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Life Insurance for Foreign Nationals in India

The Foreign Exchange Management Act has made it possible for PIOs (Persons of Indian Origin) and NRIs (Non-Resident Indians) to buy life insurance in India. Various insurers have formed customized options that might interest foreign nationals. Read on to learn more about the benefits and implications of different life insurance plans for foreign nationals in India and their procedures.

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Can You Buy Life Insurance for Foreign Nationals In India?

Yes, you can now buy life insurance for foreign nationals in India. Many Indian insurers now offer certain provisions that allow NRIs, PIOs, OCIs, and Foreign nationals to buy life insurance in India. These benefits include tele/video medicals, a GST waiver of 18%, an annual premium discount of 5%, and premiums up to 50-60% lower than international life insurance plans. To help you make an informed decision, here is a list of questions people usually have about life insurance for foreign nationals in India.

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Questions to Ask While Buying Life Insurance For Foreign Nationals in India

There are several insurers in India offering insurance plans to foreign nationals. In addition to this, there are several policies available to select from. Therefore, before heading out to purchase, there are some parameters one needs to consider:

  1. What Type of Bank Account is Required?

    Before purchasing a life insurance plan, it is important to identify that the premium amount deducted for the plan depends on auto deductions. In other words, the premium amount will automatically be deducted from the registered Indian bank account. For a foreign national, the procedure of opening an account is quite different. In such cases, he/she can select a foreign savings current or savings account.

  2. What are the Tax Policies for Foreign Nationals?

    It is very important to understand the basic tax policies if one has shifted to India because of professional delegations. Indian people keep track of changes in taxation to avoid getting overcharged for their policies. Foreign nationals can take the help of DTAA i.e., Double Tax Avoidance Agreement to avoid getting taxed/charged in India or any of their native country.

  3. What are the Eligibility Criteria for Foreign Nationals?

    NRI is defined as a person who has an Indian passport but has been living outside India for a certain time. PIO is an individual from any other country except Bangladesh or Pakistan if they meet the following criteria:

    • One has had an Indian Passport at some point in their life

    • A person or his/her parents or/ his/her grandparents have been a citizen of India under the Citizenship Act, 1965

    • If one is married to a citizen of India

    In the case of an NRI, it is important to have a valid Indian passport.

  4. Is Being Physically Present in India Mandatory to Buy Life Insurance for Foreign Nationals in India?

    No, it is not important to be present in India while buying life insurance for foreign nationals in India. It might vary from company to company. One of the best ways to buy life insurance for foreign nationals is through the online route. In this way, one can compare all the available options and find the right plan, then buy it immediately from his/her current residential country. If one is present in India while purchasing a life insurance policy, then the insurance company can perform the medical examinations. The cost is borne by the insurer.

  5. How can Foreign Nationals Get Their Medical Examination Done?

    There are two ways in which one can get his/her medical check-up done. The first is that coming to India an insurance company will bear all the medical bills/expenses, whereas the other way is to do all the procedures from overseas and share the reports with the insurer in India. Other than these two, the most common and preferable way to get your life insurance medicals cleared are tele or video medicals. This way you can clear your medicals online or on call.

  6. How Can I Pay Premium for my Life Insurance for Foreigners?

    Often, people living outside India have their loved ones back home who they want to protect. Life insurance for foreign nationals in India can help them financially secure their future in the event of their unfortunate demise. The premiums for the life insurance for NRIs can be paid.

  7. What About the Death and Maturity Benefit Payouts by a Life Insurer?

    Life insurance for foreigners bought by NRIs from Indian insurers covers death regardless of where he/she is residing when he/she dies. The death benefit will be paid in Rupees or the country’s currency where he/she is living. The nominee is required to fill in the important documents according to the policy tenures. One of the important things to be noted is that if death occurs in a foreign nation, the insurance company will request a death certificate attested by the High Commission or the Indian embassy in that country. If an NRI dies in India, then attestation of the document is not required.

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Wrapping It Up!

Life insurance for foreign nationals in India is the smart way in which one can manage the risk of securing their loved ones in their absence. Purchasing a life insurance policy is a necessity, especially when one is far from the home so that he/she can protect his/her family from life uncertainties. Loss of the sole earner can be a major stress for the remaining members, and life insurance can help in leading a decent lifestyle.

Note: It is suggested to calculate the term plan premium on the term life insurance calculator online tool by Policybazaar before buying.


  • Q: Should I buy term insurance or life insurance?

    Ans: Whether you should buy term insurance or life insurance depends on your individual needs. If you are looking to secure your loved ones at affordable premiums, then term life insurance might be the right option for you. Whereas, if you are looking to buy a plan that offers financial security for the family as well as wealth creation, then life insurance might be a better fit for you. However, you should always take a thorough look at the policy details for a better understanding of the benefits offered.

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