Term Life Insurance for NRI

Whether you reside in India or abroad, ensuring your loved ones' well-being in your absence is a priority. Term insurance for NRIs is particularly vital for Indians living abroad, as it can alleviate your family's challenges when you are no longer present to support them. The death benefit from the term life insurance plan can assist your loved ones in various ways, for example: by paying for children's education, paying off loans/debts, meeting day-to-day financial needs, and improving their quality of life. 

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What is Term Life Insurance for NRI?

Term Life Insurance for NRI is designed to meet the unique needs of NRIs, OCI cardholders, and PIOs, keeping in mind the financial safety of their loved ones. It offers long-term financial security and a death benefit to the policyholder's beneficiaries, regardless of their overseas location. NRIs can easily get these plans from Indian insurance providers, ensuring essential financial protection for their loved ones, even when living abroad.

These NRI Term Life Insurance plans provide a variety of coverage options and policy terms that can be conveniently obtained online or through traditional methods. With the introduction of tele-medical checkups, online purchase is now hassle-free and accessible to NRIs worldwide.

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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+

How Do Term Life Insurance For NRI Plans Work?

Term Life Insurance for NRI is a protection plan where 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.

NRIs also have the option to select Term Life Insurance with a Return of Premium (ROP) feature. With this option, if the policyholder survives the policy term, the premiums paid are returned at maturity.

What are the Best Term Life Insurance Plans for NRIs 2023?

Here is the list of best Term Life Insurance for NRI:

Best Term Life Insurance for NRI Entry Age Maturity Age Sum Assured
Max Life Smart Secure Plus 18 years to 60 years 85 years Rs. 1 Crore - 10 Crores
Tata AIA Sampoorna Raksha Supreme 18 years to 60 years 100 years Rs. 1 Crore - 20 Crores
Tata AIA SRS Vitality Protect 18 years to 60 years 85 years Rs. 1 Crore - 2 Crores
Tata AIA Maha Raksha Supreme 18 years to 60 years 85 years Rs. 2.5 Crores - 20 Crores
PNB Mera Term Plan Plus 18 years to 50 years 80 years Rs. 1 Crore - 1.5 Crores
HDFC Life Click 2 Protect Life 18 years to 65 years 85 years Rs. 1 Crore - 2.5 Crores
ICICI Pru iProtect Smart 18 years to 65 years 99 years Rs. 1 Crore - 2 Crores

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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:

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

  • Flexible Premium Payment: 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 secure Term Life Insurance through telemedical 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.

  • 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.

Additional Benefits of Term Life Insurance for NRIs

Here are some additional benefits of purchasing Term Life 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.

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:

  • Non-Resident Indians (NRIs): Indian citizens with valid Indian passports residing temporarily in foreign countries.

  • Overseas Citizen of India (OCI) / Person of Indian Origin (PIO): This category categorizes citizens of foreign countries (excluding 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: Citizens of foreign countries residing in India.

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

To buy Term Life Insurance for NRI plans 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.

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.


FAQs

  • Q: What is Term Life Insurance for NRI?

    Ans: NRI Term Life Insurance is a type of life insurance designed for Non-Resident Indians living in the USA. It provides financial protection for your family in case of your demise during the policy term.
  • Q: Is NRI Term Life Insurance tax-deductible in the USA?

    Ans:The tax implications may vary, so it's advisable to consult a tax professional to understand the tax treatment of your life insurance premiums and benefits.
  • Q:Can I buy term life insurance for NRI in the USA from an Indian insurer?

    Ans:Yes, NRIs living in the USA can buy term insurance plans from Indian insurers. FEMA (Foreign Exchange Management Act) allows NRIs to buy term plans from India, regardless of their residence status. You can choose from amongst the top and the best life insurance companies in India and buy the ideal term plan. Some good life insurance companies are HDFC Life Insurance, Max Life Insurance, Tata AIA Life Insurance, ICICI Prudential Life Insurance, PNB Met life insurance etc.
  • Q:What is the process for buying term life insurance for NRIs in the USA?

    Ans: The process for buying term life insurance for NRI in the USA is similar to the process for buying term insurance in India. NRIs will need to:
    • Choose an insurer: There are several Indian insurers that offer term insurance plans for NRIs in the USA. NRIs should compare plans from different insurers to find the best option for their needs.
    • Complete an application form: The application form will ask for personal information, such as the policyholder's age, gender, and medical history.
    • Undergo a medical examination: NRIs may be required to undergo a medical examination to determine their eligibility for term insurance. Medical examinations can be done in person or through video conferencing.
    • Pay the premium: Once the application is approved, NRIs will need to pay the premium for the term insurance plan. Premiums can be paid online, by check, or through a bank transfer.
    You can follow these steps and easily buy term plan for financial security of your loved ones or you can also buy whole life insurance for life time protection.
  • Q:What are some things to keep in mind when buying term insurance for NRIs in the USA?

    Ans:Here are some things to keep in mind when buying term insurance for NRI in the USA:
    • Consider your needs: NRIs should consider their family's financial needs and their own income and expenses when choosing a term insurance plan.
    • Compare premiums: NRIs should compare premiums from different insurers to find the best value for their money.
    • Read the fine print: NRIs should carefully read the policy terms and conditions before purchasing a term insurance plan.
    You can buy life insurance whole life policy or regular term plans from Policybazaar. You can compare from amongst some of the best life insurance provider and buy the right plan for yourself.
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