Term Insurance for NRI

Term insurance is an essential insurance product for NRIs as it can help them in financially secure their loved ones at affordable premiums. These plans are available for a long policy tenure and can be purchased online in just a few minutes. With NRI term insurance, you can get pure risk cover by scheduling tele/video medicals from your home.

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How Term Insurance for NRI Works?

Term insurance works by offering your family financial protection in the event of your unfortunate demise during the policy term. The insurer provides this protection in exchange for regularly paid premiums over a fixed period of time. Let us understand this with an example:

Raman bought a term insurance for NRI for a 50-year policy term. He selected the premium payment mode as monthly for the entire policy term. He unfortunately suffered an untimely death during the 9th policy year. His family intimated the claim and received the entire sum assured as a death benefit to help recover from the loss by using the amount to pay off their remaining loans.

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 the Need for NRI Term Insurance?

Term insurance for NRI is needed for the following reasons:

  • To protect your family from eventualities like death, illness, and disability

  • To ensure they are able to pay off any loans or obligations that may fall on their shoulders

  • To make sure the family is not left without income in case the policyholder is the main income earner of the family

  • The option of customizing the policy as per your needs, like selecting the right policy term, sum assured, or premium 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

Best Term Insurance Plans for NRI in 2024

Here is a list of the best term plans for NRIs in 2024:

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

* You can make use of a term insurance premium calculator to see the exact premiums you would need to pay for the desired life cover.

What are the Benefits of Buying Term Insurance for NRIs?

Here is a list of benefits of buying term insurance for NRI online in 2024:

  • Financial Protection: With term insurance for NRIs, you can secure the financial future of your loved ones in case something happens to you. 

  • Low Premiums: Term insurance for NRIs is available at very affordable premiums, which allows you to ensure your family’s financial protection at a low cost and invest the remaining amount into your future.

  • Flexible Payout Options: The most common benefit payout options available in India are lump sum payments, monthly payments, increasing monthly payments, and a combination of both lump sum and monthly installments.

  • Illness and Disabilities Cover: Various term insurance offers coverage against eventualities like critical and terminal illnesses, along with cover in case of an accidental disability occurring during the policy tenure.

  • Tax Benefits: You can claim tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.

What are the Key Features of Term Insurance for NRIs?

Let us take a look at the key features of term insurance for NRIs: 

  • Flexible Policy Term: Most insurers offer the option of selecting a suitable policy term. You can select a tenure ranging from 5 to 40 years or opt for a cover till 99/200 years with whole life insurance.

  • Convenient Medical Checkups: Many insurers allow NRIs to schedule medical checkups online via phone or video calls. This means you can buy a suitable plan from your home.

  • Choose Coverage Amount: You can pick the right coverage amount based on your income and your family's financial needs if something happens to you.

  • Various Premium Payment Options: Insurance companies provide options like monthly, quarterly, yearly, or semi-annual payments, giving you flexibility in how you pay your premiums.

  • Speedy Policy Issuance: Buying NRI term insurance online means your policy can be issued quickly without needing to submit physical documents.

Final Thoughts

Term insurance for NRIs is specially designed by Indian insurers to meet the financial needs of NRI customers. These plans are available for a large life cover and long policy term at affordable premiums. You can buy NRI term insurance by comparing the available plans online and buying the most suitable plan for your family.



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