HDFC Term Insurance for NRI

As a Non-Resident Indian who is considering investing in India, the term insurance industry has a number of insurance products to suit all your requirements – be it funding for your child’s education, be it planning for your retirement, or securing other life objectives. HDFC Life Insurance is dedicated to offering innovative products and solutions for NRIs. 

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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. 

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Best HDFC Term Insurance for NRIs in India

Here is a list of the best HDFC term insurance for NRIs in India that you can purchase:

Protection Plans Entry Age Maturity Age Sum Assured
HDFC Click 2 Protect Super 18 - 65 years 85 years 1 Crore - 2.5 Crores
HDFC Click 2 Protect Life 18 - 65 years 85 years 1 Crore - 2.5 Crores
HDFC Sampoorna Nivesh 18 - 50 years 85 years 10 Lacs - 25 Lacs
HDFC Smart Protect Plan 18 - 45 years 85 years 50 Lacs - 2.25 Crores

Note: You can also use the HDFC term insurance for NRI premium calculator to estimate the level term life insurance rates you would need to pay.

Benefits of HDFC Term Insurance for NRIs in India

Here is a list of all the benefits of buying HDFC term insurance for NRIs in India:

  • Low Premiums: HDFC term insurance for NRIs offers pure risk cover at level term life insurance rates. With these protection plans, you can get protection for expats at premium rates that are 50%-60% more affordable compared to international term life insurance plans. 

  • Tele/Video Medicals: With HDFC term insurance company, you can buy term life insurance plans without travelling back to India. You can buy term plans online by scheduling tele or video calls with the doctor and clearing your medicals online in just a few minutes.

  • Claim Settlement Ratio: The Indian regulatory body, IRDAI, releases its claim settlement ratios for each company every financial year. NRIs can refer to the CSR of a company to compare term plans from different insurers before buying the most suitable protection plan. HDFC life insurance had a CSR of 98.66% in the FY 2021-22. This means that HDFC Life settled most of the claims they received and is a reliable insurer to buy term plans from.

  • Large Number of Insurers: There are a large number of insurers available in India, which allows the NRIs to compare and select the most suitable protection for expats. Here is a list of benefits of buying pure risk cover for NRIs from India:

    • Level term life insurance rates

    • Easy claims process

    • Terminal illness and accidental death cover

    • Limited and regular premium pay

    • Large sum assured at low premiums

  • Easy Claim Settlement: If the NRI buys protection plans or term life insurance for expats in India, then their family can get a quick claim settlement in case of the NRIs death. Your grieving family would be able to visit the insurer's office much easier in India instead of travelling to your current country of residence.

  • Smart Exit Benefit: The smart exit benefit allows you to exit the plan early at a specific stage and receive all the premiums paid during the policy. This protection plan is best suited for people who are uncertain about their retirement age and can purchase these plans at level term life insurance rates.

  • GST Waiver on Premiums: The government of India offers an 18% GST waiver on the premiums paid through an NRE (Non-residential External) bank account in freely convertible currency.

  • Annual Discounts: You can get an annual discount of 5% on the premiums paid by choosing to pay the premiums in an annual premium payment mode. This in combination with the GST waiver, offers a total discount of 23% on the premiums paid.

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Features of HDFC Life Term Insurance For NRI 

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

  • Long Policy Term
    With HDFC term insurance for NRIs, you can secure your loved ones for a long policy term covering them until you turn 85 years of age. This way, you can ensure your loved ones are financially secure in the event of your untimely death. 

  • 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. 

  • 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. 

  • 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.

  • Terminal Illness Benefit
    The terminal illness rider allows you to receive a part or the entire sum assured in advance on the diagnosis of a terminal illness during the policy term. You can use the received amount to successfully pay for your treatment costs and improve your survival chances.

  • Accidental Death Cover
    The accidental death cover will payout the additional rider sum assured to the policy nominee in case of the policyholder’s untimely death due to an accident during the policy term. Your family can use the additional amount to take care of their financial obligations and pay off any remaining loans and liabilities.

How to Buy HDFC Life Term Insurance for NRI? 

Here is how you can buy HDFC term insurance for NRIs in India:

  • Step 1: Visit the term life insurance for NRI page

  • Step 2: Enter your name, contact number, email, and date of birth

  • Step 3: Fill in your smoking habits, educational qualifications, annual income, and occupation type

  • Step 4: Select the most suitable protection plan and proceed to pay

Who Can Buy HDFC Term Insurance for NRI in India?

Let us take a look at who can buy HDFC term insurance plans for NRI in India:

  • NRI - Non-resident Indians who live in other countries but are Indian citizens

  • OCIs and PIOs - Overseas Citizenship of India cardholders or Persons of Indian Origin, who have held an Indian passport in the past, have a spouse, parent, or grandparents who are Indian citizens

  • Foreign Nationals - People who live in India but are not Indian citizens

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: 

  • Passport front and back

  • Valid visa copy

  • Last 6 months’ bank statements

  • Employment ID proof

  • Foreign address proof

  • Photo 

  • Last entry-exit stamp

  • Last 3 months’ salary slips

FAQ's

  • Q: Can NRIs purchase an HDFC Life term plan for NRI in India?

    Ans: Yes, NRIs are eligible to buy term insurance policies in India. They should check whether their chosen policy will provide cover in their residential country. Idyllically, they should have written approval from the insurer.
  • Q: Can I Purchase multiple term insurance plans?

    Ans: Yes, Various people opt to buy multiple policies for increased protection.
  • Q: Once I buy the plan, can I change the premium payment frequency?

    Ans: Yes, in most cases, you can opt to change the frequency of premium payment. Buy you may be required to wait until your plan is up for annual renewal before making the switch.
  • Q: What happens if I become a Non-Resident Indian after I buy a term insurance plan in India?

    Ans: If you have an existing term insurance plan, you need not panic. You can directly write to your insurer to ask if they will keep your plan in force once you move abroad. You will have to provide information about where you are going to reside. Most insurers will allow you to continue with the term insurance plan.
  • Q: Who are eligible to buy HDFC term life insurance for NRIs?

    Ans: The following people can buy term plans for NRIs from HDFC life insurance company:
    • NRIs - Non-resident Indians
    • PIOs - Persons of Indian Origin
    • OCIs - Overseas Citizenship of India cardholders
    • Foreign Nationals
  • Q: Is accidental death cover good?

    Ans: Yes, accidental death cover is good as it pays an additional amount to the nominee in case of the policyholder's untimely death due to an accident. The nominees can use this amount to take care of their financial obligations and pay off any remaining loans.
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