Indians who reside outside India may want to invest in a term insurance plan in their home country. Luckily, the Foreign Exchange Management Act has allowed NRIs i.e. Non-Resident Indians, and PIO i.e., the Person of Indian Origin to buy term plans in India. Various insurance companies offer customized options that might interest NRIs. If you are an NRI and planning to buy a pocket-friendly term insurance plan, then you might have certain questions in mind like how can NRIs buy term plans in India.
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Let’s discuss all your concerns in detail:
Life is unpredictable and every individual should always be prepared for the roller-coaster ride, ups and down at all times. One of the important ways to secure the finances and to protect the future of your loved ones is by purchasing a term insurance plan. Term plan not only safeguards your finances but also provides you a burden-free tomorrow. Everyone is eligible to purchase a term insurance plan, and Non-Resident Indians are no exclusions. Insurance companies offer a wide range of term insurance plans for NRIs that helps them protect the family’s future needs in the absence of the policyholder.
Yes, NRIs are eligible to buy a term insurance plan in India, as long as they satisfy the terms and conditions set by the insurance companies. NRIs are residing all over the world and they comprise a significant part of the economic structure. Foreign Exchange Management Act has made it possible and easier for an NRI to buy a term plan in India. An NRI can easily purchase the right term insurance plan and there are two possible ways in which the same can be done.
An individual can purchase a plan while his/her visit to India. The entire process of purchasing a term plan is as simple and convenient as it is for any Indian Citizen. NRIs can also buy the insurance plan from their current residential place.
There are some conditions for an NRI to buy a term plan in India. However, terms vary from insurer to insurer, the basic requirements are almost the same.
The premium rates applicable for NRI term plans vary from company to company, depending on the T & Cs of the policy, the premium paying frequency, age, medical conditions, etc.
The following documents are required to buy a term insurance policy for NRI:
Term insurance policies for NRIs offer several benefits. They are used to secure their family back in India in case of any unfortunate event. Moreover, the premium amounts of term plans are pocket-friendly. Hence, it is recommended to opt for a term insurance policy for NRIs. If you are thinking to buy a term insurance plan, ensure to read the terms and conditions of the plan carefully. There are multiple plans available in the market, make sure to compare the benefits and features of all the policies and then purchase a plan that suits your requirements.
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