Term Insurance for NRI in India

Term insurance offers financial protection to the family of the insured in case of demise. Every bread-earner wishes to offer financial security to his/her family in some way. In addition to Indian citizens, NRIs (Non-Resident Indians) are also eligible for the same. Here is the process of buying term insurance for NRIs and the features of the policy designed to benefit them.

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How to Procure Term Insurance for NRIs?

Non-resident Indians (NRIs) willing to buy term insurance can apply in two ways-

  • They can purchase the policy whenever visiting India. Once the formalities are completed related to the underwriting of the insurance policy, it will be considered as any other policy availed by an Indian citizen.
  • An NRI can even purchase the policy in the country he is presently residing via Mail Order Business.  The policy is verified by a notary, an Indian diplomat, an official of the Indian embassy and students can even approach the dean or supervisor for verification.
Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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NRI Term Insurance Policies - Features

  1. Policy Term

    Term insurance for NRI generally can have tenure from 6 months to 25 years. The minimum age for getting NRI insurance is 18 years and the maximum age varies from 55 to 60 years depending on the terms and conditions stated in the policy.

  2. Premium and Sum Assured

    Sum assured for NRI term plan varies from a minimum of Rs.2 lakhs to a maximum of Rs.1 crore. There is no fixed premium as the amount of premium depends on the following factors:

    • Term of the policy
    • Sum assured
    • Payment frequency of premium (monthly, quarterly, half-yearly, annual) and
    • The riders opted if any.

    In case of the demise of the policyholder, the sum assured is paid to the nominee in their NRE account.

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  3. Grace Period

    In case a NRI Term Insurance policyholder misses out on the date of premium payment then a feature known as a grace period is offered for the same. The policy is not abolished if the policyholder pays the pending premium during this period. For a policy with a premium payment frequency of 6 months or 1 year, the grace period is of 15 days.

  4. Policy Renewal

    Some term insurance policies offer the option for renewal of the policy at the time of maturity. The process requires the insured to pass through some tests related to health for meeting the criteria of renewal. Also, one should have a good track record where there are no delays or dues in the payment of premium on a date.

  5. Premium Payment through Internet Banking

    Non-Residential Indians also have the option of paying premiums through internet banking. For this process, the insured needs to have an account in any of the authorized banks that permit an electronic transaction to the insurance company. An NRI must be aware and well informed about all the terms and conditions related to internet banking when making a premium payment. Various online term plan payment modes include- Remittance in foreign currency, NRO bank account, NRE/ FCNR bank account.

Document Required

The documents required for Term Insurance for NRI by the insurance company include -

  • Proposal form
  • Proof of age
  • Income proof
  • Report on the health condition
  • Attested passport copy
  • Application amount that is equal to the first premium, etc.

When purchasing insurance via Mail Order Business

The insurance company might ask for some additional documents as well. There are some insurance companies which categorize the lives of people for setting the premium and sum assured. Here, the sum assured depends on the following:

  • Nature of job
  • Country of residence and
  • Income of the policyholder

Wrapping it up!

The various companies offering term insurance for NRIs are - Life Insurance Corporation of India (LIC), ICICI Prudential Life Insurance, Max Life Insurance, Kotak Life insurance, etc.  The awareness of insurance and its significance has slowly taken a good position among people all across the globe. The demand of term insurance among NRIs has given various companies a platform to capitalize on the potential and drive mutual growth.

If you are an NRI ad you are considering getting term insurance, it is best to get one immediately. You can wait around and keep planning, but as you age, the stakes will certainly get higher.

So to ensure that your family can lead a secure life, you must start investing in term insurance as early as possible.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer

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