Best Term Life Insurance Plans in Singapore

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

Best 5 Term Life Insurance Plans in India for NRIs in Singapore

Here is a list of the best term plans in India for NRIs that provide protection for expats at level term life insurance rates:

Why Should NRIs in Singapore Buy Best Term Insurance Plans In India?

• 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.

• Financial Protection
  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.

How To Choose the Best Term Insurance Plans in Singapore from India?

• 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.

Documents Required to Buy Term Insurance For NRI in Singapore

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

• Photo

• Foreign Address Proof

• Valid Visa Copy

• Last entry-exit stamp

• Last 6 months’ bank statements

How To Buy Term Life Insurance for NRIs Living in Singapore From Policy Bazaar?

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.

Things to Keep in Mind While Purchasing Term Life Insurance for NRIs in Singapore

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.

FAQ's