Term Life Insurance for NRI in the USA

What is Term Life Insurance for NRI?

Term insurance for NRI in USA is a protection plan that is especially designed to provide NRI (Non-resident Indian), PIO (Persons of Indian Origin), and OCI (Overseas Citizen of India cardholder) customers in the USA. These plans offer customised benefits along with the base protection, which helps provide financial security to their loved ones. 

Buying Policybazaar NRI term insurance from India allows you to compare plans from various insurers, receive lower premiums compared to international term plans, clear medicals via tele/video channels, and receive dedicated claim assistance for your family. With these plans, Indian expatriates can easily ensure the financial protection of their loved ones with a large life cover at affordable premiums.

How Does Term Life Insurance For NRI in USA Work?

Term Insurance for NRI in USA is a type of life insurance plan wherein the policyholder pays a premium to the insurance company in exchange for pure risk coverage, represented by the sum assured. Unfortunately, If the policyholder dies during the policy term, the sum assured is given to the designated beneficiary or nominee as a death benefit.

This term insurance for NRI payout can help your family members take care of their financial needs in the event of your untimely demise. They can use this amount to replace family income, pay off remaining loans, pay for the child’s fees, or take care of any other medical emergencies.

What are the Best Term Insurance for NRI in USA 2025?^~

While there are many best life insurance providers in the USA, choosing the right term plan from the most suitable insurer is essential. Here is the list of some of the best term insurance for NRI in USA and expatriates from Indian insurers:

*Disclaimer: ^~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. 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

What are the Benefits of Term Life Insurance for NRI Plans?

Here are some of the advantages of purchasing Term Life Insurance for NRIs:

• Financial Protection for Family: You can protect your family financially and provide them with a safety net for the long run with Policybazaar Term Insurance.

• Affordable Premiums: The premiums for the NRI term insurance plans are much more affordable than international term insurance plans. The premiums can be upto 50% more budget-friendly in India, compared to other plans.

• Flexible Premium Payment: With policy bazaar term insurance, premium payments can be made monthly, bi-yearly, quarterly, or annually, providing convenience and lower premiums for early buyers.

• Video or Tele-medical Check-up: NRIs can easily buy term insurance via tele/video medical check-ups, eliminating the need for strict underwriting rules and physical tests.

• Long-Term Coverage: Enjoy extended term life policy terms, with some plans offering coverage for up to 99/100 years, ensuring comprehensive and flexible protection for the policyholder and their family.

• Global and Pre-approved Cover: Term insurance for NRI in UK from India provides continuous coverage no matter wherever you go. You can also get pre-approved cover up to 5 Crores with Policy bazaar term insurance for NRI in the UK. 

• GST Waiver and Additional Discount: With Policybazaar NRI term insurance plans, you can claim a GST waiver on term insurance premiums paid via an NRE (Non-residential External) bank account that supports freely convertible currency. Along with that, you can also receive a 5% additional discount on the annual premium payment modes.

• Special Exit Benefits: The special exit benefits allows the customers to exit the plan early and receive all the premiums paid until termination back. The customer can only exit the plan within a certain period, decided by the insurer, and the payout amount will be excluded of GST and other additional charges.

• Limited Pay Benefit: NRIs can opt for limited pay benefits, allowing them to make payments for a shorter period while maintaining life cover for the full policy term, resulting in cost savings.

• Easier Claim Process: If your family lives in India, the claim settlement process for your family will be much easier in your absence. They can easily visit the insurance company to get their claims settled or get dedicated claim assistance with Policybazaar NRI term insurance plans.

Additional Benefits of Term Life Insurance for NRIs

Here are some additional benefits of purchasing Policybazaar Term Insurance for NRIs:

• Accidental Death Benefit: Enhance coverage with an extra sum assured for accidental death.

• Terminal Illness Cover: Receive a lump sum upon diagnosis of a terminal illness.

• Critical Illness Protection: Safeguard against specified critical illnesses, easing the financial burden of medical expenses.

• Premium Waiver on Disability: Maintain coverage without paying premiums in case of accidental total permanent disability.

What Are the Documents Required for Term Life Insurance Plans for NRI?

To buy Policybazaar Term Insurance for NRI from the insurance company, the required documents can be conveniently submitted online. These documents typically include:

• Passport (front and back sides)

• Employment ID Proof

• Valid Visa Copy

• Last entry-exit stamp

• Last 6 months' bank statements

• Last 3 months' salary slips

• Passport-size photo

• Foreign Address Proof

This online document submission process simplifies and enhances accessibility for prospective Term Life Insurance policyholders.

How to Buy Policybazaar Term Insurance for NRI in the USA from India?

Here is how Indian expatriates and NRIs can buy policybazaar NRI term insurance in the USA:

Step 1: Visit the Policybazaar term insurance for NRI page 

Step 2: Fill in your name, DOB, gender, and other contact information

Step 3: Select the right annual income, occupation type, and educational qualifications
Step 4: Choose the most suitable Policybazaar NRI term insurance and proceed to pay

Wrapping It Up!

Choosing the right NRI Term Life Insurance is essential for expats and NRIs, offering financial security to family and peace of mind to self. With tele-medical exams, it's easier to acquire. Remember to carefully review the policy terms for your family's financial well-being.

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