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Term Insurance For NRI

Term insurance plans for NRI are available in India. Any NRI who wants to secure their dependents in India can buy this type of term plan. Many term insurance companies in India provide different plans. Read on to find out more about NRI term insurance.

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Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
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  • 45 Lacs+
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**Tax benefits are subject to changes in Income Tax Act.

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Best Term Insurance Plans

1 Crore
1.5 Crore
2 Crore
2.5 Crore
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.51%
Starting From 682/Month
Claim Settlement
Key Features:
  • Right Green Tick Zero Cost Benefit
  • Right Green Tick Terminal Illness
  • Right Green Tick Nominee's Choice payout
  • Right Green Tick Voluntary Top Up
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 95.28%
Starting From 812/Month
Claim Settlement 24hr Claim Settlement
Key Features:
  • Right Green Tick Waiver of Premium on Disability
  • Right Green Tick Terminal Illness
  • Right Green Tick Life Stage Benefit
  • Right Green Tick Special Exit Benefit
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.39%
Starting From 771/Month
Claim Settlement 24hr Claim Settlement
Key Features:
  • Right Green Tick Terminal illness
  • Right Green Tick Special Exit - Option to get your premiums back
  • Right Green Tick Renewability Option
See More Plans

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Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

What is Term Insurance For NRI?

NRI term insurance plans are life insurance products that ensure financial protection for the families of non-resident Indians. In case of the unfortunate demise of the policyholders, the term plans provide a guaranteed sum assured to the nominee. In simple terms, term life insurance is a safety net that takes care of your family just like you even after your demise.

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Key Features of NRI Term Insurance Plans

The key features of term insurance plans for NRIs are as follows:

  • High Sum Assured: When it comes to the policy lifetime of a term plan, NRIs have a lot of options. The tenure for NRIs term plans might range from 5 to 99 years. Furthermore, the lowest age to purchase a plan is 18 years, and the maximum age is 65 years, making it reliable for the majority of individuals.
  • Flexibility: You have the flexibility to choose the sum assured as per your preferences. Term insurance for NRIs in India provides a sum assured ranging from 50 lakhs to 5 crores, suiting the specific needs of each person and family. You can select a life insurance coverage amount based on your income, lifestyle, debt responsibilities, and future financial goals.
  • Easy Payments: NRI term insurance in India offers simple payment alternatives for extra ease. Online payments can be done via net banking or credit cards. NRIs can also use their Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts to make payments. Furthermore, the premium payment period and frequency can be customized.
  • Quick Documentation: The paperwork procedure is quick and easy. All you need are basic documents such as your passport, proof of identification and address, and medical test results (if you have a medical history), as well as other KYC (Know Your Client) documents, to buy term insurance plans for NRIs.

How Does Term Insurance for NRIs Work in India?

Term insurance for NRIs works similarly to other term plans. The life assured pays a premium to an insurance company in exchange for a sum assured. In the event that the policyholder dies during the policy tenure, the nominee will receive the sum assured as a death benefit.

NRIs can also opt for the Return of Premium benefit, in which the sum total of all the premiums paid is given back at maturity if the life assured survives the policy tenure. Additionally, NRIs can buy various add-on riders with their term insurance plan.

Best Term Insurance Plans For NRIs

Many insurance companies offer term insurance plans for NRIs in India. The table below highlights some of the best term life insurance plans:

Term Insurance Plan

Entry Age

Maturity Age

Policy Tenure

Sum Assured

Bajaj Allianz iSecure Plan

18- 60 years

28- 70 years

10- 30 years

Rs. 2.25 lakhs- no limit

Kotak Preferred Term Plan

18- 65 years

23- 75 years

5- 40 years

Rs. 25 lakh- no limit

Amulya Jeevan Term Insurance Plan

18- 65 years

N/A- 70 years

5- 35 years

Rs. 25 lakh- no limit

ICICI Pru iProtect

20- 65 years

N/A- 75 years

10- 30 years

N/A

Benefits of NRI Term Insurance Plans

Term insurance for NRIs is beneficial in numerous ways. Some of the benefits are enlisted in the section below:

