Term Insurance for NRI

Term insurance for NRIs is a regular term plan designed with NRIs and their needs in mind. These plans offer protection to the NRI family in the event of their unfortunate death during the policy tenure. With these plans, NRIs can secure their loved ones for the long term at affordable premiums.

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How Does Term Insurance for NRI Work?

Let us understand how term insurance for NRI works with the help of an example: 

Consider the story of Raj, a 30-year-old NRI residing in Singapore. Raj decides to purchase term insurance for NRIs to protect his family in India. He chooses a policy with a 35-year term, ensuring coverage until he turns 65 years old.

Tragically, Raj faces a sudden demise in the 15th year of his policy due to unforeseen circumstances. His family informs the insurance provider and submits the necessary documents. The insurer verifies the details and processes the claim, disbursing the life cover amount to Raj's beneficiaries. This amount helps his family take care of their financial needs in his absence.

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Why Do You Need Term Insurance for NRI?

The NRIs need a term insurance for the following reasons:

  • You can secure the financial future of your loved ones in case of an eventuality.

  • You can ensure your family is able to pay off any remaining loans that may befall their shoulders in your absence.

  • You can customize the plan to make sure the plan fits your specific needs, like a policy term of 50 years with a 5 Crore life cover.

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Best Term Insurance Plans for NRIs in 2024

Here is a list of the best term insurance 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 are some of the main benefits of buying term insurance for NRIs:

Affordable Premiums: NRI term insurance is an affordable and great way to secure your family's financial future. You can save money on premiums and use the extra amount for investments or a child’s higher education.

Financial Protection: In case of an unfortunate event during the policy term, the insurer will pay the sum assured to your nominee. They can use this money for everyday expenses, paying off loans, or fulfilling future financial goals.

Multiple Payout Options: NRI term insurance offers the option of choosing different ways to receive benefits, like monthly payments, increasing income, lump sum + monthly income, or a lump sum. You can choose the option that works best for your family.

Cover Against Illnesses and Disabilities: You can customize your plan by adding available riders for coverage against illnesses or disabilities. For example, you can add terminal illness, critical illness, accidental death, accidental disability, and other such riders.

Tax Benefits: NRIs can claim term insurance tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961, which can help you save money.

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: You can choose a policy term that suits your family. Some plans even offer coverage up to 99 or 100 years of age.

  • 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.

Who is Eligible to Buy NRI Term Insurance Plans?

The following people can buy term plans from India:

  • NRIs - NRIs living outside India can buy term insurance for NRIs to secure their family.

  • PIOs/OCIs - People of Indian Origin (PIO) and Overseas Citizenship of India (OCI) cardholders can buy term insurance for NRI if they have held an Indian passport at some point in their life or have a parent, grandparent, spouse, or child who is an Indian citizen.

  • Foreign Nationals - Foreign citizens who are living in India can also buy term insurance for NRIs.

Wrapping it Up!

In a nutshell, term insurance for NRI is a type of life insurance plan designed specifically for Indian expats living abroad. It offers a pure risk cover at affordable premiums for a long policy term, providing financial security for your family in case of your untimely death. It's a smart, cost-effective way to ensure that your loved ones are taken care of, even when you're not around. 

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