In today’s fast-paced and uncertain world, it has become increasingly important for individuals to secure their loved one’s financial future. For Non-Resident Indians (NRIs), this need is crucial, as they often have additional responsibilities and dependents in their home country. One of the most effective ways to ensure financial protection is by buying a large cover term insurance plan such as 3 crore term insurance. This plan helps you to look after the finances of your family.Read more
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Let’s discuss the what are 3 crore term plan for NRIs and its importance for NRIs.
A 3 crore term insurance for NRI is a pure risk protection plan that provides financial coverage to the policyholder’s family back at home against any eventuality. These plans offer a payout of Rs. 3 Crores to your family members living in India if something happens to you (the policyholder). The Government of India has loosened the restrictions regarding the purchase of these plans, and thus, NRIs can now buy term plan from their new country of residence using the tele or video medical feature. Let us see what are some of the other benefits of 3 crore term insurance for NRIs in India.
The best 3 crore term insurance plans for NRIs offered by Indian insurers are as follows:
|3 Crore Term Insurance for NRIs||Entry Age||Maturity Age||Policy Term|
|HDFC Life Click 2 Protect Plan||18 - 65 years||85 years||85 - age at entry|
|ICICI Prudential iProtect Smart Term Plan||18 - 65 years||99 years||99 - age at entry|
|Tata AIA SRS Vitaility Protect||18 - 65 years||100 years||100 years|
|Bajaj Allianz Life eTouch Term Plan||18 - 65 years||99 years||99 - age at entry|
|Canara HSBC Life Insurance iSelect Smart360||18 - 65 years||99 years||5 - 81 years|
Note: You can also refer to the term insurance for NRI premium calculator to estimate the required premiums for the term plan of your choice.
A 3 crore term insurance policy offers substantial coverage that can effectively protect NRIs' families from various financial burdens. Here are some reasons why NRIs should consider this coverage amount:
Debt and Liabilities: NRIs may have financial obligations such as home loans, personal loans, or other debts. A 3 crore term insurance policy ensures that these liabilities are covered, relieving the family from the burden of repayment.
Education and Future Expenses: With rising education costs and inflation, it is essential to plan for children's education and other future expenses. A large coverage amount can secure their educational aspirations and provide financial stability for their future endeavours.
Lifestyle Maintenance: The loss of an NRI's income can significantly impact the family's lifestyle. A 3 crore term insurance policy provides the necessary funds to maintain the current standard of living and cover day-to-day expenses.
Business Continuity: NRIs involved in businesses or partnerships should consider term insurance to ensure the continuity of their enterprises. The coverage amount can compensate for potential business losses and help the family sustain the business's operations.
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Large sum assured at low premiums: Term insurance for NRIs offers the option of securing your family at really affordable premiums, which are at least 50 to 60% lower than international term plans. The premium rates depend on the NRI's new country of residence, and the plan can be purchased online in just a few simple steps.
Long Term Coverage: 3 Crore term insurance is available in a variety of policy terms ranging from 5 to 40 years. The policyholder can select a policy term as per their needs and even buy term plan that offers coverage for their whole life till 99 or 100 years of age with the whole life insurance plans.
Video or Tele Medicals: As per the change in regulations after COVID-19, the NRIs can now purchase term insurance for NRIs online without travelling all the way back to India for their medical examination by scheduling their medicals online via video or tele medical channels.
Terminal Illness & Accidental Death Benefit: Term insurance for NRIs offers the option of enhancing the base term plan to cover unpredictable eventualities like terminal illness and accidental death. All you need to do is pay nominal extra premiums along with the base premiums.
Special Exit Benefit: The special exit benefit allows customers to exit the plan early within a time frame provided by the insurer and receive all the premiums paid on policy cancellation.
Wide Range of Insurers: In India, the IRDAI enrols many insurance providers that offer various term insurance for NRIs. You can compare and select the most suitable term plan from these insurers online and purchase the one that fits your needs.
Hassle-free Claim Settlement Process: The claim settlement process of the 3 crore term insurance for NRIs is much easier in India than the international term plans because the family of the life assured will be able to visit the company office in the NRIs’ new country of residence to get their claims settled.
Claim Settlement Ratio: The NRIs can check out the claim settlement ratios of the different insurers in India and compare the 3 crore term insurance plans before purchasing the most suitable plan. You should always buy term plan from an insurer with a high CSR value of over 95% to ensure your family’s claim in your absence will be settled.
GST Waiver for NRIs: The Government of India offers a GST waiver of 18% on the premiums paid for the term insurance for NRIs using an NRE (Non-Residencial External) bank account that supports the freely convertible currency.
Extra Discount on Annual Mode: The NRIs can get an extra 5% discount on the premiums if they select the annual premium payment option for their 3 crore term insurance for NRIs. This, along with the GST waiver, increases their overall savings, providing them with a total of 23% discount on the premiums.
The NRIs can buy 3 crore term insurance in India by following the below steps:
Step 1: Go to the Term Insurance for NRI page
Step 2: Fill in the required information regarding name, gender, contact information, and date of birth
Step 3: Enter your smoking habits, occupation type, annual income, and educational background
Step 4: Click on ‘View Plans’ and select the life cover as 3 Crores
Step 5: Choose the most suitable plan and proceed to pay
In case of an eventuality, your family can file a claim for the 3 crore term insurance by following the below steps: