Best Term Life Insurance for NRI in the USA

A term life insurance in the USA can secure your family against the uncertainties of life by providing your family with a large life cover in case of your unforeseen death. As an NRI living in the USA, you can also buy term insurance plans from the top term life insurance companies in the USA from India at affordable prices. Let us see the list of plans available from the best term insurance companies in the USA, along with the benefits of buying term insurance in the USA from an Indian insurer. 

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What Are The Best Indian Term Insurance Plans For NRIs in USA 2023?

The best term insurance plans for NRI are mentioned below:

Term Life Insurance Plans in USA Entry Age Maturity Age Sum Assured
ICICI iProtect Smart 18 - 65 years 99 years Min: Rs. 1 Crore Max: Rs. 2 Crores
HDFC Click 2 Protect Super 18 - 65 years 85 years Min: Rs. 1 Crore Max: Rs. 2.5 Crores
Max Life Smart Secure Plus 18 - 60 years 85 years Min: Rs. 1 Crore Max: Rs. 10 Crores
Tata AIA Maha Raksha Supreme 18 - 60 years 85 years Min: Rs. 2 Crores Max: Rs. 20 Crores
PNB MetLife Mera Term Plan Plus 18 - 50 years 80 years Min: Rs. 1 Crore Max: Rs. 1.5 Crore

Note: Know what is term insurance first and then buy a term plan for your loved ones.

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

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

  • Long Life Cover: A term plan in the USA provides financial security to your family in case of your unfortunate death. Compared to top term life insurance companies in the 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 the USA. The comparable premium rates from Indian insurers allow NRIs living in the USA to purchase term insurance in the USA at affordable premiums. Let us understand this with an example:

If you are purchasing a term life insurance in the USA for a sum assured of Rs. 2.05 Crores for a 30-year policy term, then the best term insurance in the 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 use 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 travelling 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.

In the beginning of the COVID-19 pandemic, the term insurance underwriting guidelines became stricter, and the policy buyers had to go through in-person medical tests, and coverage limits were also imposed. However, with the relaxation of rules, NRIs were now able to get large pure risk cover of up to Rs. 5 Crores through tele/video medical checkups for term insurance.

  • 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 an Indian insurer offers a GST waiver on premiums paid via Non-residential external bank account that supports the freely convertible currency.

  • Pre-Approved Coverage: Policybazaar offers easy pre-approved term insurance coverage up to 2 Crores, eliminating the need for medical tests.

  • Global Coverage and Claim Assistance: Term insurance for NRIs in the USA are provided worldwide coverage and 24/7 claim support.

  • GST Waiver: Purchasing term insurance for NRIs from an Indian insurance company grants you a GST waiver of up to 18%, resulting in premium savings when using NRE accounts with freely convertible currency.

  • Special Exit Option: Policyholders can exit the plan at a certain point and receive a refund of all premium amounts paid for pure risk cover protection. Some no-cost term insurance plans in India, like those by Max Life and HDFC Life, offer this exit option, returning all premiums paid minus GST.

  • Additional Premium Discounts: Life term insurance for NRIs in India offers an extra 5% discount on annual premium payments and the GST waiver, providing a total discount of 23% on premiums.

  • Tax Benefits: Term insurance for NRIs in India offers tax advantages under the Income Tax Act, 1961, with benefits available under sections 80C and 10(10D).

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

  • Accidental Death Cover: This rider offers extra coverage on top of the base term policy, providing additional benefits if the policyholder passes away due to an accident during the policy term.

  • Terminal Illness Benefit: The policy pays out a portion or the entire sum assured if the policyholder is diagnosed with a terminal illness during the policy term, assisting in accessing necessary medical treatments.

  • Limited Premium Payment: NRIs living in the USA can opt for limited premium payment options, allowing them to pay premiums for a shorter period while enjoying extended coverage, thus saving on premiums for future use.

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

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

  • Checking Solvency Ratio & CSR: Always check the insurance company's Solvency Ratio and Claim Settlement Ratio (CSR). They give an insight into the company’s ability to settle claims.

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

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

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

What Are The Additional Benefits Of Term Life Insurance for NRIs in the USA?

Here are the additional benefits of term insurance for NRIs in the USA:

  • Accidental Death Benefits: NRIs living in the USA can choose the Accidental Death Benefit rider for their NRI term insurance plans, providing added coverage and enhanced protection in the event of accidental death.

  • Terminal Illness Benefits: Term Insurance for NRI plans offer coverage for terminal illnesses, providing lump sum payouts upon policyholder’s diagnosis.

  • Critical Illness Coverage: Term Insurance for NRI plans extends coverage for certain critical illnesses throughout the policy term, helping cover medical expenses for these conditions.

  • Premium Waiver on Disability: If an accidental total permanent disability leads to job loss during the policy term, this rider ensures that remaining premiums are waived, allowing you to maintain coverage.

What Documents are Requirements for Best Term Insurance For NRIs in the 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: Go to Policybazaar’s website and then click on Term insurance for NRI

  • Step 2: Enter the necessary information like your name, mobile number, date of birth, and gender and then click on ‘View Plans’.

  • 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

FAQs

  • Q: Can NRIs in the USA buy Term Insurance in India?

    Ans: Yes, NRIs in the USA can purchase term insurance plans in India.
  • Q: Can NRIs in the USA pay premiums using international currency?

    Ans: Yes, NRIs can pay using international currency, with conversion rates applied for the INR payment.
  • Q: What is the Special Exit Option in NRI term plans?

    Ans: It allows policyholders to exit the plan at a certain point and receive a refund of all premium amounts paid for pure risk cover protection.
  • Q: Is there a GST waiver available for NRI term insurance premiums?

    Ans: Yes, purchasing term insurance for NRIs from an Indian insurer can grant you a GST waiver of up to 18%. Additionally, NRI term insurance plans offer an extra 5% discount on annual premium payments.
  • Q: Can NRIs designate nominees outside India?

    Ans: Yes, NRIs can designate nominees residing outside India for their term insurance policies.
  • Q: Are there any tax benefits for NRI term insurance in India?

    Ans: Yes, you can avail tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961
  • Q: What is the Accidental Death Benefit rider?

    Ans: It's an optional add-on that provides extra coverage in case of accidental death during the policy term.
  • Q: Are medical tests required for NRI Term Insurance in India?

    Ans: Term Insurance for NRI plans offer tele or video medical check-ups, eliminating the need for physical tests.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common term insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage

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