2 Crore Term Insurance for NRI

NRIs living outside India are often riddled with worry about the future of their loved ones in their absence. While there are many ways to secure their future, 2 crore term insurance for NRIs is one of the most affordable options for NRIs looking to ensure a large sum assured at affordable premiums. Not only a term plan is the most affordable type of life insurance, but these plans also provide an additional 23% discount as a GST waiver and annual mode discounts. 

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Let us take a look at how a 2 crore term insurance for NRI can help you and your family.

Why is a 2 Crore Term Insurance for NRI Important?

A 2 crore term insurance for NRIs is a regular term insurance with a life cover of 2 crores. This means in case of the policyholder’s death during the policy term; the insurer will provide a sum assured of 2 crores to the policyholder’s family. These plans are especially suitable for the NRIs as they offer a large sum assured to their family members back in India in case of an eventuality. A 2 crore term insurance for NRI in India can help NRIs provide financial protection to their loved ones at affordable premiums for a long policy term along with additional benefits like tele/video medicals and GST waiver. Let us see some of the benefits of a 2 crore term insurance for NRIs.

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Term Plans


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@ Starting from ₹ 16/day+


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@ Starting from ₹ 8/day+


Life Cover

@ Starting from ₹ 12/day+

Best 2 Crore Term Insurance Plans for NRIs To Buy in India 

Let us take a look at some of the best term insurance plans available in India for NRI customers offering a life cover of 2 Crores:

Term Insurance for NRIs Entry Age Maturity Age Policy Term
ICICI Pru iProtect Smart 18 - 65 years 99 years 5 - (100 - entry age) years
HDFC Life Click 2 Protect Super 18 - 65 years 85 years 5 - (85 - entry age) years
Max Life Smart Secure Plus 18 - 65 years 85 years 10 - 67 years
Tata AIA SRS Vitaility Protect 18 - 65 years 100 years 100 years
Bajaj Allianz Life eTouch 18 - 65 years 99 years 5 - (99 - entry age) years

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Term Plan Starting @ ₹449/month+

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Why Should NRIs Buy 2 Crore Term Insurance for NRIs?

The NRIs should buy the 2 crore term insurance plans because of the following reasons:

  • Financial security: The 2 crore term plans for NRIs provide the family of the policyholder with the needed financial protection in case of an eventuality. This way, even if the NRI is the main income earner of the family, the nominees will receive a monetary benefit to take care of their financial needs, like paying for the funeral costs.

  • Pay off Loans and Debts: In case of unforeseen death of the NRI, the family can be burdened with the ongoing loans and debts of the NRI. The grieving family of the NRI can use the payout amount to pay off any remaining loans and debts like student, home, or business loan and ensure the financial stability of the family.

  • Higher Education: The family of the policyholder can use the payout amount to pay for the child’s higher education, like college or university fees. This will help the child create a suitable future for themselves even in the absence of the main income earner.

  • Lifelong Goals: Lifelong goals like going on an extended vacation, buying a house, or securing post-retirement life can be fulfilled using the 2 crore term insurance for NRI. 

  • Lifestyle Maintenance: The family of the NRI can use the 2 crore payout to maintain their current quality of life and take care of their day-to-day expenses.

Benefits of 2 Crore Term Insurance for NRIs

There are several benefits of buying term insurance for NRIs with a life cover of 2 crores:

  • Large Life Cover at Affordable Premiums: Term insurance for NRIs in India is available for really affordable premium rates, and you can buy term insurance plans in India for NRIs at almost 50-60% lower premiums, depending on your current country of residence. You can also use the term insurance for NRI premium calculator to estimate the premium amount you would need to pay for a 2 crore term insurance for NRIs.

  • Tele/Video Medicals: You can now easily buy term insurance for NRI from your current country of residence through tele or video medicals. You can schedule a tele or video medical checkup with the insurer of your choice to clear your medical exam online or on call and purchase the plan in just a few minutes.

