4. NRO: Non-Resident Ordinary account is a bank account in India for NRIs to manage income earned in India, like rent or dividends
  5. Repatriation: It is the process of transferring money or assets from one country back to the account holder’s home country
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Uncertain About Insurance

FAQs

Expat insurance is a life and health insurance plan designed to protect individuals and families living outside their home country. It ensures financial security for medical emergencies, life risks, and your loved ones, regardless of where you reside.

NRIs, PIOs/OCIs, spouses of Indian citizens, and foreign nationals living in India can buy expat insurance to secure their health and life while abroad.

It typically covers medical expenses, hospitalisation, surgeries, and emergency care abroad. Some plans also offer coverage for treatment in India or repatriation if required.

Life insurance under an expat plan ensures your family’s financial security in case of your death. It helps them manage living expenses, repay debts, and maintain their lifestyle even when you are living abroad.

Consider factors like coverage area, type of coverage, duration of stay, premium payment options, claim settlement support, and policy exclusions. Selecting a plan that aligns with your needs ensures uninterrupted protection abroad.

 

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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