Term Insurance for NRIs

Term insurance for NRIs is an essential financial product that can help them financially secure their families in case of life’s uncertainties. These plans offer coverage against unforeseen events like deaths, disabilities, or illnesses. With NRI term insurance, you can ensure your family’s protection at highly affordable premiums.

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What is Term Insurance for NRIs?

Term insurance for NRIs is a term insurance plan designed by Indian insurers to provide financial protection to NRIs living abroad. These plans offer long-term coverage (till 99/100 years of age), which ensures the financial security of your loved ones for your whole life. You can easily buy the most suitable term insurance for NRIs by comparing the available plans on the basis of their premiums, policy term, sum assured, and policy benefits.

Note: You should firstly know about what is term insurance to buy a term plan for your loved ones.

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 works with an example:

Suppose Aisha is a 35-year-old NRI living in Canada. She decides to secure her family's future in India by opting for term insurance for NRIs. She selects a policy with a 30-year term, guaranteeing coverage until she reaches 65.

She unexpectedly passed away in the 10th policy year due to unforeseen circumstances. Her family contacted the insurance provider, submitted the necessary documents, and the insurer processed the claim after verification. The life cover amount was then paid to Aisha's nominees, providing them with the financial support she had envisioned for her loved ones.

Why Do You Need NRI Term Insurance?

You need an NRI term insurance for the following reasons:

  • Secure your loved ones against eventualities like death, disability, and illnesses

  • Provide your family with financial support to pay off any remaining loans in your absence

  • Ensure regular income for the family in case you are the main breadwinner of the family

  • Customise the plan’s features and benefits to suit your and your family’s requirements

  • Get tax benefits on the term insurance premiums paid and benefits received 

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

+Standard T&C Applied

What is the Best Term Insurance Plan for NRIs?

The term insurance companies in India offer the the below-mentioned term insurance plans.

Best Term Insurance for NRI Entry Age Maturity Age Sum Assured
HDFC Life Click 2 Protect Life 18 years to 65 years 85 years CAD 163,699 - CAD 409,290
Max Life Smart Secure Plus 18 years to 60 years 85 years CAD 163,699 - CAD 1,636,994
Tata AIA SRS Vitality Protect 18 years to 60 years 85 years CAD 163,699 - CAD 327,398
Bajaj Allianz Life eTouch 18 years to 55 years 99 years CAD 81849 - CAD 1,636,994

*Note: You can use a term insurance premium calculator to see the exact premiums you would need to pay for the desired life cover.

What are the Benefits of Buying Term Insurance for NRIs?

Let us take a look at all the benefits of buying NRI term insurance:

  • Affordable Premiums: Term insurance for NRI offers large life cover for long policy terms at affordable premiums. You can compare available plans on the basis of premium rates and buy suitable term insurance for yourself.

  • Financial Security: NRI term insurance offers financial security to your loved ones in your absence by providing them with the death benefit in case of your death during the policy tenure.

  • Multiple Payout Options: With term insurance for NRIs, you can choose the most suitable benefit payout options for your family. You can select from the available payout options while buying the term plan.

  • Illness and Disability Cover: Most international term insurance plans offer coverage against terminal and critical illnesses and accidental disabilities. You can add these coverages to your base plan at nominal premiums.

  • Tax Saving Benefits: Term life insurance for NRIs can provide tax-saving benefits per the prevailing tax laws. You can claim tax deductions and exemptions under 80C and 10(10D) of the Income Tax Act, 1961.

  • Special Exit Option: Choose term life insurance plans in India with a special exit option, allowing you to conclude the plan at a specific time and receive a full refund of all paid premiums.

  • Extra Discount: Opting for yearly premium payment mode offers an additional 5% discount, and buying term insurance from Indian term insurance companies comes with an 18% GST waiver.
    Let’s understand the GST waiver with the help of an example:

Monthly Premium x 12 months CAD 14.26 x 12 = Rs. 10,440
After applying 5% Annual Discount (CAD 8.13) CAD 163
After applying 18% GST Waiver (CAD 27.48) CAD 135.6
Total Discount Applied is 5% + 18% = 23%, i.e. 8.13 + 27.48 = 35.61
Lifetime Savings CAD 1,068 (i.e. CAD 35.61 X 30 years)

What are the Key Features of NRI Term Insurance?

Here is a list of all the key features you need to know about term insurance for NRI:

  • Select the Right Policy Term: You can choose a policy term that aligns with your family's specific needs. Certain term insurance for NRI extends the coverage until 99 or 100 years of age.

  • Tele/Video Medicals: Various insurers offer NRI term insurance, allowing customers to schedule medicals online through tele or video platforms. This gives NRIs the convenience of buying a suitable plan from the comfort of one's residence.

  • Determine the Life Cover: The policyholder can select the sum assured by evaluating their annual income and estimating the financial needs of their family in the unfortunate event of their demise.

  • Premium Payment Options: Most term insurance providers offer flexibility in premium payment modes, including monthly, quarterly, yearly, and semi-annual frequencies. You can choose the most convenient payment option and pay premiums as per your preference.

  • Efficient Policy Issuance: Buying term insurance for NRIs through online channels ensures quick and easy policy issuance, removing the need for physical document submission. This allows customers to buy term plans from the comfort of their homes.

Wrapping it Up

Term insurance for NRIs is a financial product that every Indian living outside India should consider buying as it can financially secure their loved ones at affordable premiums for the long term. You can compare the available plans and buy the best term insurance for NRIs from the comfort of your home. 


FAQ's

  • Q. Where will I get many term insurance options?

    Ans: You can visit Policybazaar’s website or use the app to compare the top term plans and therefore, choose one of the best term insurance options.
  • Q. Can I purchase term insurance Policy bazaar directly?

    Ans: Yes, you can buy term insurance Policy bazaar directly by simply comparing term plans from among 15+ top insurers. To buy Policy Bazaar term life insurance, you must visit the official website of Policybazaar and fill in your details. Then, choose the best plan and proceed to buy.
  • Q. Is it possible to purchase term insurance from Policybazaar Canada?

    Ans: You can buy term insurance Policy bazaar online even if you reside in Canada, but you can’t buy term plan from Policybazaar Canada as there are no Policybazaar offices in Canada yet. However, you can contact Policybazaar’s Insurance Advisor or go through their Dedicated Claim Assistance Program for help regarding your existing term insurance plan, or if you want to buy a new plan, or need help with any claim.
  • Q. What happens to my term life insurance plan when I become NRI in Canada or US?

    Ans: When your status change to NRI in Canada or US, it doesn’t impact your on-going/pre-exisitng term life insurance plans as long as you pay your premiums regularly. However, it's suggested that you check with your insurance provider for all related details.

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