Term Life Insurance for NRI

Regardless of where you live, ensuring your family's financial security is crucial. For Non-Resident Indians (NRIs) abroad, Term Life Insurance is essential so that in case of the policyholder’s absence, the Death Benefit from the term plan can support their family/loved ones by covering their daily needs, children’s education expenses and financial obligations like debts and loans. Let’s learn more about Term Life Insurance for NRIs in this article.

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What is Term Life Insurance for NRI?

Designed for Non-Resident Indians (NRIs), Overseas Citizens of India (OCI) cardholders, Persons of Indian Origin (PIOs), and their families, Term Life Insurance offers customized coverage to ensure financial security and a death benefit for loved ones living abroad. NRIs can easily get these plans from Indian insurance companies, choosing from different coverage options and policy durations through online or traditional methods. The process is made simpler with video/tele-medical checkups integrated into the online purchase, making it accessible for NRIs worldwide. This flexibility and convenience make Term Life Insurance for NRIs a reliable way for Indian expats to protect their families' future, no matter where they reside.

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How Do Term Life Insurance For NRI Plans Work?

Term Life Insurance for NRIs works similarly to protection plans. In this type of insurance, the policyholder pays premiums to the insurance company in exchange for coverage against the risk of unfortunate events, known as the sum assured. If, regrettably, the policyholder passes away during the policy term, the chosen beneficiary or nominee receives the sum assured.

NRIs also have an additional option called Term Life Insurance ROP (Return of Premium). If the policyholder survives the policy term, all the premiums paid are refunded upon maturity. It's a way to safeguard against unforeseen events and receive a refund if the unexpected doesn't occur.

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What are the Best Term Life Insurance Plans for NRIs 2024?

Here is the list of best Term Life Insurance for NRI:

Best Term Insurance for NRI Entry Age Maturity Age Sum Assured
Max Life Smart Secure Plus 18 years to 60 years 85 years 1 Crore - 10 Crores
Tata AIA Sampoorna Raksha Supreme 18 years to 60 years 100 years 1 Crore - 20 Crores
Tata AIA SRS Vitality Protect 18 years to 60 years 85 years 1 Crore - 2 Crores
Tata AIA Maha Raksha Supreme 18 years to 60 years 85 years 2.5 Crores - 20 Crores
PNB Mera Term Plan Plus 18 years to 50 years 80 years 1 Crore - 1.5 Crores
HDFC Life Click 2 Protect Life 18 years to 65 years 85 years 1 Crore - 2.5 Crores
ICICI Pru iProtect Smart 18 years to 65 years 99 years 1 Crore - 2 Crores

What are the Benefits of Term Life Insurance for NRI Plans?

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

  • Secure Family’s Financial Future

    Ensure your family's financial security with Term Life Insurance designed for NRIs. This robust solution ensures the long-term well-being of your loved ones.

  • Flexible Premium Payment Modes

    Enjoy flexibility in premium payments by choosing from various payment frequencies like monthly, bi-yearly, quarterly, or annually. Enrolling early comes with the added advantage of lower premiums.

  • Video/Tele-medical Check-up

    Simplify the purchasing process with video or tele-medical check-ups, especially relevant during the pandemic. This streamlined approach allows for essential health assessments without unnecessary hassles.

  • Long Term Coverage

    Benefit from extended coverage with plans offering protection for up to 99/100 years. This ensures comprehensive security for you and your family over the long term.

  • Limited Pay Benefit

    NRIs can opt for a limited pay option, allowing for shorter premium payment periods while maintaining coverage for the entire policy term. This choice enables financial savings without compromising on protection.

Additional Benefits of Term Life Insurance for NRIs

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

  • Accidental Death Benefits

    NRIs can enhance their Term Life Insurance by adding the Accidental Death Benefit rider. This extra feature provides an additional sum assured, offering added protection in the unfortunate event of accidental death. It acts as a supplementary safeguard to the primary coverage.

  • Terminal Illness Benefits

    Term Life Insurance for NRIs protects against death and provides coverage for terminal illnesses. In case of a diagnosis, the plan offers lump sum payouts, easing financial burdens during challenging times.

  • Cover Against Critical Illness

    Term Life Insurance for NRIs goes beyond basic protection by offering extended coverage for specific critical illnesses throughout the policy term. This feature provides financial support for significant medical expenses and treatment costs when facing a diagnosed critical illness included in the plan.

  • Waiver of Premiums on Disability

    In the unfortunate event of job loss due to accidental total permanent disability during the policy term, Term Life Insurance for NRIs offers a premium waiver rider. This rider ensures that the remaining premiums are waived, allowing policyholders to sustain their coverage even in the face of accidental disability and providing added financial security.

Who is Eligible to Buy Term Life Insurance for NRI?

Here's a list of eligibility criteria for Term Life Insurance for Expats:

  • Non-Resident Indians (NRIs):

    NRIs, identified as Indian citizens holding valid Indian passports and residing temporarily in a foreign country, are eligible to purchase term life insurance.

  • Overseas Citizen of India (OCI)/Person of Indian Origin (PIO):

    This category encompasses citizens of foreign countries (excluding Bangladesh or Pakistan) who meet specific criteria, such as having previously held an Indian passport, having parents or grandparents who were Indian citizens, or being spouses of Indian citizens.

  • Foreign Nationals:

    Foreign nationals, referring to citizens of foreign countries living in India, are also eligible to avail themselves of term life insurance for expats.

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

To facilitate the purchase of Term Life Insurance for NRIs, the required documents can be conveniently submitted online to the insurance company. The essential documents typically include:

  • Passport (front and back sides)

  • Last 3 months' salary slips

  • Passport-size photo

  • Foreign Address Proof

  • Employment ID Proof

  • Valid Visa Copy

  • Last entry-exit stamp

  • Last 6 months' bank statements

Streamlining the application process, this online document submission method enhances accessibility and ease for prospective policyholders seeking Term Life Insurance for NRIs.

Wrapping It Up

Choosing the best Term Life Insurance for NRIs is a crucial financial move, providing vital protection and long-term peace of mind for expatriates. This insurance ensures your loved ones' well-being with death benefits and streamlined tele-medical exams for added convenience. A thorough review of policy terms and conditions is essential for making an informed decision, effectively securing your family's financial future.

Term Insurance for NRIs in New Zealand FAQs

  • Q: Can NRIs in New Zealand purchase term insurance online?

    Yes, many insurance providers offer online platforms for the convenience of NRIs in New Zealand. This allows for easy application submission, document uploads, and streamlined communication throughout the process.
  • Q: Are tele-medical exams available for NRIs applying for term insurance in New Zealand?

    Yes, many insurance providers facilitate the convenience of tele-medical exams, making the application process smoother for NRIs in New Zealand.
  • Q: How does term insurance benefit NRIs and their families in New Zealand?

    Term insurance provides financial security for NRIs in New Zealand by offering death benefits, ensuring the well-being of their families. It can serve as a crucial tool for future savings and long-term peace of mind.
  • Q: Can NRIs choose premium payment frequencies for term insurance in New Zealand?

    Yes, NRIs often have the flexibility to choose premium payment frequencies, including monthly, bi-yearly, quarterly, or annually, based on their convenience.

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