An NRI living in Singapore can easily buy the best term life insurance plan in India during their visit to India or while staying abroad. These protection plans secure the financial future of the policyholder’s family back in India in case of his/her absence. Most term insurance for NRI plans in India is available online and doesn’t require a physical medical check-up. Tele or video medical facilities are provided by Indian insurers to the NRIs in Singapore who want to buy protection for expats from India at affordable rates.Read more
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Here is a list of the best term plans in India for NRIs that provide protection for expats at level term life insurance rates:
|Term Life Insurance Plans NRIs in Singapore||Entry Age||Maturity Age||Sum Assured|
|ICICI Pru iProtect Smart||18 - 65 years||99 years||Min: 1 Crore
Max: 2 Crores
|HDFC Click 2 Protect Super||18 - 65 years||85 years||Min: 1 Crore
Max: 2.5 Crores
|Max Life Smart Secure Plus||18 - 60 years||85 years||Min: 1 Crore
Max: 10 Crores
|Tata AIA Maha Raksha Supreme||18 - 60 years||85 years||Min: 2.5 Crore
Max: 20 Crore
|PNB MetLife Mera Term Plan Plus||18 - 50 years||80 years||Min: 1 Crore
Max: 1.5 Crore
Long term protection
Protection plans provide long-term financial protection for the policyholder and their family members. You can choose a term coverage of up to 100 years or purchase a decreasing term insurance Singapore depending on your financial requirements.
Pure risk cover plans help NRIs in protecting the financial future of their family by providing them with the death benefit in case of the absence of a policyholder. You can purchase the cheapest term plan in Singapore from India or buy a decreasing term insurance in Singapore, whose premium rates are comparatively lower, and the sum assured decreases every year.
Affordable Premium rates
The level term life insurance rates in India are lower than those abroad. Indian term insurance plans are 50% cheaper than international term life insurance plans. So, purchasing the cheapest term plan in Singapore from India is always a smart option for NRIs living in Singapore.
Note: You can compute the term insurance plan premium rate with term insurance for NRI premium calculator.
Tele or Video Medical Examination
NRIs in Singapore can easily buy the best term insurance for NRI in India that allows them to schedule a video or telemedical examination from their residential country. NRIs can also get large coverages with telemedical options, making protection for expats much more feasible for NRIs over the globe.
Terminal Illness Coverage
Term Insurance for NRI in Singapore enhances your base pure risk cover and offers terminal illness coverage. It provides you with a lump sum payout if diagnosed with a terminal illness.
Accidental Death Cover
NRIs also have the option to attach the Accidental death cover rider to their base life term insurance policy. This rider offers an additional life cover along with extra protection in case of accidental death.
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Always check the online presence of the life term insurance policy offered by the insurer
Check the claim settlement ratio (CSR) as it is an important factor for choosing the best term life insurance for NRIs. It indicates the company’s quality and capability of settling the claims.
Ensure to check the solvency ratio of the insurers.
Check for a quick and hassle-free claim settlement procedure. The better the claim process, the more secure your family will be in your absence.
The company should offer different types of protection plans, like the cheapest term plan in Singapore and decreasing term insurance in Singapore, so customers can choose a term life insurance plan that fits their needs the best.
The company offering the best term life insurance plans should have processes to automate premium payments.
Let us take a look at the documents required to buy protection plans for NRIs in Singapore from India:
Passport front and back side
Employment ID Proof
Last 3 Month salary slips
Foreign Address Proof
Valid Visa Copy
Last entry-exit stamp
Last 6 months’ bank statements
Here is how you can buy term plans for NRIs in India online from Policybazaar:
Step 1: Visit Term insurance for NRI
Step 2: Fill in the basic details such as date of birth, name, contact details, and country code. Click on ‘View Plans’
Step 3: Answer the questions about smoking or chewing habits, annual income, occupation, education, and language.
Step 4: Choose the protection plan that suits your financial needs and proceed to pay.
Below is a list of certain things that NRIs should keep in mind when buying term plans from Indian insurers:
Your residential country plays a vital role in determining your eligibility for term life insurance for NRIs. Thus, you should also check with the insurance company whether they offer services in your country.
The policy term for term insurance plans for NRIs is almost the same as that for Indian citizens. Ensure with the insurance company for the maximum and minimum cap on the age limit for purchasing pure risk cover plans in India.
The level term life insurance rates depend on various factors like policy term, plan coverage, premium payment frequency, and rider availability (if any). You can buy the cheapest term plan in Singapore from an Indian insurer at affordable premium rates and get a long life cover.
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