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Life Insurance for PIO and OCI Card Holders

Term insurance is important for every individual as it protects their families against any uncertainties of life. It becomes especially important for PIO and OCI cardholders to have term insurance for NRI as it provides their family living in India with financial help in case of an unfortunate event. In this article, we will understand why buying term insurance for NRI from India will benefit PIO and OCI Card Holders, and how to buy the ideal plan from Policybazaar.

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Who are PIO and OCI Card Holders?

PIO (Person of Indian Origin) and OCI (Overseas Citizenship of India) cardholders are individuals of Indian origin living abroad. PIO cardholders have ancestral ties to India or were former Indian citizens, while OCI cardholders can be foreign nationals or individuals of Indian origin and have special status granting them various privileges in India, but they do not hold full Indian citizenship.

The NRIs can avail of term life insurance for a period suitable to their needs. Premium payments by PIO and OCI card holders, foreign nationals and NRIs can be made from their NRE/NRO/FCNR accounts in INR (Indian Rupees). Alternatively, they can also pay the same amount in foreign currency from their foreign bank accounts.

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Why Should PIO and OCI Card Holders Buy Term Insurance from Indian Insurers?

Below mentioned are the key reasons why PIO and OCI Card Holders should buy term life insurance for NRI from India:

  • Affordable Term Plans: Term life insurance rates in India are much cheaper than similar plans in the UK, making them suitable for people of all social statuses. Buying these plans from India is a good idea even if you're in the UK.

  • Easy Purchase: You can easily purchase Indian term insurance from the UK without geographical barriers. Just schedule a tele or video medical checkup.

  • Accidental Death Coverage: Term insurance for NRI plans offer an extra payout as accidental death coverage if the policyholder dies due to an accident. The nominee can use this money for financial needs.

  • Terminal Illness Benefit: If you're diagnosed with a terminal illness during the policy term, you'll receive a portion or all of the sum assured to help cover treatment costs as the terminal illness benefit.

  • Critical Illness Coverage: Term Insurance for NRI plans provides coverage for specific critical illnesses during the policy's duration, assisting in managing medical expenses related to these illnesses as the critical illness coverage.

  • Premium Waiver on Disability: In the case of an accident leading to total permanent disability and job loss during the policy term, the Premium Waiver on Disability rider ensures that the remaining premiums will be waived, allowing you to maintain your coverage.

  • Limited Pay Option: Pay premiums for a shorter time while enjoying coverage for longer. This helps you save money for your financial goals.

  • Trustworthiness: Every Indian insurance company is regulated by IRDAI, which publishes their performance reports. You can check a company's past performance before buying.

  • Pre-Approved Coverage: Policybazaar offers easy pre-approved term insurance coverage up to 2 Crores without medical exams.

  • Global Coverage and Claims Help: NRI term insurance provides worldwide coverage and 24/7 claims support for NRIs in the UK.

  • Medical Expenses Included: Many Indian insurers cover the medical costs required for NRIs in the UK to buy term insurance, saving them from expensive medical tests.

  • Special Exit Option: Certain term life insurance policies provide a special exit option, allowing you to exit the plan at a predetermined point chosen by the insurance company and receive a refund of all the premiums you paid to maintain the policy. This feature closely resembles zero-cost term plans, which also refund all the premiums paid for the policy.

  • Tele or Video Medical Examination: PIO and OCI Card Holders can easily purchase insurance plans in India to schedule a video or telemedical examination from their home country. This convenient option provides access to substantial pure-risk coverage, enabling NRIs to buy term life insurance from the comfort of their homes.

During the early stages of the COVID-19 pandemic, underwriting guidelines for term insurance became stricter. Policyholders were required to undergo in-person medical tests, and coverage limits were enforced. However, as regulations relaxed, PIO and OCI Card Holders gained eligibility for significant pure risk coverage of up to Rs. 5 Crores through tele/video medical checkups for term insurance.

