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