Geographical boundaries are no longer a barrier between you and your family’s financial security. Now you can purchase term life insurance in Canada from an Indian insurance company through tele and video medicals and receive a GST waiver of up to 18% on the premiums. These plans are the most suitable way to secure the life of your loved ones back in India and ensure they are taken care of in your absence.Read more
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A 20-year term life insurance provides financial security to the family of the policyholder for a policy term of 20 years. During this tenure, in case the policyholder suffers an unfortunate death, the insurer will pay the death benefit to the nominee of the policy. The family/nominee can use this payout to take care of their financial obligations and fulfill any financial goals. In case the policyholder outlives this policy tenure, the plan will provide the premiums paid throughout the policy term in case the policyholder has opted for term return of premium plans.
The 20-year term life insurance plans are best suited for people who want to secure their loved ones for a limited duration until their dependants are no longer financially dependent. These plans also provide tax benefits and a GST waiver of 18% along with an additional 5% discount on annual premium payments.
Here is the list of all the 20-year term life insurance in Canada that you can buy from an Indian insurer:
|Term Insurance Plans||Entry Age||Policy Term||Minimum Sum Assured|
|Max Life Smart Secure Plus||18 - 65 years||10 - 67 years||Rs. 50 Lacs|
|Tata AIA SRS Vitality Protect||18 - 65 years||10 - 82 years||Rs. 50 Lacs|
|HDFC Life Click 2 Protect Super||18 - 65 years||2 - (85 - entry age) years||Rs. 50 Lacs|
|PNB MetLife Mera Term Plan Plus||18 - 60 years||10 - (99 - entry age) years||Rs. 25 Lacs|
A term insurance plan can provide you with the following benefits:
Financial Security: In case of your unfortunate death, your family back home in India will receive the death benefit to take care of their financial obligations like paying for rent and other monthly expenses.
Large Sum Assured: A term insurance plan can help you secure your loved ones with a large life cover of up to Rs. 20 Crores. This payout can help your family fulfill their financial goals and pay for the child’s wedding or higher education.
Take care of Spouse: 20-year term life insurance in Canada can help your spouse take care of themselves post-retirement and pay for any medical emergencies or unexpected expenses using the payout amount.
Pay off Remaining Debts: You might have opted for a loan to start your business, purchase a new home, or for your higher education but your family might be burdened with these loans in your absence. A term plan can ensure your family is able to pay off any remaining debts using the payout amount.
Improved Quality of Life: The term insurance can help improve your quality of life by providing you the needed peace of mind knowing that your family will be taken care of in your absence.
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Let us take a look at all the benefits of buying term life insurance from an Indian insurer in Canada:
Low Premium Rates: A 20-year term life insurance in Canada offers comparatively lower premium rates that are up to 50-60% more affordable in India than international term plans. Thus you should always compare term insurance plans in Canada with Indian insurers before purchasing the most suitable term plan.
You can get term life insurance in Canada from India at comparable rates of Rs. 1,558 payable monthly.
Note: You can use term insurance for NRI premium calculator to calculate the required premiums for the desired term plan.
Claim Settlement Ratio: The CSR (Claim Settlement Ratio) is the ratio of the number of total claims received in a financial year to the total claims settled that year. You should always look at the CSR values of insurers and go with a company with CSR higher than 95%. This is because a company with higher CSR has a better chance of settling your family’s claims in the future.
Claim Settlement Process: If you buy a 20-year term life insurance in Canada from India, the claim settlement process in case of your unfortunate death will be easier in India. This way your grieving family wouldn’t have to worry about traveling to your current country of residence just to get their claim settled and can easily visit the nearest office in India.
Tele and Video Medical: Buying term insurance in India allows you to purchase a term plan via tele or video medical from the comfort of your new country of residence. This allows you to purchase a term plan in India without traveling all the way back to India just to get your medical exam cleared.
Bigger Pool of Insurers: There are several insurance companies enrolled by the Indian insurance regulatory body IRDAI, thus providing NRIs with a larger number of insurance companies to choose from. These insurers offer the following benefits
Higher Sum Assured
Easy Claim Settlement
Limited/Regular Pay Benefit
Long Life Coverage
Accidental Death Benefit Rider
GST Waiver: As per the new rules of the Government of India, the NRI purchasing term life insurance from an Indian insurance company will be eligible to receive a GST waiver of up to 18% on their premiums. Not just that, but you can also avail of a 5% additional discount on the annual premium payment mode with the 20-year term life insurance in Canada from India.
Special Exit Option: The special exit option allows NRIs to exit their term insurance plan at a specific stage and receive all the premiums back after policy cancellation. This feature is available at no extra cost in Indian term insurance plans and the refund of premiums is made after some minor deductions like GST and admin charges. Out of the plans mentioned above, the HDFC Life Click 2 Protect and Max Life Smart Secure Plus provide a 100% refund of premiums at no cost.
Here is how you can buy term insurance with a 20-year policy term in Canada from India:
Step 1: Visit the term insurance for NRI page
Step 2: Enter your personal details like name, gender, email ID, date of birth, mobile number, and select the country as Canada
Step 3: Click on ‘View Plans’ to see the available plans
Step 4: Select the correct option regarding your smoking habits, occupation type, annual income, and educational background
Step 5: Choose the most suitable plan and proceed to pay
The 20-year term life insurance in Canada is the best option for NRIs looking to secure their loved ones for a fixed period of 20 years. This way they can stay covered under the plan’s benefits until their kids or other dependants are no longer dependent on them anymore. These plans provide not only long-term coverage but also tax-saving benefits as per the prevailing tax laws along with a GST waiver of 18%.
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