- Term Insurance for NRIs in India
- Benefits of Buying Best Term Insurance in India for NRI
- Best Online Term Insurance for NRI
- How To Choose the Best Term Insurance for NRI in India?
In life, we all look for stability and safety. But we don’t know what life has stored for all of us. An unforeseen event or medical emergency could take you away from your loved ones. While nothing could ever make up for your loss, a term plan could provide your family members with some financial security and stability. Whether you reside in abroad or India, you should secure the financial future of your family with a term plan. Read on to know more about the best term insurance plan in India for NRI.Read more
Term Insurance is a type of pure life insurance product that provides coverage at a fixed payment rate for a certain time period. Term insurance offers financial security and protection to the policyholder’s family in case of his/her demise. As citizens of India, Non-Resident Indians (NRIs) are also eligible to purchase a term insurance plan in India. Term insurance plan for NRIs usually has a term from 6 months to 25 years.
One can buy a best term insurance for NRI while visiting India. After completing all the documentation and formalities related to the policy’s underwriting, the NRI policyholders can opt for the policy’s benefits, just like an Indian resident. Alternatively, NRIs can buy the policy in their residential countries through mail order business. Then the policyholder has to get their policy verified by a Notary, Indian embassy official, or Indian diplomat. An NRI who is between the age of 18 to 60 years can avail of the policy benefits as per the T&Cs of the insurance company. One should always consider different factors choose the best term insurance for NRI in India.
Following are the benefits of buying the best term insurance in India for NRI:
Term insurance policies provide long time protection for the life assured and their family. One can choose a life coverage up to 100 years of age
Term insurance plans help NRIs in safeguarding the family’s financial future by providing them financial stability, in case of the policyholder’s absence.
Term insurance plans provide comprehensive security to loved ones which help in living financially happy without worrying about the future.
NRIs are entitled to the savings tax benefit on premium paid u/s 80C and on maturity benefit u/s 10(10D) of the Income Tax Act, 1961.
Term insurance plans vary in terms of the premium amount payable and maturity terms. Here are some of the best insurance plans in India for NRI. NRIs can compare the benefits and features of term insurance plans offered by different insurers. Let’s look at best term insurance plans in India for NRi:
ICICI Pru iProtect Smart is a flexible and comprehensive term insurance policy that financially protects your family in your absence. This policy can be designed by choosing from a range of benefits it provides. The plan also offers different options to get covered against 34 critical illnesses and enhance your cover against accidental death.
It is a comprehensive term insurance plan that can be bought online
This policy offers comprehensive coverage against death, disability, and critical illness.
Get tax benefit u/s 80C of the Income Tax Act
Policyholders can select from the 3 different payment options such as monthly income, increasing income, and lump sum.
Instant cover for life insurance
Low premium rates
Additional payout on demise because of accident
|Age at Entry||20 years||65 years|
|Age at Maturity||-||75 years|
|Policy Term (years)||10||30|
|Premium Paying Term (years)||Equivalent to Policy Term|
|Premium Paying Frequency||Yearly|
|Annual premium||2000||No Limit|
Kotak e-term plan is an online pure risk cover term plan that provides protection to your family. It provides a high level of protection and offers special premium rates to non-smokers, non-tobacco users, and women. The beneficiary receives the death payout as per the chosen plan option in case of the policyholder’s death.
The plan offers comprehensive coverage at a low cost.
Provides longtime coverage up to 75 years
Multiple options to ensure you receive the coverage of your selection such as life option, life plus, and life secure
The plan offers flexible payouts including level recurring payout, immediate payout, and increasing recurring payout
With the availability of a critical illness rider, the policyholder can claim the sum assured amount if diagnosed with 37 of the mentioned critical illnesses
This plan helps you to decrease or increase the term cover when required
Get tax savings benefit on premium paid u/s 80C of the Income Tax Act. Also, the maturity benefits are exempted from tax u/s 10(10D).
|Age at Entry||18 years||65 years|
|Age at Maturity||23 years||75 years|
|Policy Term||5 years||Upto 40 or 75 years minus entry age|
|Option of premium payment||Single, regular and limited pay|
|Basic Sum Assured||Min: Rs. 25 Lakh
Max: No Limit
Bajaj Allianz iSecure Plan is a non-linked and non-participating, individual, limited, and regular premium level cover pure life risk premium plan that protects your family’s financial requirements.
Get level term coverage at a low premium, especially for a high sum assured
Receive rewards for maintaining a healthy lifestyle
Special term premium rates for non-tobacco users and non-smokers
Rebates on high SA amount
Flexibility to choose your policy term depending on your needs
Option to change the premium payment frequency
Option to increase coverage with rider benefits
|Entry Age||18 years||65 years|
|Maturity Age||28 years||85 years|
|Sum Assured||25 Lakhs||50 Lakhs|
|Minimum Premium||Yearly: 3000
|Policy Term and Premium Payment Term,||
Life Insurance Corporation of India (LIC) offers Amulya Jeevan Term Plan for NRIs. It is a pure term insurance plan that offers general facilities to its buyers. In case of the policyholder’s demise during the policy term, the nominee will receive the death benefits.
Pure term insurance plan that offers death payout but not maturity payouts
Sum assured amount is paid in case of demise of the policyholder. However, the plan should be active at the time of demise
Get tax benefits on premiums paid u/s 80C of the Income Tax Act and for death payout u/s 10(10D)
In case of dissatisfaction, policyholders have the option to cancel and return the plan within 15 days of purchasing it
|Entry Age||18 years||60 years|
|Maturity Age||-||70 years|
|Policy Term||5 years||35 years|
|Premium paying term (years)||Equivalent to the policy term|
|Premium paying frequency||Yearly/ Half-yearly|
|Sum Assured||25 Lakhs||No limit|
As discussed, buying term insurance for NRI is similar to buying plan as an Indian resident. However, you have more options to secure the term cover. Here are the points to keep in mind while selecting and buying the best online term insurance for NRI in India:
Ensure the online presence of the plan
Claim settlement ratio is a significant factor for term insurers as it indicates the quality of the company and speed of settling claims
Check for the hassle-free claim settlement process. The better the claim settlement procedure, the more comfortable your family will be in your absence.
The best term insurers should employ processes to automate the premium payment. NRI can also use the limited premium payment method to pay the whole premium in a short tenure.
As a sole earner of the family, you want to secure your dear ones when you are no longer with them to support them financially. Term life insurance secures your family and dependents in your absence by offering sizeable life coverage. If you are an NRI looking to purchase the best term insurance in India, you are very much eligible. You can buy a term insurance plan when you are visiting India or in a residential country. Best Term insurance for NRI in India come with customizable and special features.
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