Term Life Insurance for NRIs

What is Term Insurance for NRIs?

Term insurance for NRIs is a life insurance policy that provides coverage for a specific period, known as the policy term. In the unfortunate event of the policyholder's demise during this term, the nominee receives a lump sum payout. For NRIs, these policies are tailored to meet the unique needs of individuals living abroad.

Eligibility Conditions to Buy Term Insurance for NRIs in China

* You can use the term insurance for NRI premium calculator to check the premiums applicable for your profile.

What are the Key Features of Term Insurance for NRIs in China?

Here is a list of key features of term insurance for NRIs in China:

• Global Coverage: Most term insurance policies for NRIs offer worldwide coverage, ensuring your family is protected regardless of your location. However, it is better to check with the insurer and inform them of your current location to ensure transparency.

• Flexible Policy Terms: You can choose a policy term that fits your needs and ensures that your family stays protected for the required duration. You can choose the policy term to be as short as 5 years or as long as covering you till 100 years.

• Premium Pay Options: Most insurance companies in India offer several convenient premium payment options that allow you to pay the premiums in annual, half-yearly, quarterly, or monthly instalments for a regular or limited premium pay term.

• Special Exit Benefit: The special exit benefit option allows you to exit the plan early and receive all the premiums paid back at the end of the policy tenure. This feature is free of cost and can be used to exit the plan early within the insurer-specified time frame only.

• Tax Benefits: The premiums paid for the term life insurance for NRI plans may be eligible for tax deductions under Section 80C of the Income Tax Act, and the death benefit is generally tax-free under Section 10(10D).

Benefits of Buying Term Insurance for NRIs in China from India

Let us take a look at the benefits of term insurance for NRIs in China from India:

• Ease of Claim Settlement: If you buy a term life insurance for NRIs issued in India, the potential claim process for your beneficiaries residing in India will be simplified and made easier.

• CSR of Indian Insurers: The higher claim settlement ratio of Indian insurers builds trust that most insurers will pay your family’s potential claim request. You should always opt for plans from insurers with over 95% claim settlement ratio.

• Affordable Premiums: The premiums of term life insurance for NRIs in China from India are up to 50% more affordable than international term plans. You can easily compare and buy the best term life insurance for NRIs from India to secure the financial future of your loved ones.

• Tele/Video Medical: Most Indian insurers allow you to purchase term insurance for NRIs in China by clearing their medicals online via tele or video channels. This allows you to secure your family without visiting India just to clear your medicals.

• Discounts and GST Waiver: The Government of India offers a GST waiver of 18% on the premiums paid for the term life insurance for NRI customers. Along with that, you can also claim a 5% additional discount on the premiums paid in annual mode.

How to Buy Term Life Insurance for NRIs in China from Indian Insurers?

Here is a step-by-step guide on how to buy term insurance for NRI in China from Indian insurers

Step 1: Visit the term insurance for NRI page of Policybazaar

Step 2: Fill in the required details like your name, gender, country of residence, and contact information

Step 3: Select the correct annual income, occupation type, smoking habits, and educational qualifications. 

Step 4: Choose the best term insurance for NRI plan and proceed to pay

Wrapping it Up!

Securing term insurance for NRI in China is an essential step towards ensuring your family's financial security. By choosing a plan that aligns with your needs and understanding its benefits and features, you can provide your loved ones with the financial protection they deserve.