Best Term Life Insurance for NRI in USA

Best Term Insurance in the USA For NRIs From Indian Insurers

Here is a list of the best term insurance in USA from Indian insurance companies that you as an NRI can consider buying to secure your family:

Why Should NRIs Buy Term Insurance in USA From An Indian Insurer?

Let us see the benefits of buying term life insurance in USA from an Indian insurance company:

• Long Life Cover: A term plan in USA provides financial security to your family in case of your unfortunate death. Compared to top term life insurance companies in USA, Indian life insurers offer term insurance plans with life cover up to the age of 99/100 years. This ensures that your family is protected for a longer duration.

• Low Premium Rates: Indian Life insurance companies offer coverage at lower premium rates compared to the best term insurance companies in USA. The comparable premium rates from Indian insurers allow NRIs living in the USA to purchase term insurance in USA at affordable premiums. Let us understand this with an example:

If you are purchasing a term life insurance in USA for a sum assured of Rs. 2.05 Crores for a 30-year policy term, then the best term insurance in USA would offer the plan at a premium rate of Rs. 2,239 payable daily whereas an Indian insurer would allow you to purchase the plan at a premium rate of just Rs. 2,142.

Note: You can also make use of the term insurance for NRI premium calculator to compute the premium amount you would need to pay for your term plan.

• Video or Tele-Medical check-up: NRIs living abroad can purchase term insurance in USA from an Indian insurer without worrying about traveling all the way back to India just to get their medical cleared for the policy issuance. You can purchase a term plan in USA from the comfort of your home in your current residential country by conducting the medical via tele or video channels.

• Easier Claim Settlement: The term plan in USA will be much more difficult in case of claim settlement as your family would have to travel back and forth to your current residential country just to get their claim settled, whereas a term plan from India will be much easily settled as your family can file for online claim settlement or visit the company office nearby.

• Large Number of Insurance Companies: The Indian insurance companies are regulated by the IRDAI and allow you to purchase and compare plans from a variety of insurers. The benefits of purchasing term insurance for NRI in USA are

  • Long Life Coverage

  • High Sum Assured

  • Easy Claim Settlement

  • Option of Regular, Single, or Limited Premium Payment Term

  • Critical Illness and Accidental Death Benefit Riders

• GST Waiver: Term insurance in USA from Indian insurer offer a GST waiver on premiums paid via Non-residential external bank account that supports the freely convertible currency.

How Can NRIs Select the Best Term Insurance in USA From Indian Insurers?

Here is how you can choose the best term life insurance in USA from an Indian insurer:

• Always check the Solvency Ratio and Claim Settlement Ratio of the insurance company. They give an insight into the company’s ability to settle claims.

• Ensure the company offers a quick and hassle-free claim settlement process for an easy claim settlement in case of your unfortunate death.

• Check the online presence of the insurer before purchasing a term life insurance in USA from an Indian Insurer.

• Go through the types of term insurance plans offered by the company to select a term plan that best suits your needs.

Documents Requirements for Best Term Life Insurance in USA

Here is a list of all the documents required to purchase the top term life insurance companies in USA from an Indian insurer:

• Foreign address proof

• Photo

• Passport front and back side

• Last entry-exit stamp

• Last six months bank statements

• Last 3 months salary slips

• Employment ID proof

How NRIs Can Buy Term Life Insurance in USA From India?

The NRIs can buy a term plan in USA from India by following the below-mentioned steps:

• Step 1: Visit the Term insurance for NRI in India page

• Step 2: Enter the necessary information like your name, mobile number, date of birth, and gender.

• Step 3: Select appropriate answers regarding your smoking and chewing tobacco habits, educational background, occupation, and yearly income.

• Step 4: Choose the plan that fits your needs and proceed to pay