Life Insurance Plans in Canada for NRIs

For NRIs living in Canada, various Indian insurance companies offer their protection plans and cash value life insurance plans in Canada from India. This allows NRIs living abroad to build a corpus for their lifelong dreams and secure their family financially in case of an unfortunate event. Since these plans are specially designed for NRIs living in Canada, you can get insurance for expats at affordable premium rates. Let us see the various life insurance plans in Canada available for NRIs. 

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Best Life Insurance in Canada from India in 2024

As an NRI living abroad, you can purchase protection for expats using a protection plan, cash value life insurance, or a whole life insurance plan in Canada at affordable premiums offered by an Indian insurer. Here is a list of the best life insurance in Canada for NRIs:

Best life insurance plans in Canada Sum Assured Entry Age Maturity Age (Maximum)
ICICI Prudential iProtect Smart 1 Crore - 2 Crores 18 -65 years 99 years
HDFC Life Click 2 Protect Super 1 Crore - 2.5 Crores 18 - 65 years 85 years
Max Life Smart Secure Plus Plan 1 Crore - 10 Crores 18 - 60 years 85 years
PNB Mera Term Plan Plus 1 Crore - 1.5 Crore  18 - 50 years 80 years
TATA AIA Sampoorna Raksha Supreme 1 Crore - 20 Crores 18 - 60 years 100 years

Why Should NRIs Buy Life Insurance Plans?

You should buy the best life insurance plans in Canada because of the following reasons:

  • Financial Security: Protection plans and whole life insurance in Canada from India provide pure risk cover to the family of the policyholder throughout the policy term. In case of the unfortunate death of the policyholder, during the policy tenure, the family will be provided with a death benefit to take of their financial needs.

  • Wealth Creation: By investing in the best life insurance in Canada from an Indian insurer, you can build a corpus in the long run. With this amount, you can fulfill any lifelong dreams or goals you might have or pay for your child’s higher education fees.

  • Improved Quality of Life: With the best term insurance plan or cash value life insurance plan in Canada from India, you can live a worry-free life knowing your family is taken care of in your unfortunate absence. The payout received from a life insurance plan can help your family live a comfortable life and take care of their financial obligations.

  • Large Sum Assured: Life insurance plans in Canada offer a large sum assured of up to Rs. 20+ Crore to NRIs living in Canada. This amount can be utilized by your family to pay off any outstanding loans and debts.

  • Easy Policy Issuance: Protection plans and universal life insurance plans for NRIs in India offer a quicker policy issuance compared to international life plans. In India, NRIs can compare life insurance plans in Canada from India on the basis of premium rates, sum assured, and policy tenure.

Why Should NRIs Buy Life Insurance Plans in Canada From India?

There are various ways in which NRIs can benefit by buying pure risk cover plans or cash value life insurance plans in India. Some of them are

  • Lower Premiums: You can purchase affordable term life insurance from an Indian insurance company at comparable rates. This cheap life insurance in Canada from India offers protection for expats with a large sum assured to secure your family financially. Let us understand this with an example: 

You can purchase affordable life insurance in Canada at a comparable premium rate of Rs. 2,142 payable monthly for a sum assured of Rs. 41 Lacs.

Note: You can compute the required premium amount for the most suitable plan using the term insurance for NRI premium calculator.

  • Larger Number of Insurance Companies: A large number of insurance companies provides the NRIs with a variety of life insurance plans in Canada that they can choose from to find the best life insurance in Canada. Here is a list of all the benefits of purchasing life insurance in Canada from India:

    1. Longer Life Cover

    2. Large Sum Assured

    3. Critical Illness and Accidental Death Benefit Riders

    4. Quick claim settlement

    5. Limited/Single/Regular Premium Payment Options

  • Claim Settlement Ratio (CSR): The CSR or the claim settlement ratio of an insurance company gives us insight into the company’s claim settlement capabilities. A company with a CSR of more than 95% is considered good, and therefore you should always compare life insurance plans for NRis in Canada before policy purchase. The Indian insurance companies offering term insurance for NRI in India, Max Life, and HDFC Life have a CSR value of 99.34% and 98.66% respectively, which means that these companies have a better chance of settling your claims.

  • GST Waiver: The Government of India offers a special 18% GST waiver for NRIs in Canada purchasing life insurance plans in Canada from India. To avail of this waiver you need to make your premium payments using a non-residential external bank account in freely convertible currency.

  • Tele or Video Medical: With the COVID restrictions being loosened, NRIs can now buy insurance for expats with universal life insurance in Canada from India by conducting their medical through Video or Tele channels. Using this process, even the elderly living in Canada can now purchase the best life insurance for seniors over 60 in Canada from India and schedule their medical sessions online. This saves NRIs a trip all the way back just to clear their medical checkup.

  • Special Exit Option: Various insurance companies in India offer cash value life insurance plans in Canada for NRIs with a special exit option. Under this, you can exit the plan at a specific point as decided by the insurer and receive all the premiums back at the end of the policy. Out of the above-mentioned plans, the Max Life Smart Secure Plus and HDFC Life Click 2 Protect Super are zero cost term insurance plans which also offer the special exit option.

How To Purchase The Best Life Insurance In Canada From India?

You can buy the best life insurance plans in Canada from India by following the step-by-step guide listed below:

  • Step 1: Visit the Life Insurance Plans for NRI in India page

  • Step 2: Fill in the basic personal information like name, gender, phone number, email address, and date of birth

  • Step 3: Select the country as Canada and click on ‘View Plans’ to go through the available plans

  • Step 4: Enter your educational background, smoking and chewing tobacco habits, occupation type, and annual income. 

  • Step 5: Choose the plan you want to purchase and proceed to pay.


Documents Required to Purchase The Best Life Insurance in Canada From India

Here is a list of documents required to purchase a protection plan or a universal life insurance plan in Canada from India:

  • Photo

  • Foreign Address Proof

  • Passport front and back side

  • Copy of Valid Visa

  • Last entry-exit stamp

  • Employment ID Proof

  • Last 6 months' bank statements 

  • Last 3 Month salary slip

FAQ's

  • Should an NRI buy protection plans or cash value life insurance?

    Ans: The choice of whether NRIs should buy protection for expats or cash value life insurance depends on the person’s individual needs. You can go throguh the list of available plans like pure risk cover with protection plans, whole life coverage with universal life insurance, and cash value life insurance plans.
  • Is accidental death covered in life insurance for NRIs in Canada from India?

    Ans: Yes, accidental death is covered under life insurance for expats and in case of the policyholder’s unfortunate death due to accident, the sum assured will be paid to the nominee. The life assured can also add the available rider to their base plan to secure an additional benefit amount for their family.
  • Who all are eligible to buy life insurance for NRIs in Canada?

    Ans: Here is a list of all the people who are eligible to buy protection plans or whole life insurance plans for NRIs in India:
    • NRIs (Non-resident Indians)
    • PIOs (Persons of Indian Origin)
    • OCIs (Overseas Citizenships of India)
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