Best Term Life Insurance Plans in Singapore

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. Term plans to secure the future of the policyholder’s family financially 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 the Indian insurers to the NRIs in Singapore who wants to buy plans from India at affordable rates. 

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

Following is a list of best term plans in India for NRIs:

Term Life Insurance Plans NRIs in Singapore Entry Age Maturity Age Sum Assured
Max Life Smart Secure Plus 18 years 85 years Min:25 Lakhs
Max: 10 Crores
Tata AIA Maha Raksha Supreme 18 years 85 years Min: 2 Crore
Max: 20 Crore
HDFC Click 2 Protect Super 18 years 85 years Min: 50 Lakhs
Max: 20 Crores
ICICI Pru iProtect Smart 18 years 75 years Min: 50 Lakhs
Max: 10 Crores

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

  1. Long term protection

    Term 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.

  2. Financial Protection

    Term plans help NRIs in protecting the financial future of their family by providing them with financial security, 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 Singapore, whose premium rates are comparatively lower and the sum assured decreases every year.

  3. Affordable Premium rates

    The premium quotes of term plans in India are lower than those abroad. Indian term insurance plans are 50% cheaper than foreign 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.

  4. 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 more feasible for NRIs over the globe.

  5. Terminal Illness Coverage

    Term Insurance for NRI in Singapore enhances your base term plan and offers terminal illness coverage. It provides you a lump sum payout if diagnosed with a terminal illness.

  6. Accidental Death Benefit

    NRIs also have the option to attach the Accidental death benefit rider to their base term plan. 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 plan offered by the insurer

  • Check the claim settlement ratio (CSR) as it is an important factor for choosing the best term plan. It indicates the company’s quality and speed 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 term plans like the cheapest term plan in Singapore and decreasing term insurance Singapore for customers to choose a term 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

  • 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?

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 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 plans. 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 term plans in India.

  • The premium amount for NRI term plans depends 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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