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Term Life Insurance for NRI
Whether you reside in India or abroad, ensuring the well-being of your loved ones in your absence is of utmost importance. Term Life Insurance for NRIs (Non-Resident Indians) is particularly vital when living in a foreign country, as it can help eliminate the challenges that your loved ones may face when you are no longer there to support them. In case of your unfortunate death, the death benefit can assist your family in numerous ways, including meeting their financial needs, improving their quality of life, children’s education etc.
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What is Term Life Insurance for NRI?
Term Life Insurance for NRIs (Non-Resident Indians) is customized to cater to the unique requirements of NRIs, OCI cardholders, PIOs, and their families. These insurance policies provide financial security and a death benefit to the policyholder's beneficiaries, irrespective of their overseas residency. NRIs can acquire these term plans from Indian insurance providers, guaranteeing their loved ones receive essential financial protection, even while residing abroad.
NRI Term Life Insurance plans offer a diverse selection of coverage options and policy terms that can be conveniently obtained either online or through traditional offline channels. With the introduction of tele-medical checkups, the online purchase process for term plans has become hassle-free, accessible to NRIs living in any corner of the world.
How Do Term Life Insurance For NRI Plans Work?
Term Life Insurance for NRIs operates similarly to protection plans. In this type of insurance, the policyholder pays a premium to the insurance company in exchange for pure risk coverage, which is represented by the sum assured. In the unfortunate event of the policyholder's demise within the policy's term, the sum assured is disbursed to the designated beneficiary or nominee.
NRIs also have the flexibility to opt for the Term Life Insurance ROP (Return of Premium) alternative. With this choice, if the policyholder survives the policy term, the total of all the premium amounts paid is returned at the policy's maturity.
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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:
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Secure Your Family's Financial Future: Term Life Insurance provides a reliable safety net, ensuring long-term financial protection for your loved ones.
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Flexible Premium Payment Modes: Term Life Insurance for NRIs provides high pure risk coverage at a low premium rate. Premium payments can be made monthly, bi-yearly, quarterly, or annually. Buying a term plan earlier results in lower premiums.
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Video or Tele-medical Check-up: NRIs can conveniently buy Term Life Insurance for NRI plans by scheduling telemedical check-ups from their country of residence. Initially, stricter underwriting rules and physical medical tests were required during the pandemic. However, with relaxed regulations, NRIs can obtain substantial pure-risk coverage through telemedical check-ups.
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Long-Term Coverage: Term Life Insurance for NRIs offers pure risk coverage for extended policy tenures, with some plans providing coverage for as long as 99/100 years. These protection plans offer comprehensive and flexible coverage options to ensure the financial security of the life assured and their family members.
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Limited Pay Benefit: NRIs can also use limited pay benefits in Term Life Insurance plans. This option involves making recurring payments for a specified limited time period while maintaining the life cover for the entire policy term. This allows policyholders to pay premiums for a shorter duration and save money accordingly.
Additional Benefits of Term Life Insurance for NRIs
Here are some additional benefits of purchasing Term Life Insurance for NRIs:
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Accidental Death Benefits: NRIs have the option to include the Accidental Death Benefit rider in their Term Life Insurance plan. This rider offers an additional sum assured and provides supplementary protection in the event of accidental death.
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Terminal Illness Benefits: Term Life Insurance for NRI plans provides coverage against terminal illnesses, offering lump sum payouts upon diagnosis of a terminal illness.
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Cover Against Critical Illness: Term Life Insurance for NRI plans offers expanded coverage against specific critical illnesses throughout the policy term. This coverage can help cover substantial medical bills and treatment costs upon the diagnosis of a critical illness included in the plan.
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Waiver of Premiums on Disability: With this rider, the remaining premiums are waived in the event of job loss due to an accidental total permanent disability during the policy term. This provision allows policyholders to maintain their coverage even in the case of accidental disability.
Who is Eligible to Buy Term Life Insurance for NRI?
Here's a list of eligible individuals who can purchase term life insurance for expats, including protection for NRIs:
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Non-Resident Indians (NRIs): These are Indian citizens holding valid Indian passports who are residing temporarily in a foreign country.
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Overseas Citizen of India (OCI)/Person of Indian Origin (PIO): This category includes citizens of foreign countries, except for Bangladesh or Pakistan, who meet one of the following criteria:
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Previously held an Indian passport
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Have parents or grandparents who were Indian citizens
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Are spouses of Indian citizens
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Foreign Nationals: This refers to citizens of foreign countries who are living in India
What Are the Documents Required for Term Life Insurance Plans for NRI?
The required documents can be conveniently submitted online to purchase Term Life Insurance for NRI plans from the insurance company. These documents typically include:
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Passport (front and back sides)
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Employment ID Proof
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Valid Visa Copy
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Last entry-exit stamp
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Last 6 months' bank statements
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Last 3 months' salary slips
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Passport-size photo
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Foreign Address Proof
Submitting these documents online streamlines the application process for Term Life Insurance for NRIs, making it easier and more accessible for prospective policyholders.
Wrapping It Up!
Buying the best Term Life Insurance for NRIs is a vital financial product, offering essential financial protection for expats and long-term peace of mind. It safeguards your loved ones by providing death benefits for future savings, with the convenience of tele-medical exams for a hassle-free purchase. It's crucial to carefully review the policy's terms and conditions before investing in NRI Term Life Insurance plans, ensuring a well-informed decision for your family's financial security.
NRI Term Plans
Life Insurance in Saudi Arabia FAQs
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Q: What is the difference between whole life and term life insurance?
Whole life insurance provides lifelong coverage with a cash value component, while term life insurance offers coverage for a specified term without cash value, making it more affordable. -
Q: Can I borrow against the life insurance policy if I am a resident of Saudi Arabia?
Yes, you can typically borrow against a life insurance policy in Saudi Arabia, depending on the terms of your specific policy and the insurance company's policies. -
Q: Is life insurance in Saudi Arabia subject to zakat (Islamic wealth tax)?
Yes, life insurance in Saudi Arabia is subject to zakat (Islamic wealth tax) based on the value of the policy's cash surrender value and accumulated returns, if applicable. -
Q: I live in Saudi Arabia, do I need to go for a medical for a universal life insurance and term life insurance policy?
Yes, in Saudi Arabia, medical examinations are typically required for both universal life insurance and term life insurance policies, as they help determine the applicant's health and insurability. -
Q: Can HNIs (high net-worth individuals) in Saudi Arabia buy universal life insurance from Capital for Life?
Yes, high-net-worth individuals in Saudi Arabia can typically purchase universal life insurance from providers like "Capital for Life," subject to the company's specific eligibility and underwriting criteria. -
Q: What are the term life insurance companies in Saudi Arabia for NRIs?
Here are the term life insurance companies in Saudi Arabia for NRIs:- Tawuniya Cooperative Insurance Company
- Bupa Arabia for Cooperative Insurance
- Medgulf Cooperative Insurance Company
- Saudi United Cooperative Insurance (Walaa)
- ACIG Arabian Shield Cooperative Insurance Company
- Saudi Arabian Cooperative Insurance (SAICO)
- Aljazira Takaful Taawuni Company
- Malath Cooperative Insurance & Reinsurance
- SABB Takaful Company
- Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful)
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+All savings provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.