List of Documents NRIs Should Have While Purchasing a Term Insurance Policy

Term insurance provides financial protection to the family of the policyholder in case of his/her demise during the policy term. In this way, it not only safeguards your capital reserved but as well provides a stress-free life for your family members ahead. Everyone in India is eligible to get this type of insurance policy, and even Non-Resident Indians are no exception to this. 

Read more
Get ₹1 Cr. Life Cover at just ₹449/month+
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers
+Tax benefit is subject to changes in tax laws. +Standard T&C Apply
++ Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
Get ₹1 Cr. Life Cover at just ₹449/month+
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use

NRIs can purchase a term insurance policy as per their specific requirements and needs, and there are two methods by which they can do so. As an NRI, you can purchase a term plan while your visit to India. The complete process is very simple and can be executed in the same way as it is done for an Indian citizen. An NRI can as well buy an insurance plan from his/her current place of residence, which can be performed through mail order. Purchasing a term insurance policy in this manner needs detailed verification, which is done by officials of the Indian embassy and sometimes to notary. 

Term insurance plans for NRIs have flexible terms and conditions and the sum assured may vary from Rs.2 lakhs to Rs.1 Crore. The premiums that are applicable for these term insurance policies can also vary as per the terms and conditions, age, frequency of payments of the premiums, health conditions, etc. The duration of the term can also vary and may range from anywhere between six months to 25 years.

For purchasing a term insurance plan, you have to be between the age group of 18 years to 60 years (some insurance policies may have an upper age limit of 55 years). You can pay the premium for your policy purchased online and for this, you should have an account in any of the banks specified in your policy documents.

The documents required for NRIs for purchasing a term insurance policy are as follows:

Documents Required to Buy a Term Insurance Policy by an NRI:

The list of documents needed by an NRI to buy a term insurance policy is given below:

  • Attested copy of passport

  • Application or proposal form

  • Documents mentioning the health conditions/ health checkup reports

  • Proof of income

  • Proof of age

  • An amount that is equal to the first calculated premium as well needs to be paid

If the NRIs do not pay the premium on time,  there is a specific grace period. Therefore, as an NRI, if you forget to pay the premium of your term insurance policy at the specified time, you can pay it within the grace period. 

Some insurance companies offer the option of a complete renewal of policy for NRIs. 

How an NRI Can Purchase a Term Insurance Policy?

As mentioned above, as an NRI you can buy a term insurance plan in two ways – while your visit to India or from your country of residence. 

  • While in India: Buying a term insurance plan in India is quick and simple for everyone including the NRIs. However, as an NRI all you need to do is to find a suitable insurance provider and ask to buy a policy. After completion of all the formalities, the insurance policy is considered a regular term plan bought by any Indian citizen. But, you need to disclose your country of residence. Most insurance providers have a list of countries where they do not offer an insurance plan. 

  • From the Country of Your Residence: The process to buy a term insurance plan from the country of your residence is a bit complicated. In this case, you have to buy the term insurance policy through Mail Order Business. Under this process, as an NRI, you need to get yourself verified by the Indian diplomat and notary. Most of the NRIs need verification from the Indian Embassy. If you are an Indian student studying in abroad, you may need to ask your supervisor or dean to help you through the verification process. 

How Does a Term Insurance Policy for NRI Work?

A term insurance policy for NRIs works the same as a regular term plan for the citizens of India. NRIs pay the amount of premium regularly as per their premium paying term. This provides them the peace of mind that they want from a life insurance policy. The policy offers life cover for a specific period unless you have opted for a whole life insurance policy that continues irrespective of your age and policy’s tenure. If anything happens to you during the tenure of the policy, your nominee receives the benefits of pay-out as per the guidelines mentioned in the documents of the policy. 

Affordable Term Life Insurance Affordable Term Life Insurance

What Does Happen If You Become NRI After Buying a Term Plan in India?

If you have taken a term insurance policy before becoming an NRI, you should not worry. You can write to your insurance provider and ask if they will keep your term insurance plan active once you move to some other country. All you need to do is to provide the details about where you are going. This is because most term insurance providers allow you to continue with the same plan. 

Kal Kisi Ne Nahi Dekha Kal Kisi Ne Nahi Dekha

Summing It Up!

As an NRI, you are allowed to purchase a term insurance plan in India. However, before singling out one plan, you must remember to check whether the selected plan is providing you the required coverage in your country of residence or not. Moreover, if you think that the selected coverage is not sufficient for you, you can buy multiple term insurance policies as well. Additionally, you can also change the frequency of premium payment, but you should wait until the time of the annual renewal of your policy before making any switch. However, do not forget to check the requirement of your term insurance provider.

Types of Term Plans

Term insurance articles

Recent Articles
Popular Articles
Zero Cost Term Insurance: What makes this plan so attractive?

23 Sep 2022

Zero Cost Term Insurance is a new variant of term insurance that...
Read more
Zero Cost Term Insurance Plan

07 Sep 2022

Term insurance is the most common type of life insurance product...
Read more
What Will Happen to My Term Insurance If I’m in Coma?

05 Sep 2022

A coma is a long unconsciousness because of insufficient...
Read more
What Happens to the Term Insurance Plan if Its Nominee Dies?

29 Aug 2022

Nomination is an important part of financial planning. It is the...
Read more
Why Buying Term Life Insurance Plan is More Affordable in India Than Abroad for NRIs ?

29 Aug 2022

Accidents and Death can occur anytime anywhere, irrespective of...
Read more
Term Plan with Return of Premium - TROP 2022 | Policybazaar
Term Insurance is a simple life insurance plan that provides financial coverage in the form of a life cover for a...
Read more
Term Life Insurance for NRI in India
Every bread-earner wishes to provide financial security and stability to his/her family in some way. Whether you...
Read more
Zero Cost Term Insurance Plan
Term insurance is the most common type of life insurance product that provides financial protection to the family...
Read more
LIC Term Insurance 1 Crore
If you have a LIC term insurance 1 Crore handy, you can cherish all your happy moments as you have made a fine...
Read more
Types of Deaths Covered and Not Covered by Term Insurance
Types of Deaths Covered and Not Covered by Term Insurance When it comes to securing the future of your loved ones or...
Read more

View Plans
Download the Policybazaar app
to manage all your insurance needs.