Life Insurance for NRI in India

Going beyond geographical boundaries to study or pursue a career abroad is a common aspiration for many individuals in India. Nonetheless, ensuring the well-being of your family, whether they accompany you or stay back home, remains an important concern. This is where NRI life insurance plays a pivotal role. Learn more about the significance of life insurance for NRIs in India and the best life insurance policy for NRI in India.

Read more
Get ₹1 Cr. Life Cover at just
Term banner NRI
No Medical Test+
Worldwide Coverage
Hassle Free Process

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

₹2 Crore life cover at
Online discount upto 10%# Guaranteed Claim Support
No Medical Test+
Worldwide Coverage
Hassle Free Process
+91
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~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

What is Life Insurance for NRIs?

NRI life insurance plans are life insurance plans specifically designed to fit the needs of an NRI. These plans allow the policyholder to secure their loved ones at affordable premiums, ensure their financial security in their absence, create wealth for the future, and save on their yearly taxes.  

one crore term plan
plus

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+

Can You Buy Life Insurance for NRIs in India?

Yes, now NRIs can buy the best life insurance policy for NRI in India. Here’s how:

When Visiting India

NRIs can easily buy life insurance India for NRI when visiting India by consulting their financial advisors or visiting the company for detailed information.

When Outside India

NRIs can buy life insurance in India for NRI by scheduling their via tele or video medical online from their new residential country in just a few minutes.

Who Can Buy a Life Insurance Policy in India?

The following people can buy life insurance for NRIs in India:

  • NRIs (Non-resident Indians) – People who are Indian citizens but live outside India.

  • PIOs (Persons of Indian Origin)/OCIs (Overseas Citizenship of India cardholders) – People who have had an Indian passport in the past, had Indian citizen parents or grandparents, or if the spouse is an Indian citizen.

  • Foreign Nationals – People who are citizens of a country other than India living in India.

Best Life Insurance Policy for NRI in India 2024

Here is a list of the best life insurance policies in India for NRIs:

NRI Life Insurance Plans  Entry Age Maturity Age Sum Assured Policy Term
ICICI Prudential iProtect Smart 18 - 65 years 99 years 1 Crore - 2 Crores 5 - 69 years
HDFC Click 2 Protect Super 18 - 65 years 85 years 1 Crore - 2.5 Crores 5 - (85-entry age) years
Max Life Smart Secure Plus 18 - 60 years 85 years 1 Crore - 10 Crores 10 - 67 years
Tata AIA SRS Vitality Protect 18 - 60 years 85 years 1 Crore - 2 Crores 10 - 67 years
PNB MetLife Mera Term Plan Plus 18 - 50 years 80 years 1 Crore - 1.5 Crores 10 - 30 years

Note: You can use a life insurance premium calculator to check the premiums you would need to pay for the desired life cover.

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

Why Should You Buy Life Insurance for NRI in India?

Let us look at why you should buy NRI life insurance in India instead of getting insurance for expats from abroad in detail:

  • Lower premium rates: The premium rates for life insurance plans for NRIs in India are much lower compared to international insurance for expats. With NRI life insurance, you can get up to 50 to 60% lower premiums for the same life cover.
    Let us understand this with an example:
    A life cover over 2.25 Crore in UAE would cost you Rs. 5,664 for a 31 year policy term, whereas in India, the same life cover would cost you Rs. 2,288.

  • Tele/video medical: With life insurance for expats, NRIs can buy life insurance plans online for up to 5 Crores within a few minutes by scheduling their medicals online via tele or video channels. This allows the policyholder to buy plans from their current country of residence without having to come back to India just to get their medicals cleared.

  • 24/7 claim help with worldwide cover: Life insurance for NRI in India offers 24/7 help with claim settlement and provides worldwide coverage.

  • Covered medical costs: With NRI life insurance, the medical costs are borne by the insurer rather than the customer.

  • Pre-approved cover: You can get a pre-approved NRI life insurance cover up to 2 Crores without the hassle of clearing medical tests online or offline and get the plan processed in minutes.

  • Large number of insurers: In India, the IRDAI has enrolled various life insurance companies offering plans designed to fit the needs of the policyholders. The NRIs can easily compare the life insurance term plans offered by each insurer on the basis of their premiums, CSR, policy term, sum assured, and other benefits offered.

  • Claim settlement ratio: The Indian regulatory body IRDAI releases its annual report every year containing the CSR (claim settlement ratio) of all the insurance providers in India. The NRIs can go through the list of CSR values of each company and purchase life insurance for expats from the most suitable insurer. You should always buy NRI life insurance plans from an insurer with a CSR of at least 95%, as this ensures that your family’s potential claim will be settled in your absence.

