Life Insurance for Foreign Nationals in India

The Foreign Exchange Management Act has made 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 be of interest to foreign nationals. Read on to know more about the benefits and implications of different life insurance plans for foreign nationals in India and their procedures.

Read more
Get ₹1 Cr. Life Cover at just
Term Insurance plans
Online discount
upto 10%#
Claim Support
Policybazaar is
Certified platinum Partner for
Claim Settled

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

Get ₹1 Cr. Life Cover at just
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
We are rated
58.9 million
Registered Consumers
26.4 million

Can You Buy Life Insurance For Foreign National In India? 

If a foreign national is migrating to India for the very first time, then he/she has a lot to do. While living in India, being a foreigner, he/she is abided by some set of guidelines and rules. However, one might relish the benefits in these countries, he/she also faces certain complications at times. Also, crucial things like legal formalities and banking sometimes confuse people to the degree that one feels outlandish. 

Among the other important wishes on his/her checklist, he/she may want to buy an insurance plan at the soonest, which brings the main concern, Are Foreigners or Foreign Nationals are eligible to buy life insurance plans in India? Yes. The answer is quite simple. The Government of India has created some provisions in Indian law that allow foreign nationals to purchase life insurance in India. 

Factors to Consider 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 lived 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 is Mandatory for Buying Life Insurance for Foreign Nationals in India? 

    No, it is not important to be present in India while buying a life insurance policy. 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. In such a case, one has to pay the price, unless he/she is purchasing a policy specifically for NRIs where the company would have tangled up with the medical facility overseas. 

  6. How Can I Pay Premium for My policy?  

    Often, people living outside India have their loved ones back home who can ensure that the number of premiums is being paid through Indian Banks. One can pay a premium through NRE, NRO, FCNR account. However, if the life insurance is bought in foreign currency, then the premium will be payable from FCNR or NRE costs. 

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

    Life insurance policies bought by NRIs from insurers in India cover 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 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. 

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.

View Plans
Download the Policybazaar app
to manage all your insurance needs.