  • Special Exit Benefit: This option allows you to exit the plan early, within a specific stage, as per the insurer. During this stage, if you decide to exit the plan early, all the premiums paid until the cancellation of the policy will be refunded, and the plan will terminate.

  • Long Term Coverage: The 2 Crore Term insurance for NRIs is available in a variety of different policy terms, and you can choose the desired coverage period as per your requirements. Some plans also offer the option of purchasing whole life insurance, which provides life coverage to the NRI for their whole life i.e., till 99 or 100 years of age.

  • Bigger Pool of Insurers: The Indian regulatory body IRDAI enrols various life insurance providers, and you can easily compare plans from the different insurance providers to select a plan that best fits your needs.

  • Claim Settlement Ratio: The claim Settlement Ratio or the CSR is the ratio of the number of claims received to the number of claims settled in a fiscal year. You should always go through the CSR values of insurers before purchasing and make sure the company's CSR is above 95%, as the higher CSR values indicate the insurer's reliability.

  • Claim Settlement Process: In India, the claim settlement process of term insurance for NRIs is much easier in case of the NRIs’ unfortunate death, as the family can visit the insurance company’s office easily if the insurer is in India. They can easily submit the claims form and track the status of the form in India.

  • GST Waiver for NRIs: The NRIs can now claim a GST waiver of 18%, per the Government of India, on premiums paid through the NRE (non-residential external) bank account with freely convertible currency.

  • Discounts on Annual Modes: You can avail of an extra 5% discount on the term insurance for NRIs by opting for the annual premium payment mode. This, added up with the GST waiver, provides the NRIs with a total of 23% discount on the premiums paid.

  • Terminal Illness and Accidental Death Cover: Term insurance for NRIs also provide the option of enhancing the base cover by including the terminal illness and accidental death benefit rider in the base term insurance. With these important term insurance riders, you can receive additional coverage against these eventualities.

How to Buy 2 Crore Term Insurance for NRIs in India?

You can buy a 2 crore term insurance in India for NRIs by following the below-mentioned steps:

  • Step 1: Go to the Term Insurance for NRI page

  • Step 2: Fill in the basic details like name, contact number, gender, and date of birth

  • Step 3: Enter the occupation type, current annual income, educational background, and smoking habits

  • Step 4: Select the life cover amount as 2 Crores

  • Step 5: Go through the list of available plans and select the most suitable 2 crore term insurance for NRI


  • Should I buy a 2 Crore term insurance?

    Ans: Yes, you should buy a 2 crore term insurance as it can provide financial protection to your family in the event of your untimely absence and ensure your family has enough monetary aid to take care of their financial needs.
  • Is a life cover of 2 Crores enough?

    Ans: If a life cover of 2 Crores is enough for your life or not depends on your yearly income, daily expenses, financial needs of the family, and other such factors. You can use the human life value calculator to estimate the life cover ideal for your family.
  • How is a 2 crores term insurance claim settled?


    A 2 crore term insurance claim is settled in the following steps:

    • Claim Intimation: The nominee needs to inform the insurer and fill out the claim form along with all the necessary documents.
    • Claim Processing: The insurer will assess the claim request and the accuracy of the information provided by the nominee.
    • Claim Settlement: The insurer will contact the nominee on the given contact information and payout the claim amount.
  • Is Indian term insurance valid for NRI?

    Ans: Yes, Indian term insurance is valid for an NRI. NRIs can buy term plans offered by Indian insurers from the comfort of their home without travelling back to India at affordable rates for a large life cover. These plans are designed to cover the needs of NRIs living abroad and secure their family back home at low premiums.
  • Can a person claim 2 term insurance?

    Ans: Yes, a person can claim 2 term insurance plans. If the policyholder had more than 1 term insurance policy active at the time of his/her untimely death, the nominee can claim all the existing term plans at the same time by submitting the required documents as soon as possible.
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