  • Easy claim process: Buying life insurance for NRI will save your family the hassle of travelling to your current country of residence just to get their claims settled. This way, in case of the policyholder’s untimely death, the family can easily visit the company’s office in India to get their claims settled.

  • GST Waiver: With life insurance for NRIs, you can claim a GST waiver of 18% on the premiums paid using a Non-residential external bank (NRE) account in freely convertible currency. 

  • Additional Discount on Annual Mode: Along with the GST waiver of 18%, you will also receive a 5% additional discount if you choose to pay the NRI life insurance premiums in an annual mode. This increases the overall savings on the premiums and allows you to save a total of 23% on the premiums paid.

What are the Benefits of Life Insurance for NRIs in India?

Let us take a look at the benefits of buying NRI life insurance in India from Indian insurers:

  1. Family’s Financial Security

    Investing in life insurance is a good option as it acts as a protective cover for your loved ones in your absence. In case of the unfortunate death of the sole earning member, protection plans or cash-value life insurance plans can provide the family with the benefit payout, which can help cover the family’s financial needs. The family can use the payout amount to take care of their rent, child’s fees, or other expenses.

  2. Survival/Maturity Benefits

    With the survival or maturity benefits of NRI life insurance plans, you can secure your post-retirement life, fulfil financial goals, and prepare against potential inflation. While most life insurance for NRI plans provide survival and maturity benefits, term insurance plans offer their term return of premium plans that return the premiums on the maturity of the policy.

  3. Pay Off Remaining Loans

    Many individuals take out various types of loans, like home, car, or student loans, that might fall on the shoulders of their family members in case of their unfortunate death. The life insurance for NRI payout can prevent your family from facing the struggle of trying to pay off the remaining loans and liabilities.

  4. Wealth Creation

    The cash value life insurance and the whole life insurance plans allow the customers to create wealth with the policy’s cash value component. You can use this amount to take care of your post-retirement life, beat inflation, or fulfil any other financial goals in life.

  5. Tax Benefits

    Protection plans or cash value life insurance plans in India offer the chance of availing life insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act.

What are the Features of NRI Life Insurance in India?

  • High cover at affordable premiums: With protection plans and cash value life insurance for expats, NRIs can secure a large sum assured at affordable premiums. For example, you can get pure risk cover by buying term insurance for NRI of 2 Crores at just Rs. 949 per month.

  • Long term coverage: With whole life insurance or universal life insurance plans, you can get coverage for your whole life (till 99/100 years of age). This ensures that your financial dependents, like your spouse and children, are protected for your whole life in the event of unforeseen death.

  • Cover against terminal illness: The terminal illness cover offered within protection plans and cash value life insurance plans can provide coverage against terminal illness. Under this, in case the policyholder is diagnosed with a terminal illness, the entire or a part of the sum assured is paid to the policyholder in advance. This NRI life insurance amount can be used to get the best treatments and increase your chances of survival.

  • Accidental death cover: The accidental death cover of NRI life insurance provides additional benefits amount to the nominee in case of the policyholder’s untimely death due to an accident. 

  • Waiver of Premium and Critical Illness Cover: With life insurance for NRI, you can also get a waiver of premium in case of a disability and get enhanced coverage against critical illnesses included in the plan.

  • Limited pay benefits: With the limited pay benefit option, NRIs can pay off their whole life insurance or universal life insurance premiums early and enjoy cover for a long term.

  • Flexibility and Convenience: With life insurance for NRIs, you can choose to pay the premiums online at any time from anywhere, in the preferred premium payment mode of monthly, quarterly, semi-annual, or annual payment modes.

What are the Types of NRI Life Insurance in India?

The types of NRI life insurance term plans available in India are as follows:

  • NRI Life Term Insurance Policy: These protection plans provide pure risk cover to the policyholder, and in case of his/her death during the policy term, the sum assured is paid to the nominee of the policy. 

  • Child Insurance Plans for NRI: With these NRI life insurance plans, you can secure the educational and financial future of your child in case of your unexpected demise. The payout from these plans can help your child get higher education, fund their careers, get married, or pay for other financial expenses.

  • NRI Retirement Plans: NRIs can also choose to invest in a retirement plan for NRIs to secure their post-retirement independence. These life insurance for NRI plans payout monthly income after retirement to ensure you are able to meet your expenses even after the loss of monthly income.

  • ULIPs for NRIs: These NRI life insurance plans offer the combined benefits of life insurance and term life insurance plans. With these plans, the death benefit is paid on the death of the policyholder during the policy term, and the maturity benefit is paid as per the fund performance on the survival of the policy tenure.

What Policybazaar has to offer for NRIs?

