NRIs (Non-Resident Indians) are individuals whose descent, origin, or birth can be traced to India. These individuals live outside their home country, thereby called Non-Resident Indians. NRIs may be living abroad for different reasons such as to pursue higher education, to get employed in foreign countries, etc.
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If you fall under the NRI category, it is likely at some point in life, you have thought of securing your family back in India. Term insurance is one of the basic types of life insurance as the premiums rates are low for a high cover. It is a smart solution for those who are looking to secure short-tenure life objectives. Bajaj Allianz Plan iSecure Plan offers a comprehensive range of term insurance plans for NRIs. Let us look at the Bajaj Allianz Term Insurance plan iSecure for NRI.
Term Plans
Note: Know more about what is term insurance first before reading this article.
Simply put, NRIs are allowed to invest in Bajaj term insurance plans to secure their families back in India. The Foreign Exchange Management Act (FEMA) permits this transaction with any kind of reservation. The procedure involved in buying a term insurance plan is somewhat similar for both Indian residents and Non-Resident Indians (NRIs).
Bajaj Allianz iSecure Term Insurance plan is a non-participating, non-linked, life, individual, limited and regular premium pure risk premium policy that secures your family’s financial requirements.
Here are the key features of Bajaj Allianz iSecure Term insurance plan:
The benefit of level term cover is low premium rates, majorly for larger sum assured amount
Awards for maintaining a healthy lifestyle
Special premium rates for non-smokers
Rebates on high sum assured
Flexibility to choose your policy tenure based on your requirements
You can change your premium frequency easily
Option to include your partner
Option to increase the coverage with add-on rider benefits
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Maturity Age | 28 years | 85 years |
| Sum Assured | 25 Lakhs | 50 Lakhs |
| Minimum Installment Premium | Annually: 3000 Half-yearly: 1500 Quarterly: 750 Monthly: 250 |
|
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
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If you are an NRI who is looking out to purchase term insurance from the Indian insurance industry, the first and foremost thing you should look into is the process involved. Generally, NRIs looking to buy insurance plans in India can opt for any one of these two options:
If you as an NRI take a trip back to India at least once a year, then it can be an excellent opportunity to invest in a term insurance plan. If you buy a term plan during your trips to India, the process is somewhat similar to what is followed by an Indian resident. Let us look at the procedure of buying the Bajaj Allianz iSecure Term Insurance Plan:
Contact the insurance company directly or via an insurance agent and apply for investing in the term insurance plan of your choice.
The insurance company analyzes the case and asks for a medical/health history if needed.
The insurer will also consider his/her residential country and if they provide insurance services for residents of that country, then they will take your proposal to invest in plan.
You will be needed to pay a premium amount as per the terms of the plan you have chosen.
If you are not going home in the near future, or if you are looking out to invest in a term plan, then you can buy a term plan from your residential country.
This is useful if you have loved ones back in India since it is easier for your nominees to raise a claim in the unforeseen event of your death if the insurance company is based in India. On the contrary, if your company is based in your residential country, your loved ones may find the procedure long and quite difficult.
Generally, the term plan is purchased from an Indian insurance company through online mode. It could be from an insurer’s website directly or through a web aggregator. This verification is performed by the official of the Indian embassy or notary or Indian diplomat.
Moreover, if the Indian insurer requires you to undergo a medical test before buying a term insurance plan, you will have to go through it. The medical documents can be directly mailed to the company after investing in the term plan.
An attested passport copy
Completely filled proposal or application form
ID proof
Age proof
Address proof
Income and earning proof
Medical examination reports at the time of application
Additionally, you will also be needed to pay the company a sum of money equal to the 1st premium installment, as mentioned in the terms of the plan you select.
Your residential country plays a significant role in determining if you are entitled to a term insurance plan from an Indian insurance company. Various insurers have a country list in which they do not provide any service. So it is advisable to check before buying a plan whether your insurer offers services in your residential country or not.
The term of the plan is the time from when the policy has been bought till expiry or maturity. Buyers can select term insurance plans with different premium payment term/policy term combinations. Premium tenure can be up to 30 years or entire life, based on the plan chosen.
Term plans are pure protection plans that offer a life cover to the policyholder. This simply means that in case the life assured dies before the plan expires, the insurance company pays out the death payout to their beneficiaries/nominees. These term insurance benefits are in the lump sum form called sum assured. Your life coverage needs to be sufficient which further helps your family in case of an unfortunate demise.
The premium amount charged by the company depends on a number of parameters which are:
Term of the plan
Life cover under the plan
Frequency of premium payment
Presence of any riders over and above the policy
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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