Why NRIs in UAE Should Buy Term Insurance Plans from India?

Term life insurance plan secures the financial future of your family members by providing a life cover in case of your unforeseen death. Whether you live in India or abroad, it is important to buy term life insurance plan in the UAE to make sure that your loved ones are not helpless back in India after any uncertainty. Various insurance companies in India offer term plans for NRIs living in UAE, helping them to create a financial backup for their family. 

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Note: Know more about what is term insurance first before reading this article.

What Are The Benefits of Buying Term Insurance Plans for NRIs from India?

Here is a list of points that NRIs should consider while buying a term plan from India:

  1. Cost-effective plans

    Term insurance plans for NRIs from India come with a price difference of at least 50-60%, mostly when compared with developed countries. For example, a term insurance plan purchased from India would result in a 50% lower premium than term insurance in UAE.

    Considering the plan’s long shelf life, the succeeding savings in the level term life insurance rates over a period can also make an important difference in the price you pay in India vs UAE. In India, protection plans are affordable and come with various benefits that majorly cater to NRI customers. At the same time, the plans available in UAE might have been specifically designed to fulfill the needs of that particular country.

    Let’s understand this with the help of an example:

    In the UAE, the cost of a term insurance plan for a death benefit or a sum assured amount of Rs. 1.05 Crore for a 30-year-old individual is around Rs.2000 per month, for a policy tenure of 15 years. And, in India, the term insurance premium rates for NRI are as low as around Rs. 840 per month.

    Simply put, international term life insurance plans from abroad (UAE) cost you more than Indian term life insurance for NRIs. Indian term insurance for expats are around 50% more affordable than foreign countries. So, it is always suggested to buy term insurance plans in UAE from India at affordable premium rates. 

    You can calculate premium amounts using term insurance for NRI premium calculator.

  2. Easy Availability Using Tele or Video Medical Check-Ups

    Geographical boundaries are no longer considered a barrier for NRI customers who are looking to buy term insurance plan in India. Now, they can easily opt for term insurance plans for NRIs in India that allow them to schedule a tele or video medical checkup from their residential country.

  3. How do Companies Perform Tele or Video Medical Checkups for Buying Term Insurance Plans for NRI?

    • NRIs in UAE can buy term plan from India online by filling out the application form and making the payments through hassle-free payment processes.

    • After providing all the basic details, the company arranges a video or telemedical check-up. This procedure comprises tele-underwriting, in which a certified practitioner or doctor from the company makes a call to get the detailed current medical history and state of the customer.

    • This process is mainly based on the details shared about the policy buyer’s medical history and the documentation of pre-existing chronic illnesses and medical problems.

    • Then, the doctor asks certain questions to determine the medical or health conditions and lifestyle practices. Then, the buyer answers the question about his/her condition over a video or phone call.

    All these above-mentioned steps are important for a smooth settlement of claims. After submitting and getting approval, the applications for the desired protection plan will be considered acceptable for issuance.

  4. Multiple Insurance Companies

    In India, various term life insurance companies are registered under the Indian regulating authority (IRDAI), and all insurers offer comprehensive term plans for NRIs living in UAE with high coverage at low premium rates. There are a number of benefits that an Indian insurer offers for NRIs than International term life insurance plans:

    • Long-term coverage

    • Sum assured can go up to 20 Crores 

    • The easy, hassle-free payment process

  5. Claim Settlement Ratio

    The CSR (Claim settlement ratio) of Indian term life insurance companies is the % of claims that an insurance company settles yearly out of total death claims. A good CSR should be more than 95% which indicates the company’s reliability and the quick settlement of claims. So, almost all the Indian companies have a good CSR value, like HDFC Life’s CSR is 98.66%, ICICI Prudential Life’s CSR is 97.82%, and Max Life’s CSR is 99.34% for FY 2020-21.

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Who Can Buy Term Life Insurance for NRIs in UAE from India?

The following people are eligible to buy term plan for NRIs in UAE from Indian insurers:

  • NRIs (Non-resident Indians) - 

    People who are Indian citizens and live outside India temporarily

  • PIOs (Persons of Indian Origin)/OCI (Overseas Citizenship of India) card holders -

    People who have an Indian spouse, parents, or grandparents or have previously held an Indian passport

  • Foreign National -

    People who are citizens of other countries and live in India

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How To Buy Term Insurance For NRIs Living in UAE From Policybazaar?

Step 1: Visit Term insurance for NRI

Step 2: Fill in the basic details such as date of birth, name, contact details, and country code.

Click on ‘View Plans’

Step 3: Answer the questions about smoking or chewing tobacco habits, annual income, occupation, and educational qualification.

Step 4: Choose the protection plan that suits your financial needs and proceed to pay.

Documents Required to Buy Term Insurance Plans for NRIs in UAE

  • Passport front and back side

  • Employment ID Proof

  • Valid Visa Copy

  • Last entry-exit stamp

  • Last 6 months' bank statements and Last 3 Month salary slips

  • Photo

  • Foreign address proof

Final Thought!

Term Insurance plans for NRI purchased in India offers every kind of protection plans and pure risk cover under one single platform. Thus, it is recommended that NRIs, whether living in India or abroad, should compare different life term insurance policy from various insurers, their benefits, features, claim settlement ratios, and rider’s availability online before buying a comprehensive term plan.

FAQs

  • Q: Does term life insurance for NRIs offer accidental death cover?

    Ans: Yes, various term insurance for NRIs offers the option of including accidental death cover to the policyholder. With this rider, the policyholder can secure an additional benefit amount for their family members in case of their accidental death.
  • Q: Can I get cover against terminal illness with my life term insurance policy for NRI?

    Ans: Yes, you can get coverage against terminal illness with your term insurance for NRIs depending on the specific plan's T&Cs. This rider pays the rider sum assured to the policyholder in advance in case of being diagnosed with a terminal illness during the policy term.
  • Q: What is the minimum and maximum sum assured offered with term insurance for NRIs in India for NRIs in UAE?

    Ans: The minimum and maximum sum assured/pure risk cover offered with protection plans for NRIs living in UAE is 1 crore and 20 crores respectively. Any individual living in the UAE who qualifies for the term plans for NRIs can buy the plans at level term life insurance rates to ensure the financial security of their loved ones in their absence.
  • Q: What are the eligibility conditions to buy term insurance for expats in UAE from Indian insurers?

    Ans: The eligibility conditions to buy protection for expats in UAE from Indian insurers are different for each individual. You should go through the T&Cs of the specific term life insurance for NRIs to make sure you are eligible to buy the specific life term insurance policy.
  • Q: Can I get any GST benefits with term insurance for NRIs in UAE?

    Ans: Yes, you can avail of the 18% GST waiver on the premiums paid for the term life insurance for NRIs living in the UAE. Along with that, they can also get an additional 5% discount on the annual premium payment mode, which provides a total savings of 23% to the NRI.
  • 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

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