  • Dedicated claim support for family FREE

  • Discounts upto 10% for buying online

  • 100% calls recorded to ensure no mis-selling

  • Advisors available in your city

  • Refund at the click of a button

How to Buy the Best Life Insurance Policy for NRI In India?

Here is how you, as an NRI, can buy life insurance plans in India online:

  • Step 1: Go to the Life Insurance for NRIs in India page

  • Step 2: Fill in your name, gender, date of birth, mobile number, and email address

  • Step 3: Enter your smoking habits, annual income, educational qualifications, and occupation type

  • Step 4: Go through the list of available plans to select the most suitable policy and proceed to pay

Wrapping It Up!

Depending on the above-mentioned information, it is certain that Non-Residents Indians (NRIs) can buy protection plans or life insurance for expats from India-based insurers. The best life insurance policy for NRI in India offers the required wealth creation benefits and financial security to your family members, especially in your absence. You can compare the available life insurance for NRIs online on the basis of their premiums, CSR, policy term, sum assured, and benefits offered.

FAQs

  • Q: Can I buy NRI life insurance term plans in India?

    Ans: The best life insurance policy in India for NRIs depends on the person's individual needs. For e.g., a person who wants to secure his kids until they are financially stable might opt for a protection plan. Similarly, a person who wants to create wealth for his future generations may opt for whole life insurance or a universal life insurance policy.
  • Q: What is the sum assured offered in life insurance for NRI in India?

    Ans: The sum assured offered in NRI life insurance plans starts from 1 Crore and can go up to 20 Crores. The exact sum assured offered under each plan may differ, thus, you should always check the policy documents to get a better understanding of the policy's T&Cs.
  • Q: Can I get any GST benefits with life insurance plans for NRIs?

    Ans: Life insurance for NRIs provides a GST waiver of 18% on the premiums paid. Along with that, if you select the annual premium payment mode, you can save another 5% on the premiums, which leads to a total of 23% savings on the premiums paid.
  • Q: Why should NRIs invest in insurance in India?

    Ans: NRIs should consider investing in insurance in India due to the following reasons:
    • Lower premiums compared to the international term plans
    • Bigger pool of insurers to choose from
    • Terminal illness and Accidental death cover
    • Long term coverage (till 99/100 years)
    • GST waiver and annual discounts of 23%
    • Medicals conducted via tele/video modes
  • Q: How can I claim my NRI life insurance in India?

    Ans: You can claim your NRI life insurance in India by giving a call or dropping a mail to the Policybazaar’s claim assistance team. After this, you need to submit the required documents, and on successful completion of the claim, the claim amount will be credited to the nominee’s account.
  • Q: What will happen to my life insurance for NRI if I become a US citizen later?

    Ans: If you are currently an NRI, and later plan on becoming a citizen of your current residential country, the NRI life insurance will continue as normal. You do need to submit the required details and documents to ensure the insurer is up to date with the recent changes in personal details.
  • Q: I forgot to avail my GST waiver, can I still claim a GST Refund?

    Ans: You can always claim a GST refund on the life insurance for NRI plans as per the prevailing tax laws. You must submit the required documents like proof of NRE bank account and payment receipts.
  • Q: Are there any dedicated helpline for NRIs seeking life insurance plans in India?

    Ans: You can call the helpline number +91-124-6656507 and 1800-208-8787 to look for life insurance for NRI plans.
  • Q: Does residential countrty impact life insurance premium for NRIs?

    Ans:Insurers typically do not impose higher premiums on non-resident Indian (NRI) policyholders when their profiles are similar to those of resident Indians. However, NRIs residing in countries marked by elevated risks such as civil unrest, military conflicts, or unstable governments may face higher premiums.
Policybazaar is
Certified platinum Partner for
Insurer
Claim Settled
98.7%
99.4%
98.5%
99%
98.2%
98.6%
98.82%
96.9%
98.08%
99.2%
Premium By Age

Life insurance articles

  • Recent Article
  • Popular Articles
09 Aug 2023

What High Net Worth Individuals (HNIs) Do To Secure Their...

High net worth individuals often opt for life insurance plans to

Read more
28 Jun 2023

A Review Of ICICI Prudential Life Insurance

“Policy Bazaar insurance clarified the term policy for me, so

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best

Read more
20 Jun 2023

Best Life Insurance Policy in India with High Returns

The best life insurance policy in India is a type of life

Read more
20 Jun 2023

Which Insurance is Best in India?

Insurance is a financial product that transfers the risk to a

Read more
13 Jan 2023

Can NRI buy Life Insurance in India?

Any Indian citizen’s main priority would be to secure their family’s financial future in case of their

Read more
03 Feb 2023

Life Insurance Plans in Canada for NRIs

For NRIs living in Canada, various Indian insurance companies offer their protection plans and cash value life

Read more
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL