Whether you live in India or another country, it's essential to make sure your family is financially secure in the unfortunate event of your death. Term Life Insurance for NRI in UK is crucial, especially when living in a different country while your dependents are in India. It helps deal with your family's problems when you're not around to help. If something unfortunate happens to you, the Policybazaar NRI term insurance can help your family in many ways, like taking care of their financial needs, supporting your kids' education, maintaining day-to-day expenses, etc.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Term Life Insurance for NRIs is designed to meet the special needs of OCI cardholders (Overseas Citizenship of India cardholders), Persons of Indian Origin (PIOs) and foreign nationals. These Policybazaar NRI term insurance plans offer financial protection and a death benefit to the policyholder's beneficiaries, regardless of their residency outside India. NRIs can also buy term plans from Indian insurance companies, ensuring that their loved ones receive important financial security, even if they are living abroad.
Term Life Insurance for NRI plans provide a variety of coverage options and policy terms, available through both online and traditional offline channels. The introduction of tele-medical checkups has made the online purchase process for Policybazaar UK term insurance easy and accessible for NRIs residing anywhere in the world.
Note: Now that you know that what is Term Life Insurance for NRI, you should also get to know about what is term insurance to buy a term plan for your loved ones.
Term Plans
NRI term insurance plans work similarly to a regular term insurance plan. With these Policybazaar term insurance in UK for NRIs, the policyholder pays a premium to the insurance company in exchange for pure risk coverage, 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 ROP life insurance UK, if the policyholder survives the policy term, the total of premiums paid is returned at the policy's maturity.
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Here are the best term insurance in UK for NRIs available from Indian insurers:
*Disclaimer:Â 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
Let us take a look at the benefits of buying the best term insurance in UK from India for NRI customers:
Safeguard Your Family's Financial Future: Policybazaar NRI term insurance plans act as a dependable safety net, ensuring lasting financial security for their loved ones.
Affordable Premiums: The premiums for Policybazaar term insurance for NRI are much more affordable than international term plans and allow you to save on premiums and use the additional amount on other financial needs.
Global Benefits with Pre-approved Cover: Several Policybazaar term insurance for NRI from Indian insurers offer pre-approved cover up to 5 Crores and provide global benefits that ensure continued coverage no matter where you are geographically.
Payment Flexibility: Term Life Insurance for NRIs provides substantial risk coverage at a budget-friendly premium. Payments can be made monthly, bi-yearly, quarterly, or annually. Purchasing NRI term insurance in UK early results in lower premiums.
Video or Tele-medical Check-up: NRIs can easily purchase term life insurance via telemedical check-ups from their country of residence. Initially, strict rules and physical tests were required during the pandemic, but with eased regulations, NRIs can get significant risk coverage through telemedical check-ups.
Extended Coverage: Term Life Insurance for NRIs offers risk coverage for long policy durations, with some plans extending up to 99/100 years. These whole life insurance plans offer thorough and adaptable coverage options to ensure financial security for the life assured and their family members.
Limited Pay Benefit: NRIs can also utilise the limited pay benefits available with policy bazaar term insurance for NRI plans. This involves making payments for a specified limited time while keeping life cover for the entire policy term. This allows policyholders to pay premiums for a shorter duration and save money accordingly.
GST waiver and Additional Discounts: With Policybazaar term insurance for NRI, you can get 18% GST waiver on the term insurance premiums paid and receive an additional 5% discount on the annual premium payment mode.
Here are some rider benefits available that you can add to your Policybazaar NRI term insurance plans:
Accidental Death Benefits: NRIs can choose to add the Accidental Death Benefit rider to their Term Life Insurance plan. This rider provides an extra sum assured and offers additional protection in case of accidental death.
Terminal Illness Benefits: Term Life Insurance for NRI plans covers terminal illnesses, providing a lump sum payout when a terminal illness is diagnosed.
Cover Against Critical Illness: Policybazaar NRI term insurance plans include extended coverage against specific critical illnesses for the entire policy term. This coverage helps manage significant medical expenses and treatment costs when a covered critical illness is diagnosed.
Waiver of Premiums on Disability: With this rider, if there is a job loss due to an accidental total permanent disability during the policy term, the remaining premiums are waived. This feature enables policyholders to maintain their coverage even in the event of accidental disability.
Here's a list of eligible individuals who can purchase term life insurance for expats, including protection for NRIs:
Non-Resident Indians (NRIs): These are Indian citizens holding valid Indian passports who are residing temporarily in a foreign country.
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:
Previously held an Indian passport
Have parents or grandparents who were Indian citizens
Are spouses of Indian citizens
Foreign Nationals: This refers to citizens of foreign countries who are living in India
The required documents can be conveniently submitted online to purchase Policybazaar term insurance for NRI plans from the Indian insurance company. These documents typically include:
Passport (front and back sides)
Valid Visa Copy
Passport-size photo
Foreign Address Proof
Last entry-exit stamp
Last 6 months' bank statements
Last 3 months' salary slips
Employment ID Proof
Submitting these documents online streamlines the application process for Term Life Insurance for NRIs, making it easier and more accessible for prospective policyholders.
Choosing the right Term Life Insurance for NRIs is a crucial financial decision, providing vital protection for expats and long-term peace of mind. This insurance safeguards your loved ones by offering death benefits for future savings, and the convenience of tele-medical exams makes the purchasing process hassle-free. Before investing in NRI Term Life Insurance plans, it's important to thoroughly review the policy's terms and conditions. This ensures that you make a well-informed decision for the financial security of your family.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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