Term Plans For NRI

Yes, with digital advancement and the Indian government opening its doors to foreign investment, it has now become easy for NRIs to buy term insurance in India. NRIs can purchase term plans from the comfort of the foreign land via video call and telemedical check up. The NRI can also buy a term plan when he/she visits India.

How does term insurance for NRI work?

Term insurance for NRI works like a regular term plan offered in India. The NRI has to purchase the term plan and make regular premium payments to continue receiving the coverage. On the account of the NRI’s demise during the term of the plan, the sum assured is given to the nominee. NRIs can also choose to purchase a return of premium term plan which offers premiums payments back to the insured in case if he/she outlives the policy term. NRIs can also opt to purchase additional riders to enhance the coverage offered under term plan.

Why should NRI purchase term insurance from India?

Large number of insurers

In India, there are a large number of insurance companies offering term insurance with high life cover at affordable premium rates.

Tele medical check up facility

To buy term insurance from India, NRIs can schedule a tele call or video call to schedule medical check up which is one of the mandatory requirements by few insurers in India

Claim settlement ratio

CSR refers to the number of claims settled by the insurance company out of the total claims received. It is best to purchase term insurance from an insurer having a

Low premium rates

Term insurance plans in India are 50%-60% cheaper than the plans offered in UAE.

NRI Term Insurance-Features and Benefits

High coverage at a low premium

Term insurance is one of the most affordable types of life insurance offering you high coverage at a low premium. The premium for a term plan can be paid out on a monthly, yearly, quarterly or annual basis. The earlier you buy the term plan, the better as it attracts a low premium.

Tax benefits

With premiums paid towards term insurance coverage, NRIs can enjoy tax benefits under section 80C of the Income Tax. The insurance payout too is subject to tax exemptions under section 10(10D) of the Income Tax Act.

Financial stability

Term insurance is an affordable way to secure your family's financial future.

Terminal illness coverage

In case of diagnosis of terminal illness, lump sum payment is given

Long term coverage

With term insurance, NRIs can enjoy long term coverage for up to 99 years. The plan offers comprehensive coverage with multiple premium payment options to protect the life assured and his family members

Different payout options

NRI can select the payout option i.e. the manner in which the coverage amount should be given to the nominee. Different payout options that can be selected include lump sum, regular income, lump sum plus regular income, etc.

Documents required for term insurance in India for NRI

The below documents are mandatory for NRIs to buy term insurance in India.

• Valid copy of the visa
• Passport
• Foreign address proof
• Last entry-exit stamp
• Past 6 months bank statement
• Employment ID proof
• Past 3 months salary slip

Term Insurance for NRI Eligibility Criteria

The below eligibility criteria should be met by the NRI to purchase term insurance in India

• NRI must be at least 18 years of age
• The NRI must not be older than 55 or 65 years

Top term insurance plans for NRI

• HDFC Click 2 Protect Life
• Tata Maha Raksha Supreme
• Max Smart Secure Plan