  • Financial Stability: Term insurance plans are an affordable way to financially secure the future of your family. You can pay a minimum amount regularly in the form of a premium and create savings for your loved ones.
  • Select Payout Option: The policyholders of NRI term insurance plans can select from different death benefit payout options, such as lump sum, regular sum, lump sum plus regular income, and increased sum over time.
  • Tax Benefits: A premium paid towards Term insurance plans for NRI and additional riders are tax-free under Section 80C. Additionally, the death benefit paid to the nominee is tax-deductible under Section 10(10D) of the Income Tax Act, 1961.
  • Death Benefits: NRI term plans provide financial protection to the family in case of the policyholder's demise. Therefore, a term insurance company will pay an assured sum to the nominee if the policyholder dies during the policy period.

Eligibility Criteria To Buy Term Insurance Plans For NRI

NRIs can only purchase term insurance if they meet the following requirements:

  • The age of the NRI must range between 18-65 years.
  • You must own NRI status. Additionally, you can only apply if you reside in a country that is approved in a list of term insurance companies.
  • The NRIs must have to submit their past medical reports.
  • Insurance companies place restrictions on certain professions. Therefore, check with the insurer if your occupation type affects the purchase of a term plan.
  • You must have a list of documents ready to apply for NRI term insurance plans.

Documents Required To Buy Term Insurance Plans For NRI

NRIs will require the following documents to buy term insurance plans in India:

  • Duly filled insurance application form
  • Resident proof
  • Passport copy
  • Copy of authorised visa
  • Past six months' bank statements
  • Medical records
  • Income proof
  • Age proof
  • Employment ID
  • Salary slip for the past 3 months
  • Foreign Account Tax Compliance Act form
  • Passport-size photographs

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FAQ About Term Insurance For NRI

  • Can NRIs purchase term insurance add ons?

    Yes, NRIs can purchase term insurance add ons such as accidental death benefit rider, critical illness rider, etc. to enhance the coverage offered under a term plan

  • What is the eligibility criteria for NRIs to purchase term insurance?

    NRI who are a citizen of any country except for Bangladesh or Pakistan can purchase term insurance in India only if: they hold an Indian passport, are the spouse of an Indian citizen or by an individual whose parents or grandparents are Indian citizens by the virtue of Indian constitution

  • What is the mode of premium payment for NRIs?

    The mode of premium payment for NRIs is non resident rupee account or non resident ordinary account

Term Insurance Companies User Reviews

What users are saying
  • Clear guidance

    At the age of 50+, getting any insurance becomes so difficult. But InsuranceDekho found plans which are exactly similar to my needs. I chose Canara HSBC as my constant supporter in my later years. Thank you, InsuarnceDekho, for helping me and making the whole process so smooth.

    J
    Canara HSBC OBC
    By Jayesh Patel
    On: June 19, 2024
  • Enlightening experience

    As a stay-at-home mom, I often overlook my financial security along with my family. InsuranceDekho has helped me understand the importance of term plans for homemakers and suggested the Max Life Term Insurance Plan that protects my family.

    M
    Max
    By Manisha Desai
    On: June 19, 2024
  • Smooth Porting Experience

    InsuranceDekho’s online portal made comparing plans so easy for me, just like a breeze. Term plans of various companies were thoroughly explained and tabulated. I easily found the plan with the best coverage and premium for my needs and chose HDFC Term Insurance for my entire family.

    D
    HDFC
    By Deepak mehta
    On: June 19, 2024
  • Transparent services

    InsuranceDekho’s customer service was fantastic. When I had questions about my existing TATA AIA Term Insurance Plan. They were clear, informative, and so patient.  The whole process put my mind at ease.

    S
    Tata AIA
    By Sunil Singh
    On: June 19, 2024
  • Simple process and helpful tea...

    Deciding to renew my term insurance, Kotak e-term policy through the InsuranceDekho Portal was a hassle-free experience. Their feature of premium calculator and reminders helps me avoid the lapse in coverage and makes my life so easy.

    V
    Kotak
    By Vivek mehta
    On: June 10, 2024

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