4 Crore Term Insurance for NRIs

NRIs living outside India often worry about their family living back in India and thus look for financial products to secure their financial future. Therefore to help the NRIs secure their loved ones, Indian insurers offer 4 crore term insurance for NRIs that provide a large life cover of 4 crores to fit their family’s financial needs in their absence. 

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Note: Know more about what is term insurance first before reading this article.

Let us see the various 4 crore term insurance plans available in India and their subsequent benefits:

What is a 4 Crore Term Insurance for NRIs?

A 4 crore term insurance plan is a pure protection plan that provides a sum assured of 4 crores to the family in the event of the policyholder’s untimely demise. These plans provide coverage against a range of eventualities and ensure the family of the NRI is financially secure back home in India. With the tele/video medical feature, NRIs can now buy term plan from their new country of residence without having to travel back to India to get their medicals cleared.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Best 4 Crore Term Insurance for NRIs

Here is a list of all the 4 crore term insurance for NRIs that are available in India:

4 Crore Term Insurance for NRIs Entry Age  Maximum Maturity Age Policy Term
ICICI Pru iProtect Smart 18 years - 65 years 99 years 5 - (100 - age at entry) years
HDFC Life Click 2 Protect Super 18 years - 65 years 85 years 5 - (85 - age at entry) years
Max Life Smart Secure Plus 18 years - 65 years 85 years 10 - 67 years
Tata AIA Life Sampoorna Raksha Supreme 18 years - 65 years 100 years 1 - 82 years
Bajaj Allianz Life eTouch 18 years - 65 years 99 years 5 - (99 - age of entry) years

Note: You can use the term insurance for NRI premium calculator to estimate accurately the required premiums for the desired term plan.

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₹1 CRORE

Term Plan Starting @ ₹449/month+

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Why Should I Buy 4 Crore Term Insurance for NRIs?

You should buy term plan with a life cover of 4 crores for NRIs because of the following reasons:

  • Financial Security: The 4 Crore term insurance for NRIs can help secure your family back home as it pays the sum assured amount of 4 Crores to the family in case of the policyholder’s untimely demise. 

  • Education and Future Goals: In case the NRI policyholder is the main income earner of the family, in case of his/her untimely death, the 4 crore life cover can help the family fulfil their lifelong goals like paying for the child’s school fees, higher education, or even pay for their wedding.

  • Remaining Debts: If the policyholder has remaining debts like home or student loans, the burden of trying to pay these loans off may fall on the family. With a 4 crore term insurance for NRIs, the family can use the payout to pay off these debts.

  • Maintain Lifestyle: The 4 crore term insurance for NRIs can help the family pay for their monthly expenses and ensure their day-to-day needs are met. They can use the payout to maintain their existing quality of life.

  • Continue Businesses: 4 Crore term insurance for NRIs can help the life assured ensure their businesses do not suffer in their absence. This can be done by appointing the company as the beneficiary, which the company can use to cover their losses.


Benefits of 4 Crore Term Insurance for NRIs

  • High Sum Assured at Affordable Rates: You can buy a 4 crore term insurance for NRIs at 50 to 60% lower premium rates compared to the international term plans. This makes buying term insurance plans in India a suitable option for NRIs who want to save on their premiums.

  • Long Policy Term: Indian insurers offer 4 Crore term insurance for NRIs in various different policy terms ranging from 5 to 40 years. You can even get whole life coverage till 99 or 100 years of age with the whole life insurance plans.

  • Tele/Video Medicals: The NRIs can now purchase 4 crore term insurance for NRIs online via video or tele medicals. This way, they won’t have to travel all the way back to India just to get their medicals cleared.

  • Terminal Illness & Accidental Death Benefit: The 4 crore term insurance for NRIs provides the option of including terminal illness and accidental death benefits in the base plan to enhance the policy’s coverage. 

  • Wide Range of Insurers: The Indian regulatory body enrols various insurance providers that offer 4 crore term insurance for NRIs. The NRIs can compare term plans online from these insurers and buy the one that fits their needs the best.

  • Special Exit Benefit: The NRI customers can exit the plan early within a pre-specified time frame as per the insurer and receive the total premiums paid at the end of the policy term. 

  • Claim Settlement Process: The Indian insurance companies provide a quick and easy claim settlement process for the 4 crore term insurance for NRIs. The family of the NRIs can easily get their claims settled in India because they can visit the company office in person and solve all potential issues. 

  • Claim Settlement Ratio: As an NRI, you should always check out the claim settlement ratios of the insurance providers in India and compare the available term plans before buying the most suitable 4 crore term insurance plan. The CSR of the insurer should be over 95% as it ensures the family’s claim in your absence will be settled. 

  • GST Waiver for NRIs: The NRIs can claim a GST waiver of 18% on the premiums paid for the 4 crore term insurance for NRIs using an NRE (Non-Residencial External) bank account with freely convertible currency.

  • Additional Discount on Annual Premiums: The NRIs can get an extra 5% discount on the premiums if they choose to pay the premiums in an annual mode. This increases the overall savings of the NRI and offers them a total of 23% discount on the premiums.

How To Buy the 4 Crore Term Insurance for NRI?

You can buy the 4 crore term insurance for NRIs by following the below steps:

  • Step 1: Visit the Term Insurance for NRI form

  • Step 2: Enter the required information regarding gender, name, contact number, and date of birth

  • Step 3: Fill in your occupation type, smoking habits, educational background, and annual income

  • Step 4: Click on ‘View Plans’ and select the life cover as 4 Crores

  • Step 5: Select the most suitable plan and proceed to pay

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

FAQs

  • Should I buy the 4 Crore term insurance for NRIs?

    Ans: Yes, you should buy the 4 crore term insurance for NRIs as they secure your loved ones back in India in the event of your untimely demise. These plans payout a sum assured of 4 crores to the family to help them take care of their financial needs and obligations.
  • Is the 4 crore life cover enough?

    Ans: Whether the 4 crore life cover is enough for your family or not depends on your individual annual income, monthly expenses, loans and other obligations. You can use the human life value calculator to see the appropriate sum assured for your family as per your current financial conditions and age.
  • What is max limit in term insurance?

    Ans: The max limit in term insurance is usually 65 years, but the maximum age limit may differ from plan to plan. You can review the policy documents to check the max limit in each specific term insurance.
  • What is 10 year term insurance?

    Ans: A 10 year term insurance is a term plan that covers the policyholder for a specific policy term of 10 years. These plans are usually purchased to fulfil a financial goal, like securing the family until the dependants are no longer dependent on the policyholder.
  • What is the best age for term insurance?

    Ans: The best age for term insurance is as early as possible. Since the premium rates for term insurance increase as you grow older, it is wise to buy term plan as soon as you become an adult to secure a plan with a large life cover at the most affordable premiums.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common term insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage
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