Term Life Insurance In India

Living abroad can be exciting, but at the same time, it raises multiple concerns for your loved ones living in India. Term insurance is the solution to this as it is a simple, affordable type of life insurance plan that provides a lump sum payment to your loved ones if you, unfortunately, pass away during the policy term.

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The policy can help them cover expenses, pay off debts, or maintain their lifestyle even when you’re not there anymore. Whether you're an NRI (Non-Resident Indian), foreign national, PIO (Person of Indian Origin), or OCI card holder living overseas, you can get covered with term life insurance. Let’s understand more about term plans here.

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+

What is Term Insurance?

Term insurance acts like a financial safety net for your family to protect them in the future. It works like an income replacement plan, providing a certain amount of financial security in case of your untimely demise. A lump sum payment is provided to the policyholder's nominee/beneficiary, thus, guaranteeing a stable future. This insurance is an affordable approach to caring for your loved ones because it provides comprehensive coverage at a very low premium rate.

For example, Rahul, a 30-year-old non-smoker with an annual income of Rs. 55 Lakhs, can buy a term plan of life cover Rs. 1 Crore for his loved ones for the next 30 years. By paying just Rs. 930 per month for this life cover, Rahul ensures that his family can maintain their current lifestyle without any hassle in case of his untimely demise.

What Are The Best Term Life Insurance Plans In India 2024?

The insurance companies in India offer the following term insurance plans.

Best Term Life Insurance Entry Age Maturity Age Sum Assured
HDFC Life Click 2 Protect Super 18 years to 65 years 85 years Rs. 1 Crore - 2.5 Crores
Max Life Smart Secure Plus 18 years to 60 years 85 years Rs. 1 Crore - 10 Crores
Tata AIA SRS Vitality Protect 18 years to 60 years 85 years Rs. 1 Crore - 2 Crores

Note: The Term Insurance For NRI Premium Calculator can help you in determining premium amount payable for the desired cover amount.

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

Why Should You Buy Term Insurance?

Here are some of the reasons why you should buy term plan in India:

  • Financial Security: Term insurance in India ensures financial security of your family by paying out a substantial amount of money in the event that you pass away suddenly while the policy is in effect. This death benefit assists them in maintaining their standard of living, paying for bills like rent and your child's tuition, and taking care of any urgent medical needs.

  • Flexible Policy Issuance: Term insurance plans in India are much simpler than the international plans, by dint of tele/video medical tests and easier documentation processes. You can compare and buy a term plan online from the comfort of your home with the help of Policybazaar.

  • Easily Accessible: Your family can visit the closest insurance branch in their city to start the hassle-free claim settlement process.

  • Larger Life Cover: In India, you are eligible to get life cover up to Rs. 20+ Crores with term insurance plan, thereby, ensuring your loved ones' financial security. Buying term plans with high life cover is much simpler because of the ease of purchase from Policybazaar.

  • Debts and Loans: Term insurance offers payout that assists your family settle outstanding loans, like home/car loans, and in managing financial responsibilities. It's important to buy a term plan with sufficient life cover to meet your family's needs.

  • Affordable Premium Rates: Term insurance premiums in India are lower compared to international plans. NRIs, Foreign Nationals, PIOs, and OCIs can enjoy much more affordable level term life insurance rates.

  • Extra Discount: Choosing the annual premium payment mode offers an additional 5% discount, and buying term insurance from Indian insurers comes with an 18% GST waiver.

  • Special Exit Option: Choose term 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.

Why Should You Consider Buying Term Insurance From India?

You should buy term life insurance from Indian insurers because of the following reasons:

  • More Insurance Choices: You can select from a larger pool of companies offering term insurance plans with flexible options such as premium payments, policy term, and cost-effective premiums. Choose an Indian insurer for added benefits like higher sum assured and different payout options.

  • High Claim Settlement Ratio (CSR): In India, the regulatory body IRDAI makes sure that every insurer maintains a high Claim Settlement Ratio (CSR). It’s the percentage of claims paid by an insurance company compared to the total claims settled in a year. Therefore, you have the flexibility to choose an insurer with a consistently high CSR value, ideally over 95% to be sure about your claims being settled. This benefit is available in the Indian insurance market and allows you to only buy term plans from the best insurers.

  • GST Waiver: Buying a term or life insurance plan from India can get you an 18% GST (goods and services tax) waiver on the premiums.

  • Video or Tele Medical Test: Buying term insurance from Indian insurers is now simpler because of the option of tele/video medical tests, making it much easier for you to now find the best plan online.

How to buy Term Insurance from Policybazaar?

Now, you can easily buy term insurance from India in an online mode, from the comfort of your home, by following these steps:

  • Step 1: Go to Policybazaar and click on 'Term Insurance.'

  • Step 2: Enter all the necessary details like name, email, gender, and contact information.

  • Step 3: Fill all details regarding occupation, qualification, annual salary, and smoking habits.

  • Step 4: Next, compare and choose the best term plan and move on to payment.

  • Step 5: Complete the payment process by using your preferred method.

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

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

  • Copy of your passport

  • Proof of Employment ID 

  • Last entry-exit stamp

  • Copy of Valid Visa

  • Foreign Address Proof

  • Photo of the Policyholder

  • Last 3 Month salary slips & Last 6 months' bank statements


FAQs

  • Q. Is term insurance applicable for NRI?

    Ans: Yes, NRIs in Germany can buy term life insurance very easily from the comfort of their homes, with the help of Policybazaar.
  • Q. How to Buy Term Insurance from Indian Insurers with Policybazaar?

    Ans: You can buy term plan online from India through Policybazaar:
    • Visit Policybazaar's website and click on 'Term Insurance.'
    • Enter necessary information.
    • Fill in details about occupation, education, income, and habits.
    • Compare and choose the best plan.
    • Complete the payment process.
  • Q. Why Should You Buy Term Plan from India being an NRI from New Zealand?

    Ans: Reasons to buy term plan from India are:
    Financial security for your family, flexible policy issuance, accessibility, larger life cover options, debt settlement, affordable premium rates, extra discounts, and a special exit option.
  • Q. Why Should You Buy Term Plan from India being an NRI from New Zealand?

    Ans: Reasons to buy term plan from India are:
    Financial security for your family, flexible policy issuance, accessibility, larger life cover options, debt settlement, affordable premium rates, extra discounts, and a special exit option.
  • Q. Why Should You Consider Buying Term Insurance From India?

    Ans: Consider buying term insurance from Indian insurers for more choices, a higher sum assured, different payout options, a high Claim Settlement Ratio (CSR), an 18% GST waiver, and the convenience of video or tele medical tests.

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