Term Life Insurance for NRI

Whether you live in India or another country, ensuring your family is okay if something happens to you is really important. For NRIs (Non-Resident Indians) living abroad, having Term Life Insurance becomes crucial.

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It helps ease your family's difficulties when you're not around. If something unfortunate happens to you, the money from the insurance (called Death Benefit) can help your family in many ways, like taking care of their day-to-day needs, supporting your kids' education, paying debts/loans, etc.

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What is Term Life Insurance for NRI?

Term Life Insurance, designed for NRIs (Non-Resident Indians), OCI cardholders, PIOs, and their families, is customized to meet their specific needs and ambitions. These insurance plans offer financial security and a death benefit to the policyholder's loved ones, regardless of where they live abroad. NRIs can get these term plans from Indian insurance companies, ensuring their family gets important financial protection even if they are overseas.

Term Life Insurance for NRI policies provides a variety of coverage choices and policy durations. These plans can be easily purchased either online or through traditional offline methods. The introduction of tele-medical checkups has made the online purchase process for term plans hassle-free, and accessible to NRIs residing anywhere in the world.

How Do Term Life Insurance For NRI Plans Work?

Term Life Insurance for NRIs functions much like protection plans. In this insurance type, the policyholder makes premium payments to the insurance company in exchange for pure risk coverage, which is the sum assured. If, unfortunately, the policyholder passes away during the policy term, the sum assured is given to the chosen beneficiary or nominee.

For NRIs, there's an additional option called Term Life Insurance ROP (Return of Premium). If the policyholder lives through the policy term, all the premiums paid are returned at maturity. It's a way to cover the unforeseen and get something back if the unexpected doesn't occur.

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What are the Best Term Life Insurance Plans for NRIs 2024?

Here is the list of best Term Life Insurance for NRI:

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

What are the Benefits of Term Life Insurance for NRI Plans?

Here are some of the advantages of purchasing the best Term Life Insurance for NRIs:

  • Secure Family’s Future: Term Life Insurance for NRIs is a robust solution for ensuring the long-term financial well-being of your family.

  • Flexible Premium Payment Modes: Enjoy the flexibility of choosing premium payment frequencies that suit you—whether monthly, bi-yearly, quarterly, or annually. The sooner you enroll, the lower your premiums.

  • Video/Tele-medical Check-up: Simplify the buying process with video or tele-medical check-ups. This streamlined approach, especially relevant during the pandemic, allows for essential health assessments without unnecessary hassles.

  • Long Term Coverage: These plans offer coverage for extended periods, some even up to 99/100 years. This ensures comprehensive protection over the long term for you and your family.

  • Limited Pay Benefit: NRIs can opt for a limited pay option, enabling shorter periods of premium payments while maintaining coverage for the entire policy term. This option allows for financial savings without compromising on protection.

Additional Benefits of Term Life Insurance for NRIs

Here are some additional benefits of purchasing Term Life Insurance for NRIs:

  • Accidental Death Benefits: NRIs can enhance their Term Life Insurance by adding the Accidental Death Benefit rider. This extra feature provides an additional sum assured, offering added protection in the unfortunate event of accidental death. It acts as a supplementary safeguard to the primary coverage.

  • Terminal Illness Benefits: Term Life Insurance for NRIs protects against death and provides coverage for terminal illnesses. In case of a diagnosis, the plan offers lump sum payouts, easing financial burdens during challenging times.

  • Cover Against Critical Illness: Term Life Insurance for NRIs goes beyond basic protection by offering extended coverage for specific critical illnesses throughout the policy term. This feature provides financial support for significant medical expenses and treatment costs when facing a diagnosed critical illness included in the plan.

  • Waiver of Premiums on Disability: In the unfortunate event of job loss due to accidental total permanent disability during the policy term, Term Life Insurance for NRIs offers a premium waiver rider. This rider ensures that the remaining premiums are waived, allowing policyholders to sustain their coverage even in the face of accidental disability, and providing added financial security.

Who is Eligible to Buy Term Life Insurance for NRI?

Here's a list of eligible individuals who can purchase term life insurance for expats, including protection for NRIs:

  • Non-Resident Indians (NRIs): These are Indian citizens holding valid Indian passports who are residing temporarily in a foreign country.

  • Overseas Citizen of India (OCI)/Person of Indian Origin (PIO): This category includes citizens of foreign countries, except for Bangladesh or Pakistan, who meet one of the following criteria:

    • Previously held an Indian passport

    • Have parents or grandparents who were Indian citizens

    • Are spouses of Indian citizens

  • Foreign Nationals: This refers to citizens of foreign countries who are living in India

What Are the Documents Required for Term Life Insurance Plans for NRI?

The required documents can be conveniently submitted online to purchase Term Life Insurance for NRI plans from the insurance company. These documents typically include:

  • Passport (front and back sides)

  • Last 3 months' salary slips

  • Passport-size photo

  • Foreign Address Proof

  • Employment ID Proof

  • Valid Visa Copy

  • Last entry-exit stamp

  • Last 6 months' bank statements

Submitting these documents online streamlines the application process for Term Life Insurance for NRIs, making it easier and more accessible for prospective policyholders.

Wrapping It Up!

Buying the best Term Life Insurance for NRIs is a critical financial move, providing essential protection for expatriates and long-term peace of mind. This insurance ensures the well-being of your loved ones by offering death benefits for future savings, and the convenience of tele-medical exams simplifies the purchase process. Carefully reviewing the policy's terms and conditions is crucial to making an informed decision, securing your family's financial security effectively.

Life Insurance in Australia FAQs

  • Q: Is there term insurance in Australia?

    Yes, term life insurance is available in Australia, providing coverage for a specified term with a lump-sum payout to beneficiaries in case of the policyholder's death during that period. It offers straightforward and affordable financial protection.
  • Q: Is it worth getting life insurance in Australia?

    Yes, buying life insurance or term life insurance in Australia is considered worthwhile as it provides financial security for your loved ones in the event of your death, offering peace of mind and ensuring their well-being. It serves as a crucial safeguard against unforeseen circumstances.
  • Q: Is term life insurance tax free in Australia?

    In Australia, the death benefit paid out from a term life insurance policy is generally tax-free when received by the beneficiaries. However, certain exceptions and nuances may apply, and it's advisable to consult with a tax professional for specific guidance based on individual circumstances.
  • Q: What is the maximum age to get life insurance in Australia?

    The maximum entry age for life insurance in Australia varies among insurers but can extend up to 75 years old, with some providers offering coverage up to 100 years old or even older for seniors.
  • Q: Is 50 too old to get term life insurance in Australia?

    Securing term life insurance in Australia at age 50 is possible, with eligibility varying among insurers. While premiums may be influenced by age, it's advisable to explore options and consult with insurance professionals to find suitable coverage.

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