Life Insurance Plans in USA For NRIs

Life insurance plans are the most important step in the financial planning aspect for any individual. As an NRI living in the USA you can purchase a life insurance plan in USA from an Indian insurer offering insurance for expats at comparable costs and secure your family against the eventualities of life. Not only that, but a cash value life insurance plan also gives you the opportunity to grow your wealth and realize all your dreams and goals. Let us see the best life insurance for NRI in USA that you can purchase in India and their benefits.

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The Best Life Insurance Plans in USA From India 2024

Listed below are the protection plans and whole life insurance plans available from the best life insurance companies in USA that you can buy from an Indian insurer. You can purchase any of the best life insurance in USA to secure your family in 2024:

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

Note: You can also use term insurance for NRI premium calculator to calculate the premium amount for your desired plans.

Why Should NRIs Buy Life Insurance Plans in USA?

NRIs should purchase the best life insurance in USA because it can provide them with the following benefits

  • Building Corpus: The life insurance plan in USA can help you build a corpus in the long run. You can use these funds to beat inflation, fulfill lifelong goals, or go on an expensive vacation.

  • Financial Protection: Life insurance plans in USA from India can help you secure your family financially in case of your unfortunate death within the policy term. It offers a death benefit that can help your family maintain their lifestyle and pay their rent and education fees.

  • Easy Policy Issuance: Life insurance plans in USA from India have easier policy issuance compared to the plans from the best life insurance companies in USA. You can purchase the cheapest term life insurance in USA by comparing pure risk cover plans, and protection plans online on the basis of premium rates, CSR values, and sum assured.

  • Quick Claim Settlement: The best life insurance company in USA cannot offer a quicker and easier claim settlement than a universal life insurance plan or a protection plan from an Indian insurance company. If you purchase life insurance for expats in USA from India your family will not have to travel back and forth to your residential country to get their claims settled in case of your unforeseen death.

  • Higher Life Cover: You can get the best life insurance in USA at affordable premiums with a large pure risk cover that can go up to Rs. 20+ Crores. This amount, in case of your unfortunate death, will be paid to your family to take care of their financial obligations.

Why NRIs Should Purchase Life Insurance Plans in USA From Indian Insurance Companies?

  • Claim Settlement Ratio: The IRDAI releases an annual report for every financial year stating the CSR values of each insurer. You can refer to the CSR values of the best life insurance companies in USA from India as it allows you to assess the company’s ability to settle claims. If a company has a CSR value of more than 95% it means that the company has a better chance of settling your family’s claim for your life insurance plan in USA, in case of your unforeseen death. 

  • Bigger Pool of Insurance Companies: In India, you get a bigger pool of insurance companies that are regulated by the IRDAI. The benefits of purchasing a life insurance plan in USA from India are:

    • Quick Claim Settlement

    • Larger Life Cover

    • Limited/Single/Regular Premium Payment Options

    • Accidental Death and Critical Illness Benefit Riders

    • High Sum Assured upto Rs. 20+ Crores

  • Lower Premiums: You can buy life insurance plan in USA from India at comparable premium rates that are least 50-60% lower than the international life insurance policies. The Indian life insurance plans are designed for NRIs living in USA and thus allow you to buy term insurance for NRI in USA at affordable premiums.

  • GST Waiver: If you purchase a life insurance plan in USA from India, you will be eligible to receive a GST waiver of 18% on your premiums paid through a non-residential external bank, supporting the freely convertible currency.

  • Special Exit Option: With the special exit option, you can exit the plan and receive back the amount you paid as premiums up until that point. You can only exit this pure risk cover plan at a specific period as per the insurer much like the zero cost term insurance. Out of the plans mentioned above, Max Life Smart Secure Plus and HDFC Life Click 2 Protect Super are zero-cost term insurance plans.

  • Tele/Video Medical: During the pandemic, many NRIs were not able to buy life insurance plans as the medical checkup was only conducted in person. Now with the restrictions eased, you can purchase a life insurance plan in USA by scheduling a medical session through video or tele channels. This saves you the time and effort required to travel all the way back just to get the medicals cleared.

Who Can Buy Life Insurance for Expats in USA From India?

The following people are eligible to buy term plan or life insurance for expats in the USA from Indian insurance providers:

  • NRIs - Non-resident Indians who are Indian passport holders and are currently living in a different country can buy universal life insurance or cash value life insurance plans in India.

  • PIOs (Persons of Indian Origin)/ OCIs (Overseas Citizenship of India) - Individuals who have in the past held an Indian passport, who have a spouse or a parent/grandparents holding an Indian passport, or people who hold overseas citizenship of India card holders.

How Can You Buy The Best Life Insurance in USA?

You can purchase the cheapest life insurance for NRI in USA by following the steps below:

  • Step 1: Go to the Life insurance for NRI page

  • Step 2: Select your country as USA and enter your basic information like name, gender, phone number, email address, and date of birth

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

  • Step 4: Answer lifestyle questions like smoking and chewing tobacco habits, educational background, occupation type, and annual income.

  • Step 5: Choose the most suitable cash value life insurance or protection plan and proceed to pay

Documents Required to Purchase a Life Insurance Plan in USA

You can purchase the best life insurance plan in USA by submitting the following documents at the time of policy purchase:

  • Photo

  • Last 6 months' bank statements 

  • Last 3 Month salary slip

  • Passport front and back side

  • Employment ID Proof

  • Foreign Address Proof

  • Copy of Valid Visa

  • Last entry-exit stamp

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