  • GST Waiver: Purchasing a term plan from an Indian insurer offers an 18% GST waiver, allowing you to save on premiums using a Non-residential External (NRE) bank account with freely convertible currency.

  • Extra Discounts: By paying premiums annually, you can receive an additional 5% discount on your payments. This means PIO and OCI Card Holders can enjoy a total discount of 23% on the payable premiums, which includes the GST waiver and the extra discount.

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How Can PIO and OCI Card Holders Easily Buy Term Insurance from Indian Insurers?

Below mentioned steps can help PIO and OCI Card Holders buy term insurance for NRI from Indian Insurers without any hassle:

Step 1: Go to Policybazaar's official website

Step 2: Click on Term insurance for NRI

Step 3: Fill in your basic details like your date of birth, name, contact number, and country code

Step 4: Click on "View Plans" 

Step 5: Submit other information like your smoking preferences, annual income, job, and language

Step 6: Choose the ideal term insurance for NRI plan that fits your needs

Step 7: Proceed with the payment and use your preferred mode to pay and complete the process

What Documents are Required By PIO and OCI Card Holders for Buying Term Insurance From India?

Here is a list of documents that the PIO and OCI Card Holders require to buy term insurance for NRI plans from Indian insurers:

  • Passport size photographs

  • Valid Visa Copy

  • Last entry-exit stamp

  • Passport, both front and back side

  • Last 6 months' bank statements

  • Last 3 Month salary slips

  • Foreign Address Proof

  • Employee ID Proof


  • Q: Who Can Buy NRI Term Insurance in India?

    Ans: NRI term life insurance plans are available to the following individuals:
    • Overseas Citizenship of India (OCI) cardholders
    • Foreign Nationals
    • Non-Residential Indians (NRIs)
    • Persons of Indian Origin (PIO)
  • Q: What is Term Insurance for NRI?

    Ans: Term insurance for NRI plans provides life coverage with flexible policy terms, offering financial protection to families if the insured person passes away during the chosen coverage period.
  • Q: What Discounts are Offered to PIO and OCI Card Holders Buying Term Insurance from Indian Insurers?

    Ans: PIO and OCI Card Holders can enjoy discounts when purchasing term insurance from Indian insurers. These discounts include an 18% GST waiver and an additional 5% discount for annual premium payments, totaling a 23% discount in total.
  • Q: Do PIO and OCI Card holders Receive Accidental Death Coverage When Buying Term Life Insurance from Indian Insurers?

    Ans: Yes, PIO and OCI card holders receive accidental death coverage when they purchase term life insurance from Indian insurers.
  • Q: Is accidental death cover good for PIO and OCI Card holders?

    Ans: Yes, adding accidental death coverage to term insurance for PIO and OCI Card holders is advisable because it can provide an extra payout to the nominee if the policyholder passes away due to an accident. This feature can be included in the primary protection plan for a small additional cost, offering comprehensive coverage all in one policy.
  • Q: Can I Purchase Term Insurance for NRI Plans After Becoming a PIO and OCI card holder?

    Ans: Yes, you can still buy term insurance for NRI plans in India even after becoming a PIo and OCI Card Holder. However, you will need to provide your PIO or OCI card when purchasing the policy.
  • Q: How Can I Obtain a GST Waiver or Refund on Term Insurance for NRI Premiums?

    Ans: You can get a GST waiver on premium payments by providing proof of your NRE Account and bank details when buying term insurance for NRIs. If you didn't choose the waiver initially, you can still request a GST refund by submitting the necessary documents.
  • Q: Can PIO and OCI Card Holders Make Payments in International Currency?

    Ans: Yes, PIO and OCI Card Holders can make payments in international currency, but the amount will be converted to INR using prevailing conversion rates.
  • Q: Can PIO and OCI Card Holders Nominate Individuals Outside India for Their Term Insurance for NRI Plans?

    Ans: Yes, PIO and OCI Card Holders can designate nominees residing outside India for their term insurance for NRI plans.

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