Life Insurance Plans in Singapore For NRIs

NRIs living in Singapore who want to secure their families while growing their wealth can now purchase Life insurance plans in Singapore from India. This way, the policyholder's family will be financially protected in case of the policyholder's unfortunate death during the policy term. If the policyholder outlives the policy, he/she will receive a maturity benefit to help fulfill their lifelong dreams. Let us see the various life insurance plans in Singapore that you can buy as an NRI. 

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

Best Life Insurance in Singapore From Indian Insurance Company 2024

The best life insurance plans in Singapore from an Indian insurance company are as follows

Best Life Insurance in Singapore Sum Assured Entry Age Maximum Maturity Age
Max Life Smart Secure Plus Plan 1 Crore - 10 Crores 18 - 60 years 85 years
ICICI Pru iProtect Smart 2.5 Crores - 20 Crores 18 - 60 years 85 years
HDFC Life Click 2 Protect Super 1 Crore - 2.5 Crores 18 - 65 years 85 years
Tata AIA SRS Vitality Protect 1 Crore - 2 Crores 18 - 60 years 85 years
PNB MetLife Mera Term Plan Plus  1 Crore - 1.5 Crore 18 - 50 years 80 years

Why NRIs Should Buy Best Life Insurance Plan in Singapore?

The NRIs living in Singapore should buy life insurance in India because of the following reasons:

  • Financial Security: Life Insurance Plans like whole life insurance and protection plans offer a death benefit to your family members in case of your unfortunate death during the policy term. This helps your family maintain their current lifestyle and pay off any remaining debts or financial obligations.

  • Wealth Creation: You get a chance to grow your wealth over time by investing in a cash value life insurance plan. You would be eligible to receive a survival benefit (if any) and a maturity benefit in case you outlive the policy term. This way, you can beat inflation and take care of your lifelong goals.

  • Easy Claim Settlement: If you purchase a life insurance plan in Singapore from an Indian Insurer, your family can get an easy claim settlement as they won't have to travel to your residential country to get their claims settled. 

  • Hassle-free Process: The process of purchasing a plan in India is much easier than buying a life insurance plan in Singapore. You can get the cheapest life insurance in Singapore from India by comparing life insurance plans online and purchasing the one that fits your budget the best.

  • Higher Sum Assured: Life insurance for NRIs in India offers a higher sum assured at affordable premiums, which will financially secure your family in case of an unfortunate event. You can get life insurance for NRIs in India with a sum assured as high as Rs. 20 Crores.

Why Should NRIs Purchase Life Insurance Plan In Singapore From an Indian Insurer?

Here is why an NRI should buy a life insurance plan in Singapore from an Indian insurer:

  • Affordable Premiums: Life insurance plans in Singapore from India offer comparable premium rates compared to international life insurance plans. This makes purchasing the cheapest life insurance in Singapore much easier and allows you to buy term life insurance for NRI at affordable premiums. 

Note: You can use the term insurance for NRI premium calculator to compute the amount you would need to pay as premiums for the desired life insurance policy. 

  • Claim Settlement Ratio: The claim settlement ratio of any insurance company allows you to assess the company’s claim settlement performance in the last financial year. It is the ratio of all the claims received by the company to the claims settled by the company in a financial year. If the CSR of a company is more than 95% it is considered a good CSR and means that the company has a better chance of settling your family’s claim in case of your unfortunate death.

  • Bigger Pool of Companies: In India, you can get a large number of insurance companies to choose your life insurance plan. You can compare their premium rates, CSR values, and life cover to purchase the plan that fits your needs. The benefits of purchasing a life insurance plan in Singapore from an Indian insurance company are as follows:

    • Higher sum assured

    • Longer life cover

    • Critical Illness and Accidental Death Benefit Riders

    • Quick Claim Settlement

    • Limited and Single Pay Options

  • GST Waiver: Life insurance policies in India offer a GST waiver of 18% allowing you to save more on your regular premiums. This is only applicable if the premiums are paid using a non-residential external bank that supports the freely convertible currency.

  • Special Exit Option: The special exit option allows you to exit the plan at a specific policy year as decided by the insurer. With this, you can exit the plan before the end of the policy term and receive all the premiums paid towards keeping the policy active back without selecting the return of premium option for your term plan. This is very similar to zero cost term insurance which offers all the premiums paid back on the cancellation of the policy.

  • Tele/Video Medical: NRIs living in Singapore can easily purchase the cheapest life insurance in Singapore from India by conducting their medical exams via tele or video channels. This not only saves you from traveling all the way back to purchase your life plan but also saves time.

Who Can Buy Life Insurance for NRIs in India?

Here is a list of people who are eligible to buy life insurance plans for NRIs in India:

  • NRIs (Non-resident Indians)

  • PIOs (Persons of Indian Origin)

  • OCIs (Overseas Citizenship of India) cardholders

How To Buy Indian Life Insurance Plans in Singapore For NRIs?

You can buy a life insurance plan in Singapore from India by following the below-mentioned steps:

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

  • Step 2: Enter the required basic details like name, date of birth, mobile number, gender, and email address

  • Step 3: Click on ‘View Plans’ to see the plans available for your region

  • Step 4: Answer the questions regarding your smoking and chewing tobacco habits, annual income, occupation type, and educational background

  • Step 5: Select the most suitable plan and proceed to pay

Documents Required To Purchase The Best Life Insurance in Singapore From India

Let us see the documents you will need to purchase the best life insurance plan in Singapore from an Indian insurance company

  • Passport front and back side

  • Employment ID Proof

  • Last 6 months' bank statements 

  • Last 3 Month salary slip

  • Photo

  • Copy of Valid Visa

  • Last entry-exit stamp

  • Foreign Address Proof

FAQ's

  • As an NRI, should I buy protection plans or cash value life insurance plans?

    Ans: While looking for insurance for expats, several life insurance plans, like cash value life insurance, universal life insurance, and protection plans, provide pure risk cover to the policyholder during the policy term. These plans offer different sets of benefits, and therefore, the choice of buying a protection plan or a cash value life insurance depends on your individual needs, and you should buy a plan that fits your financial requirements.
  • Is accidental death covered in life insurance for NRI in India?

    Ans: Yes, accidental death is covered in insurance for expats, but policyholders can add the accidental death benefit rider to their base plan for additional financial coverage for their family in their absence.
  • Who can buy life insurance for NRI in India?

    Ans: The following people can buy protection plans or cash value life insurance plans in India 2024:

    • NRIs: Non-resident Indians living outside India
    • PIOs: People of Indian Origin 
    • OCIs: Overseas Citizenship of India card holders
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
08 Jun 2022

Life Insurance for NRI

Going beyond geographical boundaries to study or pursue a career abroad is a common aspiration for many

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