HDFC Life Term Insurance for NRI

Let’s discuss HDFC Life Term Insurance for NRI in detail: 

What is a Term Life Insurance Plan? 

Term insurance is a specifically designed life insurance plan that protects an individual’s family and provides them financial protection in case of any unpredictability. Like most insurance policies, the policyholder pays a premium amount for a specified term. If the policyholder passes away during that tenure due to an accident or because of health reasons, the nominee/beneficiary is paid a death payout equivalent to the plan value. The premiums are computed on the basis of the medical conditions, the policyholder’s age, and life expectancy. Insurance companies sometimes ask the policyholder to conduct a medical examination before finalizing the plan. 

HDFC Life Term Insurance for NRI 

Non-Resident Indians (NRIs) are entitled to purchase a term plan in India. Non-Resident Indians are living all over the world and they make a major economic part. HDFC Life Term insurance for NRI should be on the basis of an individual’s specific requirements. There are a number of ways in which an NRI can buy an HDFC term plan while visiting India. After completing all the formalities about the policy’s underwriting, the NRI can opt for the policy benefits, just like an Indian Resident. On the other hand, NRIs can buy the plan in their residential countries through mail-order business, Then, the policyholder has to get the plan verified by a Notary, an Indian embassy official, or an Indian diplomat. Even students can opt for the benefits of an HDFC Term insurance after verifying the policy through university officials such as supervisors or the dean. 

How To Obtain HDFC Life Term Insurance? 

NRIs can buy term plans in 2 ways. They may either obtain a term insurance plan while they are visiting India or from their residential country. Let’s look at how the procurement procedure works in HDFC Life Term Insurance: 

1. In India

   Buying a term insurance plan for NRIs in India is easy and quick. The NRIs simply have to find an insurance company they like and ask to buy the plan. Once they complete all the formalities, the plan is considered a regular term insurance plan bought by Indian Citizens. On contrary, the NRIs are required to disclose their residential country. Most insurance companies have a country list where they will not provide insurance.

2. In their Residential Country 

   The procedure to buy HDFC Life Term insurance for NRI is quite complex. They have to buy the plan through mail-order business and the process needs the NRI to get verified by the Indian embassy. 

How to Buy HDFC Life Term Insurance for NRI? 

Buying HDFC Life Term insurance for NRI is convenient and simple. 

• An NRI can avail of any one of 2 options to buy term insurance in India: 

• The 1st way is to buy the plan when he/she visits India in which the buying process will be performed in the same way as it is for citizens of India

• The 2nd way is to buy the plan from the present residential country 

• It can be performed through a mail order in which thorough verification is needed. 

• The verification can be performed by an Indian Embassy official or Notary

• The company’s T&Cs are flexible 

• The SA amount varies from 2 lacs to 1 cr. and the premium to be paid is based on the T&Cs of the plan, age, health conditions, and frequency. 

• The plan tenure also varies and range from somewhere between 5 to 30 years 

• An individual between 18 to 65 years of can purchase term insurance 

• Premium payment can be made via online mode but the life assured should be an account holder in the enlisted banks as per the plan terms and conditions 

• The premium payment can be done by remittance in foreign through NRO or NRE bank account. 

• It is significant that the premium amount will be the same for Indian Residents and NRIs, if the involved risk is the same 

• No supplementary premium will be charged from an NRI for a term insurance plan 

• The death payout will be paid to the registered bank account while purchasing the term plan. 

Documents Required for HDFC Life Term Insurance for NRIs 

Following is a list of the documents needed to buy HDFC Life Term Insurance for NRI: 

• Application form 

• Attested passport copy 

• Proof of age 

• Proof of Income 

• Documents mentioning the health/medical conditions 

• First premium rates 

Features of HDFC Life Term Insurance For NRI 

Following are the features of HDFC Life Term Insurance For NRI: 

1. Wide policy term 

   Various insurers offer term plans to NRIs. The tenure of these plans can be as short as 6 months or as long as 25 years. NRIs should be at least 18 years to be eligible to buy a term policy. In most situations, individuals cannot purchase a term plan if they are above 60 or 65 years of age. 

2. Easy Payments 

   In order to allow Non-resident Indians to keep their plan in force when they are out of India, insurers accept payments through internet banking. They can also use NRO, NRE, FCNR, or foreign remittance to make a regular premium payment. In addition to this, NRIs can choose the premium payment mode. 

3. Customizable accounts 

   In HDFC Term insurance plans, the most important feature is to consider the right sum assured amount. NRIs can opt for SA as low as 2 Lakhs or as maximum as 5 crores. Some insurers do not have a cap on the maximum SA. You can easily choose the sum assured based on your family’s financial requirements. 

4. Quick Documentation 

   NRIs applying for a term insurance plan are required to provide a few documents with the application form. You should provide a passport copy along with other documents that provide details about the policyholder’s income and age. While buying term insurance plans, NRIs also have to submit documents related to their past medical history. Then, the insurer will use this information to decide the premium amount.

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