Term insurance with a ₹10 Crore cover is designed for NRIs who want to provide comprehensive financial protection to their families. Whether you have dependents in India or financial obligations across countries, this plan ensures that your loved ones are protected in your absence.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Yes, NRIs, PIOs (Persons of Indian Origin), and OCIs (Overseas Citizens of India) can purchase term insurance for NRI from India. You do not need to be physically present in India. Many insurers now offer video or tele/video medical check-ups. The term life policy is issued online, and documents can be submitted online. Term life insurance for NRI provides global coverage, pre-approved cover, and dedicated claim assistance in India. However, to claim the GST waiver of 18%, the premiums have to be paid via an NRE bank account that supports freely convertible currency, and you need to have a proof of residence.
Term Plans
Here is why you should buy term insurance for NRI from Indian insurers:
High Cover with Global Protection: ₹10 Crore term life insurance for NRI coverage ensures your family is financially stable regardless of where they live. This cover is applicable globally irrespective of your geographical locations, thus offering continued coverage for family.
Financial Security for Long-Term Goals: The 10 crore term insurance payout can help your family manage loans, education expenses, and lifestyle costs in your absence. This is especially beneficial if you are the main breadwinner of your family.
Customizable Features: Additional term life insurance riders such as critical illness and accidental death benefit enhance overall protection at nominal premiums.
Special Exit Benefits: You can also choose to receive all the premiums paid towards keeping the policy active, by exiting the plan early and terminating its cover with the special exit benefits. Under this, you can exit the plan early and receive all the premiums paid (excluding GST and other nominal charges).
Tax Efficiency: Premiums may be eligible for tax deductions under Section 80C if taxable income exists in India. Not only that, but the death benefit payout is tax-free for your family under Section 10(10D) of the Income Tax Act, 1961.
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You choose a term insurance plan with a sum assured of ₹10 Crore and a policy term of your choice, such as 30, 40, or even up to age 99. You pay premiums annually, semi-annually, or monthly, typically via NRE account. In the unfortunate event of your death during the policy term, your nominee receives ₹10 Crore as a death benefit, either as a lump sum or in monthly payouts, depending on the option selected. The payout is generally tax-free in India. Some plans allow adding riders like critical illness or accidental death benefit, which offer additional protection. The claim process is supported by a dedicated NRI team for smooth settlement, even if your nominee is outside India.
| Category | Eligibility |
| NRI (Non-Resident Indian) | Must hold a valid Indian passport and live outside India for 182+ days a year |
| PIO (Person of Indian Origin) | Foreign citizen with Indian ancestry, eligible under RBI guidelines |
| OCI (Overseas Citizen of India) | Holds an OCI card issued by the Indian government |
Income Eligibility: Term insurance companies assess your annual income before approving an NRI term insurance for a high cover like ₹10 Crore.
Age and Policy Term: Younger applicants can get large life cover for a longer tenure at lower premiums compared to older individuals.
Medical History: You can complete and provide honest medical disclosures as these are critical for smooth claim settlement in the future.
Premium Payment Option: You can choose to pay the premiums in a limited or a regular premium pay tenure in monthly, quarterly, bi-annual, or annual premium pay mode.
Claim Settlement Ratio: Assess and opt for an insurer with a high claim settlement ratio and strong NRI support team.
Here is why you should buy term life insurance for NRIs for 10 Crores from Policybazaar:
Dedicated Claim Support: Dedicated claim assistance support for your family in your absence that helps them get their claims settled in their time of grief.
Tele/video Medical Coordination: Hassle-free scheduling of online medical exams and approvals.
Trusted Insurers in One Place: You can compare best term insurance plans from IRDAI-approved insurers, side by side based on their premiums, CSR, and other benefits.
Lower Premiums: 10 Crore Term insurance for NRI plans are much more affordable in India compared to the international term plans. Additionally, you can compare several plans on the basis of their premiums, benefits, and more while buying Policybazaar term insurance for NRI.
Annual Discounts: If you opt to pay the premiums in an annual premium payment mode, you can receive an additional discount of 5% on the premiums.
Here is how you can buy 10 Crore term life insurance for NRIs from India:
Step 1: Visit Policybazaar.com and go to the 'Term Insurance for NRIs' page
Step 2: Fill in basic details such as age, income, and country of residence to get quotes
Step 3: Select the right occupation type, smoking habits, annual income, and educational qualifications
Step 4: Compare plans and choose one that matches your needs and premium budget
A ₹10 Crore Term Insurance plan can act as a powerful financial protection for NRIs with significant responsibilities. Whether your family is in India or abroad, buying a high-cover term plan from India gives you cost advantage, coverage flexibility, and peace of mind.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/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 38 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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+Rs. 820/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 38 years of age.
+Rs. 1,443/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 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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