Term Insurance for NRI 

Term insurance for NRI is a specially designed term insurance plan to fit the needs of NRIs or Indian expats living abroad. These plans are the most affordable life insurance, providing pure risk cover at budget-friendly premiums for long policy tenure. With term insurance plans, you can secure the financial future of your loved ones in the event of your unfortunate demise.

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What is Term Insurance? 

Term insurance is the simplest and most affordable way to ensure your family is looked after if you are not with them. This term insurance product pays your nominee/beneficiary a lump sum in the event of your death. You can also select the death benefit amount based on your needs. This plan offers additional riders that protect the financial impact of serious illnesses or accidents. 

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

How Does Term Insurance for NRI Work?

Let us understand how term insurance for NRI works with the help of an example:

Suman, a 23-year-old living in the UAE, buys term insurance for NRI to secure her family living in India. She purchases a plan for a 37-year policy term, covering her until she turns 60. 

Suman, unfortunately, meets an accident and suffers an untimely death in the 17th policy year. The family informs the insurer of her death and submits a duly filled claims form. The insurer settles the term insurance claim and offers the life cover amount as a death benefit.

Why Do You Need Term Insurance for NRI?

You need NRI term insurance for the following reasons:

  • As an NRI living in a foreign country, you can still ensure your family's financial stability in the event of your unfortunate demise by buying term insurance for NRI. 

  • NRI term insurance plans allow you to customise the plan as per your needs. 

  • The life cover of an NRI term plan can help your family members pay off any remaining loans that may fall on their shoulders in your absence.

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

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Best Term Insurance Plans for NRIs in 2024

Here is a list of the best term insurance plans for NRIs in 2024:

Best Term Insurance for NRI Entry Age Maturity Age Sum Assured
Max Life Smart Secure Plus 18 years to 60 years 85 years 1 Crore - 10 Crores
Tata AIA Sampoorna Raksha Supreme 18 years to 60 years 100 years 1 Crore - 20 Crores
Tata AIA SRS Vitality Protect 18 years to 60 years 85 years 1 Crore - 2 Crores
Tata AIA Maha Raksha Supreme 18 years to 60 years 85 years 2.5 Crores - 20 Crores
PNB Mera Term Plan Plus 18 years to 50 years 80 years 1 Crore - 1.5 Crores
HDFC Life Click 2 Protect Life 18 years to 65 years 85 years 1 Crore - 2.5 Crores
ICICI Pru iProtect Smart 18 years to 65 years 99 years 1 Crore - 2 Crores

* You can use a term insurance premium calculator to check the accurate premiums you would need to pay for the desired life cover amount.

What are the Key Features of Term Insurance for NRIs?

Here is a list of key features of term insurance for NRI:

  • Required Policy Term: You can easily choose the most suitable policy term for your family. Some term insurance for NRIs offers the chance of securing your family till 99/100 years of age.

  • Tele/Video Medicals: Various insurers allow NRIs to buy term plans by scheduling their medicals online via tele or video. This enables you to buy the most suitable plan from the comfort of your home.

  • Choose Sum Assured: You can select the most suitable sum assured by assessing your annual income and your family’s financial needs in your absence.

  • Premium Pay Options: Most insurance companies offer premium payment options like monthly, quarterly, yearly, and semi-annual payment modes.

  • Quick Policy Issuance: By buying term insurance for NRIs online, the policy can be issued quickly without submitting any physical documents.

What are the Benefits of Buying Term Insurance for NRIs in 2023?

Let us look at some of the benefits of buying NRI term insurance that can benefit you and your family:

  • Affordable Premiums

    Term insurance for NRI is one of the most affordable types of life insurance to secure your loved ones for the long term. With these plans, you can save on your premiums and invest the remaining amount into wealth creation or future goals.

  • Death Benefits

    The NRI term insurance pays your family the sum assured in case of your untimely death during the policy term. Your family can use the benefit amount to pay for their monthly expenses, take care of remaining loans, and pay for the child’s education.

  • Various Payout Options

    Term insurance for NRI offers various benefit payout options like monthly payments, increasing monthly instalments, lump sum payments, and lump sum+monthly instalments. You can choose the most suitable benefit payout options for your family.

  • Cover Against Illnesses and Disabilities

    You can customise your plan by adding critical or terminal illness riders to get coverage against illnesses at nominal extra premiums. Some term plans for NRIs also offer the option of including accidental death or accidental disability riders in the base plan.

  • Tax Benefits

    NRIs can claim term insurance tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961, as per the prevailing laws.

Who Can Buy NRI Term Insurance Plans?

Here is a list of people who can buy term plans for Indian expats:

  • NRIs - NRIs living in most parts of the world can buy term insurance for NRIs from India

  • PIOs/OCIs - People of Indian Origin and Overseas Citizenship of India cardholders can buy NRI term insurance if they have a spouse, parent, grandparent, or child who is an Indian citizen or have held an Indian passport at some point in their life.

  • Foreign Nationals - People who are foreign citizens can also buy term insurance for NRIs

Wrapping it Up!

Buying an NRI term insurance is essential as it ensures your family's financial stability in your absence. You should always buy term insurance for NRI after comparing the available plans based on the premiums, sum assured, policy terms, and benefits offered available.



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