Term Life Insurance in India 

What is Term Insurance for NRIs?

Term insurance for NRIs are term plans (Tameen Ala Al-Hayah) specifically designed to meet the needs of an NRI customer. These plans offer various NRI-specific benefits like GST waiver, annual discounts, tele and video medicals, and more to fit the customer's requirements. These plans provide the sum assured as a death benefit to the policy nominee in case of the policyholder’s untimely death during the policy term. Therefore, with this term insurance for NRI in Kuwait, you can ensure the financial stability of your nominees (Mustafid) back in India in your absence.

What is the Best Term Life Insurance for NRIs Offered in India?

Here is a list of the best term insurance for NRI offered by Indian insurers in 2024:

* You can use the term insurance for NRI premium calculator to check the approximate premiums you would need to pay for the desired life cover.

Why Should I Buy Term Life Insurance?

The following are the benefits of buying term life insurance:

• Financial Protection

  Term insurance plans provide your family with financial protection in your absence. These plans pay the sum assured in the form of death benefit to your nominees to help them take care of their financial needs.

• Affordable Premiums

  Term life insurance is the most affordable type offering large life cover at highly affordable premiums. You can select your profile's best term insurance plan to ensure financial coverage at budget-friendly premiums.

• Premium Pay Options

  You can make premium payments for the term plan using the most suitable premium payment options. The most common options are monthly, quarterly, half-yearly, and annual premium pay modes.

• Enhanced Coverage

  You can enhance the base coverage of your term insurance plans by adding available riders like terminal illness, critical illness, accidental death benefit, and accidental disability benefit at nominal premiums. 

• Flexible Benefit Payout

  You can choose the most suitable benefit payout option per your family’s needs. The available payout options are monthly instalments, lump sum + monthly, and increasing monthly instalments.

What are the Benefits of Term Insurance for NRIs from India?

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

• Lower Premiums: Term insurance premium rates in India are much more affordable than international term plans.

• 18% GST Waiver: The government of India provides an 18% GST waiver on the term insurance premiums paid in India as per the prevailing tax laws.

• Video/Telemedical: Insurers in India allow customers to get their medicals cleared online via video or calls. If the insurer requires a medical check-up from a hospital, the insurer usually covers the check-up charges.

• Quick Claims: If you buy term plans from India, your family can get their claims settled easily as they would not have to travel all the way back to Kuwait just to get their claims settled, they could easily visit the nearest company office in India and submit the claims documents.

• Check CSR: In India, you can easily select the insurer you want to buy plans from by comparing them based on their CSR. Claim settlement ratio is the ratio of claims settled by the company to the number of claims registered. A high CSR shows that the company settles most of the claims and is thus a reliable insurer.

• Annual Discount: Term insurance in India provides an annual discount of 5%, which, combined with the GST waiver, can provide a 23% discount on premiums.

• Special Exit Benefits: Various Indian insurers offer special exit benefits, where policyholders can exit the plan early and receive all the premiums paid throughout the policy term. 

How to Buy Term Life Insurance From India Through Policybazaar?

Here is how you can buy term insurance plans from India through Policybazaar:

Step 1: Visit the official page of Policybazaar and click on ‘Term Insurance’

Step 2: Enter all the required details like name, gender, date of birth, and contact number

Step 3: Select suitable options like annual income, educational background, smoking habits, and occupation type

Step 4: Choose the best term insurance plan and proceed to pay using your preferred payment mode

What Are The Documents Required to Buy Term Insurance from India?

Here is a list of documents required to buy term insurance from India:

• Passport’s Front and back side

• Copy of Valid Visa

• Proof of Employment ID 

• Last entry-exit stamp

• Foreign Address Proof

• Policyholder’s Photos

• Last 3 Months’ salary slips

• Last 6 Months' bank statements

FAQ's