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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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.
Term Plans
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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Here is the list of Term Life Insurance for NRI:
| Name of the Insurer | Term Insurance Plan | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz Life eTouch II | 603 | 18-55 years | 99 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Life Click 2 Protect Life | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Max Life Insurance Company Limited | Max Life Smart Secure Plus | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Supreme | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. 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
Here are some of the advantages of purchasing the 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.
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.
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.
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.
Choosing the 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.
†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
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