Bajaj Allianz 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 Allianz 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 Term insurance for NRIs in India. 

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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 Allianz 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 Allianz 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 Allianz term insurance for NRI of life cover up to 5 Crores, from the comfort of your home. 

  • Covered medical costs: Most insurers like Bajaj Allianz 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 with the best CSR. Bajaj Allianz 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 Allianz 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.

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

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

  • Financial Security: Bajaj Allianz term insurance for NRIs provides protection to your family throughout the policy term. During this term, if you suffer an untimely death, Bajaj Allianz will pay the life cover to the nominee, which can help them meet their everyday expenses.

  • Long Term Cover: With Bajaj Allianz 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 Allianz 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 Allianz 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 Allianz Term Insurance for NRIs?

Here is a list of people who are eligible to buy Bajaj Allianz 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 Allianz Term Insurance for NRI?

Here is how you can buy Bajaj Allianz 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 Allianz term plan for NRI and proceed to pay

Note: Check out the best term life insurance in India and choose one that suits your requirements.


FAQs

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

    Ans: Your existing Bajaj Allianz 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 Allianz 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 Allianz 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 Allianz 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 Allianz 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 Allianz 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 Allianz term plan for NRI in India?

    Ans: The following people are eligible to buy Bajaj Allianz term insurance for NRIs in India:
    • Non-resident Indians (NRIs)
    • Persons of Indian Origin (PIOs)
    • Overseas Citizenship of India cardholders (OCIs)
    • Foregin Nationals
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