Term Life Insurance For NRI in Germany

What is Term Life Insurance for NRI in Germany?

Term life insurance in Germany for NRI provides financial protection to your loved ones in the event of your untimely demise. These plans are especially designed keeping NRI in mind and payout the death benefit on death during the policy term. Various Indian insurers offer tele/video medicals, premium break, and other such features, designed to make the NRI term life insurance buying process easier for Indian foreigners in Germany.

Can NRIs In Germany Buy Term Insurance Plans From India?

Yes, NRIs living in Germany, Person of Indian Origin (PIO), and Overseas Citizenship of India (OCI) cardholders can buy risikolebensversicherung or a term insurance in Germany for NRIs to protect their family/dependents. Even if the policyholder is not currently living in India, Non-Resident Indians (NRIs) are permitted by the Foreign Exchange Management Act (FEMA) to purchase insurance policies that meet their needs for protecting themselves and their family members.

How Does Term Insurance For NRI in Germany Work?

Term insurance in Germany for NRI works similarly to a protection plan and provides financial benefits to your family in the event of your unfortunate demise. These plans pay the death benefit to your loved ones, which can help them take care of their monthly expenses, outstanding loans, children’s fees, and other financial emergencies. To buy these plans, you may need to undergo a risikolebensversicherung test or term insurance medical tests to get your policy issued.

What is the Best Term Insurance In India For NRI in Germany 2025?^~

Here are the best term life insurance Germany from Indian insurers in 2025:

*Disclaimer: ^~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. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

*Note: The information leading to these plan results are: 30 YO non-smoking male from Germany, a graduate with an annual salary of Rs. 40 Lakhs.

Why Should NRI in Germany Buy Term Life Insurance?

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

• Safeguard Your Family's Financial Future: Term Insurance for NRIs serves as a reliable safety net, guaranteeing lasting financial protection for their loved ones. The payout from these plans can help your family take care of their financial needs in your absence.

• Payment Flexibility: Term Life Insurance for NRI in Germany offers significant risk coverage at an affordable premium, with the flexibility to make payments monthly, bi-yearly, quarterly, or annually. Buying early can lead to reduced premiums.

• Pay off debts/loans: If you have any outstanding loans at the time of your untimely death, the term life insurance in Germany death benefit amount can settle them without causing financial burden to your loved ones.

• Pre-Approved Coverage: Policybazaar NRI term insurance offers hassle-free pre-approved term insurance up to 5 Crores, eliminating the need for medical tests.

• Global Coverage and Claim Assistance: Policybazaar NRI term insurance provides worldwide coverage and 24/7 claim assistance to the NRIs of Germany.

• Medical Costs Covered: Many Indian insurers cover the medical risikolebensversicherung tests required for buying term insurance for NRIs, saving the Germany-based NRIs from expensive medical tests.

• Limited Pay Benefit: NRIs can choose the limited premium payment option, which allows them to pay the risikolebensversicherung premiums in a shorter period, ensuring extended coverage.

Why Should NRIs In Germany Buy Term Life Insurance From India?

Here is how you can benefit by buying NRI term insurance in Germany:

• Affordable Premiums Rates: Term insurance for NRI plans from India offers much affordable premium rates in comparison to developed countries. Buying term insurance in India can result in a much lower premium, approximately 50-60% less than international plans, with the exact difference varying by country. To ensure the value, comparing and buying term plans in Germany from India is recommended.

• Video or Tele-medical Check-up: NRIs can easily buy term insurance for NRI with tele/video medical check-ups from their country of residence. Initially, stringent rules and physical risikolebensversicherung test were necessary during the pandemic. However, with relaxed regulations, NRIs can secure substantial risk coverage through tele/video medical check-ups.

• Claim Benefit: Term insurance in Germany for NRI will provide life cover to the policyholder, regardless of which country the NRI resides in. To intimate the death claims, the beneficiary/nominee of the NRI policyholder must submit all necessary documents as requested by the insurance company. However, tax implications and savings on NRI term insurance plans are determined by the income tax laws prevailing in the country where the NRI resides.

• Bigger Pool of Companies: IRDAI enrolls several insurers that offer comprehensive protection plans for NRIs. You can compare Policybazaar NRI term insurance from India and select from a variety of companies to find the term life insurance in Germany that suits your requirements. The benefits offered by term plans for NRI are as follows:

  • Higher Sum Assured

  • Terminal Illness and Accidental Death Cover

  • Limited Pay Benefit

  • Longer Life Coverage

  • Quick Claim Settlement

•  GST Waiver Available: You can avail of a GST waiver on term insurance for NRI of up to 18%. This means the NRI can easily save on their premiums if they make payments using NRE accounts supporting freely convertible currency.

•  Additional Discounts: The term insurance for NRI policy in India provides an additional 5% discount on the premiums paid in annual modes. This discount, along with the GST waiver, provides you with a total of 23% discount on premiums.

• Tax Benefits: You can get tax benefits with term insurance for NRI plans in India. These plans provide tax advantages as per the Income Tax Act, 1961, under sections 80C and 10(10D).

• Plan Comparison: NRIs can easily compare term plans with the help of Policybazaar’s comparison engine and buy the Policybazaar NRI term insurance from among 15+ top insurers of the country. Moreover, with Policybazaar, the family of the NRI can also receive 100% claim assistance, which makes it an even better reason for NRIs to buy term plan from India.

Additional Benefits of Term Life Insurance for NRIs

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

• Accidental Death Benefits: NRIs have the option to include the Accidental Death Benefit rider in their Term Life Insurance policy. This rider offers supplementary coverage and provides extra protection in the event of accidental death.

• Terminal Illness Benefits: Term Insurance for NRI plans covers terminal illnesses, providing a lump sum payout when a terminal illness is diagnosed.

• Cover Against Critical Illness: Term Insurance for NRI plans includes extended coverage against specific critical illnesses for the entire policy term. This coverage helps manage significant medical expenses and treatment costs when a covered critical illness is diagnosed.

• Waiver of Premiums on Disability: By choosing this rider, if an accidental total permanent disability leads to job loss during the policy term, the remaining premiums are waived. This feature allows policyholders to retain their coverage despite an accidental disability.

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

The required documents can be conveniently submitted online to the insurer to buy Term Insurance in India for NRI in Germany. These documents typically include:

• Passport (front and back sides)

• Valid Visa Copy

• Last 6 months' bank statements

• Last 3 months' salary slips

• Employment ID Proof

• Passport-size photo

• Foreign Address Proof

• Last entry-exit stamp

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

How to Buy Term Life Insurance for NRI in Germany from Policybazaar?

Here is how NRIs can buy term life insurance in Germany from Indian insurers via Policybazaar:

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

Step 2: Fill in your name, contact information, country of residence, and other information

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

Step 4: Choose the best term insurance for NRI in Germany to buy, and proceed to pay

Wrapping It Up

Selecting the ideal NRI Term Life Insurance is a key financial decision for expats, offering protection and long-term peace of mind. The convenience of tele-medical exams make the purchasing process very simple and hassle-free, providing death benefits for future savings. Before investing, carefully review policy terms and conditions to ensure a well-informed decision for your family's financial security.

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