Life insurance, or Lebensversicherung as it's commonly called in Germany, plays an important role in protecting your family's financial future. Whether you're a German resident, expat, or Non-Resident Indian (NRI) living in Germany, securing a reliable life cover can bring peace of mind and long-term stability.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Life insurance (Lebens Versicherung) is an insurance product that provides a lump sum payment to your loved ones in case of your death. In Germany, it is also used as a savings or retirement tool, combining protection with long-term financial planning.
There are two broad types of life insurance in Germany:
Term Life Insurance (Risikolebensversicherung): Term life insurance offers pure protection for a specific period (e.g., 10, 20, or 30 years). If the policyholder passes away during the policy term, the nominee receives the insured amount.
Whole Life or Endowment Life Insurance (Kapitallebensversicherung): Whole life insurance provides life cover with a savings component and pays out either on death or at the end of the policy term.
Term Plans
Here are a few reasons why having a Lebensversicherung is important:
To protect your family’s financial future
To cover outstanding loans like mortgages or car finance
To secure your children's education
To build savings for retirement (in case of endowment plans)
To ensure peace of mind if you are self-employed or in an unstable job
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Life insurance is essential for:
Working professionals: Life insurance in Germany is necessary if you are the primary breadwinner.
Parents with young children: Life insurance payout can provide for your children’s future needs.
Mortgage holders: Your Lebens Versicherung can be used to pay off a home loan in case of untimely death.
NRIs in Germany: Buying a term plan for NRI from India can be cost-effective and offers global protection.
| Benefit | Description |
| Affordable Premiums | Especially if purchased early or from Indian insurers. |
| Tax Benefits | Many Lebensversicherung plans offer tax deductions under German tax laws. |
| Loan Protection | Helps repay mortgages or business loans if something happens to you. |
| Savings and Retirement | Some Lebensversicherung policies also act as retirement funds. |
| Global Coverage | NRIs can enjoy worldwide protection with Indian plans. |
When selecting a Lebensversicherung, consider the following:
Your age and health status
Length of coverage needed (short-term vs. long-term)
Whether you need only death protection or savings too
The amount of coverage your family needs
Monthly premium you can afford
Assess your needs – Consider your family’s lifestyle, debts, and financial goals.
Compare plans – Look at both German and Indian providers.
Check eligibility – Some Indian insurers allow NRIs to buy policies digitally.
Submit documents – Usually includes ID proof, address, income, and medicals.
Complete medical tests – Either in Germany or via remote assessment.
Receive policy – After approval, the policy document is emailed to you.
Many NRIs living in Germany find Indian term life insurance for NRI more affordable and flexible. Here’s why:
Premiums are much lower in India than in international term plans
Claim a 18% GST waiver on term insurance premiums paid via NRE bank account
Receive 5% additional discount on premiums paid in annual mode
Get tele/video medicals cleared online without having to visit India just to get your medicals cleared
Receive global coverage and pre-approved cover for NRI customers
Whether you're living in Berlin, Munich, Hamburg, or any other city, securing a life insurance plan (Lebensversicherung) is a smart way to protect your loved ones. For NRIs in Germany, it’s also worth exploring term life insurance options from India, cost-effective, globally valid, and easily manageable online.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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