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
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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|
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.
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.
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
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
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
Copy of Valid Visa
Last entry-exit stamp
Foreign Address Proof
Ans: The following people can buy protection plans or cash value life insurance plans in India 2023: