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Is Your Term Insurance Valid If You Move Abroad?

Term insurance is the most effective way of providing security to your family in your physical absence. It is one of the simplest and most affordable insurance plans worldwide. Thus, NRIs (Non-Resident Indians) and Persons of Indian Origin (PIO) may consider buying a term insurance plan. As of December 2018, a Ministry of External Affairs of India report stated that the total number of NRIs and PIOs amounted to 31 million. However, a common worry for people with term insurance is whether their policy remains valid if they move to another country. 

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Is Term Insurance Valid Outside India? 

The simple answer is ‘Yes’. PIOs and NRIs can buy term plan offered by Indian insurance companies. Before discussing the pre-requirements of having a term insurance plan in India as a PIO or NRI, let’s discuss who NRIs and PIOs are. 

NRI can be an Indian citizen or a foreign national of Indian origin with roots, descent, or origin in the Republic of India. The NRI category includes spouses, parents, and children of those who have moved abroad for employment, with specific definitions provided in the Income-Tax Act 1961 and by the Ministry of External Affairs. With only a few variations, buying term insurance is nearly similar for residents and non-residents. 

Is the Death of an Indian Citizen Outside India Covered by Term Insurance? 

Yes, natural death during a short trip is generally covered by term insurance, irrespective of the loaction. However, if you buy term plan as an Indian citizen and then become an NRI due to employment or other reasons, it is important to inform your insurer about your relocation plans. The result may vary based on the destination and associated risks, leading to the continuation of your policy without changes or necessary modifications. 

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Key Features of Term Insurance

You can understand what is term insurance key features by taking a look at the following table:

Aspects Term insurance
Type of Plan Term insurance is a pure risk coverage plan. It protects the financial future of your family and loved ones in case of your untimely demise.
Coverage Covers uncertainties of life
Ideal for? An absolute must financial tool for everyone
Premiums charged Term insurance is the most affordable life insurance product available in the market. You can avail of term insurance with a high sum assured at low premiums.
Maturity benefit No maturity benefit is associated with term insurance
Rider benefits Coverage can be enhanced in your term insurance plan with rider benefits such as critical illness cover, accidental death benefits, the return of premium benefit, etc.
Tax benefit Available u/s 80C and 10D
Death benefit Only the death benefit is offered by term insurance
Sum assured Sum assured as the death benefit is mostly 15-20 times the annual income of the policyholder
Liquidity Term insurance does not offer any liquidity.

What are the Documents Required If You Move Abroad? 

The documents required may vary from one insurer to another. Still, one of the most important documents that an insurance company will request you to submit are: 

  • Passport front and back side 

  • Employment ID Proof 

  • Valid Visa Card 

  • Last entry-exit stamp 

  • Last 6 months’ bank statements and Last 3-month salary slips

  • Photo 

  • Foreign Address Proof 

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What is the Claim Initiation Process for NRIs? 

In case of the death of NRI, who is a policyholder outside of India, here are some of the additional documents that are required to be submitted to the insurance company to initiate the claim process other than the regular type of documents: 

  • Copy of the death certificate that is verified by the Indian Embassy located in the death’s country

  • Cause of death certificate 

  • The certificate of employer 

Is There an Obligation to Provide Proof of Medical History? 

It is important to note that you must provide information about your medical conditions upon request from your insurance company. Whether you are an NRI or a resident, disclosing pre-existing health issues is mandatory. While NRIs may undergo tele-medical examinations, concealing crucial information can invalidate your insurance coverage. 

What are the Best Term Insurance Plans in 2024

Best Term Insurance for NRI Entry Age Maturity Age Sum Assured
Max Life Smart Secure Plus 18 years to 60 years 85 years 1 Crore - 10 Crores
Tata AIA Sampoorna Raksha Supreme 18 years to 60 years 100 years 1 Crore - 20 Crores
Tata AIA SRS Vitality Protect 18 years to 60 years 85 years 1 Crore - 2 Crores
Tata AIA Maha Raksha Supreme 18 years to 60 years 85 years 2.5 Crores - 20 Crores
PNB Mera Term Plan Plus 18 years to 50 years 80 years 1 Crore - 1.5 Crores
HDFC Life Click 2 Protect Life 18 years to 65 years 85 years 1 Crore - 2.5 Crores
ICICI Pru iProtect Smart 18 years to 65 years 99 years 1 Crore - 2 Crores

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Note: You can also use term insurance for NRI premium calculator to estimate the applicable premium payable for the desired NRI term insurance.

Wrapping Up!

The straight answer to the question ‘Is term insurance applicable outside India?’ is important as there is a sizeable Indian diaspora in foreign countries. Buying term insurance is a prudent measure for establishing a financial safety net. However, it is essential to be aware that not all NRIs that not all NRIs may access term life insurance, as some Indian insurers have a list of countries where they do not offer services. Therefore, it is important for individuals to confirm if their residential place is categorized as a high-risk area. 

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