Best Term Insurance Plan in India For NRI
Here is the list of best term insurance for NRI in India:
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
Does the NRI need to be present in India while buying a term plan?
As an NRI, planning a visit to India solely for the purpose of buying a term plan is no longer a mandate. Tele-medical or Video medical check-ups have ensured that now NRIs can buy a term plan from their residential country. Simply put, it is not essential for NRI to be present in India while buying a term plan. They can easily buy a term plan from anywhere in the world with the easy issuance process via video medicals.
What Are the Documents Required for Term Insurance Plans in India for NRI
The documents required for Term Insurance for NRI by the insurance company can be easily submitted online. The documents are
Passport front and back side
Foreign Address Proof
Valid Visa Copy
Last entry-exit stamp
Last 6 months’ bank statements
Employment ID Proof
Last 3 Month salary slips
How Are Indian Term Insurers Better than Foreign Term Insurers?
The presence of a large number of insurers in India: In India, there are various life insurance providers enlisted under the insurance regulating authority, and every company offers different types of Term insurance for NRIs with high life cover at affordable rates.
Tele-medical Check-ups: NRIs can now easily schedule a video or telemedical check-up from his/her residential country when buying term insurance for NRIs.
Claim Settlement Ratio: The CSR is the % of claims that an insurance company settles yearly out of total claims. It indicates the reliability and credibility of the insurer. So, if the CSR of an insurer ranges between 95-100%, you need not think twice before purchasing a term plan. Almost all the Indian term insurers have a good CSR such as Max’s CSR is 99.35%, and Tata AIA CSR is 98.02%.
Low Premium Rates: Let’s understand this with the help of an example:
In the UAE, the cost of a term insurance plan for a death benefit or a sum assured amount of Rs. 1.05 Crore for a 30-year-old individual is around Rs.2000 per month. for a policy tenure of 15 years. And, in India, the term insurance premium rates for NRI are as low as around Rs 840 per month.
||Foreign Insurer (UAE)
|Cover Till Age
|Life Cover (in INR)
|Life cover in AED (UAE Dirham)
|Premium Rate of Leading Insurer
||Rs. 2198 per month
||Rs. 841 per month
Term insurance plans from India come with a price difference of at least 50-60%, especially when compared with developed countries. For example, a term insurance plan purchased from India would result in a 50% lower premium than term insurance in abroad. But what NRIs from which countries can avail of term plan from India?
Following is the list of countries from where an NRI can buy a term insurance plan from India:
Note: You can easily calculate the premium rate of NRI term plans using NRI Term Insurance premium calculator.
Wrapping It Up!
If you are an NRI and you are considering getting term insurance, it is best to get one immediately. You can wait around and keep planning, but the premium will certainly increase as you age. So to ensure that your family can lead a secure life, you should buy term insurance as early as possible.
Terms plans for NRIs add an extra layer of protection to their safety shield even in policyholders’ absence. With Tele-medical examinations, buying a term plan is easy and hassle-free for NRIs. It is advised to read all the Terms and Conditions of the policy before buying NRIs term insurance plans.
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer