Bajaj Life Term Insurance for NRI

Today, many Indians live abroad, away from their family or loved ones. However, their concern for their family’s financial safety remains intact. With Bajaj Life Term insurance for NRI, they can easily ensure their family's financial stability in the event of their untimely demise during the policy term. Let us look at some ways NRIs can benefit by buying Bajaj Life Term insurance for NRIs in India.

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₹2 Crore Life cover starting from

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Why Should NRIs Buy Term Insurance from India?

NRIs living abroad can consider buying Term insurance for NRIs in India for the following reasons:

Lower premiums: A Bajaj Life term plan for NRI is much lower than international term life insurance plans. With these plans, you can save up to 50-60% on the premiums and get a large life cover at affordable premiums.
Pre-approved cover: You can get a pre-approved cover for Bajaj Life term plan for NRI of up to 2 Crores without the hassle of medicals and long processing.
Tele/video medicals: With the tele/video medical feature, you can easily schedule and avail of Bajaj Life term insurance for NRI of life cover up to 5 Crores, from the comfort of your home.
Covered medical costs: Most insurers like Bajaj Life Insurance cover the medical costs of the tests required before buying term insurance for NRI.
Claim settlement ratio: In India, you can easily compare the claim settlement ratio of different insurers and buy the suitable plan from the company. Bajaj Life had a CSR of 99.02% in FY 2021-22, which means that the company settled most of the claims registered in the financial year.
Special exit benefit: The special exit benefit of the Bajaj Life term plan for NRIs offers a special exit benefit, under which you can exit the plan early and receive all the premiums paid back on policy termination.
GST waiver on premiums: You can claim an 18% GST waiver on the premiums paid through an NRE (Non-residential External) bank account in freely convertible currency.
Annual discount of 5%: You can also claim an additional 5% discount on the premiums payable in annual modes, which helps you save a total of 23% on the premiums.

Note: Know what is term life insurance first and then buy a term plan for your loved ones.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

What is the Benefit of Buying Bajaj Life Term Plan for NRIs?

Here is a list of all the benefits of buying Bajaj Life Term Insurance for NRIs:

Financial Security: Bajaj Life term insurance for NRIs provides protection to your family throughout the policy term. During this term, if you suffer an untimely death, Bajaj will pay the life cover to the nominee, which can help them meet their everyday expenses.
Long Term Cover: With Bajaj Life Term insurance, you can get long term coverage that covers you till 99/100 years of age, as per the policy’s T&Cs. You can select a policy term as per your needs.
Additional Benefits: You can opt for various riders under the Bajaj Life term plan for NRI, like accidental death benefit, terminal illness cover, critical illness cover, and waiver of premium on disability cover.
Peace of Mind: These plans provide you with peace of mind knowing that your family will be financially secure, will be able to pay off any remaining loans, and maintain their existing quality of life in your absence.
Tax Benefits: With Bajaj Life term plan for NRIs, you can claim term insurance tax benefits u/s 80C and 10(10D) of the Income Tax Act, 1961 as per the prevailing tax laws.

Note: You should also check the benefits of term insurance if you are planning to purchase the term insurance plan.

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Who is Eligible to Buy Bajaj Life Term Insurance for NRIs?

Here is a list of people who are eligible to buy Bajaj Life Term Plan for NRIs in India:

NRIs (Non-resident Indians)

People who are Indian citizens but are living in a different country
PIOs (Persons of Indian Origin)/OCIs (Overseas Citizenship of India cardholders)

People who have held Indian citizenship at some point, have Indian parents, or grandparents.
Foreign Nationals

People who are not Indian citizens but live in India

Note: It is suggested to calculate the term plan premium on the term policy calculator online tool by Policybazaar before buying.

How to Buy Bajaj Life Term Insurance for NRI?

Here is how you can buy Bajaj Life Term plan for NRI from the comfort of your home:

Step 1: Visit the Term insruance for NRI page

Step 2: Enter your name, gender, contact no., and email ID

Step 3: Fill in your smoking habits, occuptation type, annual income, and educational qualifications

Step 4: Select the most suitable Bajaj Life term plan for NRI and proceed to pay

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FAQs

Q: What will happen to my Bajaj Life term plan for NRI if I become a US citizen?

Ans: Your existing Bajaj Life term plan for NRI will continue as normal in case you turn a US citizen during the policy term. However, you need to inform the insurer of your new citzenship status.
Q: Can I still buy Bajaj Life term insurance for NRI if I am no more an NRI?

Ans: In case you have become a citizen of any other country, you can still buy Bajaj Life term plan for NRI as long as you have all the required documents like the OCI card or PIO documents.
Q: Will the policy cover my nominee if he/she changes country?

Ans: Yes, your Bajaj Life term plan for NRI will still cover your nominee even if they change their country of residence.
Q: Can I get any GST waiver with my Bajaj Life term insurance for NRI?

Ans: Yes, you can get a GST waiver on the premiums paid by presenting your NRE bank account details at the time of buying the Bajaj term plan for NRI and paying in freely convertible currency. In case you forgot to avail of the GST waiver, you cna claim a GST refund by presenting the required documents.
Q: Who all can buy Bajaj Life term plan for NRI in India?
Ans: The following people are eligible to buy Bajaj Life term insurance for NRIs in India:
- Non-resident Indians (NRIs)
- Persons of Indian Origin (PIOs)
- Overseas Citizenship of India cardholders (OCIs)
- Foregin Nationals

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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