ICICI Term Plan for NRI

ICICI Prudential Life Insurance is one of the most renowned insurance companies of the country and has been offering comprehensive coverage and flexible policy options since 2001. They also offer term plans to NRIs ensuring that they can safeguard their loved ones back in India financially in the event of their unfortunate death. Moreover, with the facility of Video Medical, it has become easier for NRIs to purchase the ICICI Term Plan from abroad. In this article, we will learn more about the ICICI term plan for NRI and how they can easily buy it from Policybazaar.

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What is the ICICI Prudential Term Insurance Plan for NRIs?

ICICI Term insurance plan for NRIs is a type of life insurance plan that provides financial coverage for a fixed time period called policy term. It provides financial benefit to the nominee/beneficiary in case of an unforeseen death of the policyholder during the policy tenure. This is one of the smart options for NRIs to stay secure and protect the future of their family members. 

ICICI Prudential Term Insurance has a number of life insurance products to suit all requirements of NRI buyers. They can buy ICICI term plans to protect their loved ones/dependents in India against future financial obligations. The NRI term plans offered by ICICI Prudential Life Insurance provide easy and efficient payment options, along with options such as Non-Resident Ordinary and Non-Residential External (NRE) accounts. NRIs get to enjoy other advantages, too, such as tax benefits, multiple payout options, etc. Moreover, ICICI Term Insurance is considered one of the most reliable insurance companies in the country, as indicated by its high claim settlement ratio of 97.82% for the financial year 2021-22.

Let’s understand this with an example. Mr. Amit is a 30 year old, non-smoking male, residing in the United States of America, and earns an annual income of 50 Lakhs INR. He has opted for a 2 Crore life cover with ICICI Prudential Life Insurance and now will continue to pay Rs. 1,702/month as his premium, until 60 years of age.

Which is the Best ICICI Term Plan For NRIs?

ICICI Term plans offer lifelong protection and peace of mind and can be personalized as per your needs. At the moment, ICICI offers one term plan for the NRIs under its umbrella, and it is mentioned in detail below:

ICICI Pru iProtect Smart

ICICI Pru iProtect Smart plan provides you the protective shield so that you can secure your loved one’s future to make sure that they live happily without having any financial hardships, even in case of your absence. It also provides you the option to increase your coverage against critical illnesses and accidental death and thus making sure of 360-degree protection.

What Are The Benefits of Buying the ICICI Pru iProtect Smart plan for NRIs?

Below mentioned are the benefits of buying an ICICI Term Plan for NRIs:

  1. Long tenure protection

    These plans provide long-time protections for the policyholder and their loved ones. One can select life cover up to 100 years of age. 

  2. Financial Stability 

    ICICI Term plans for NRIs helps in protecting the family’s future by providing financial stability even in case of policyholder’s absence 

  3. Comprehensive protection 

    Term insurance plans offer comprehensive protection to the family which helps in providing peace of mind, without worrying about the future 

  4. Quick Documentation

    ICICI Term Plan allows an easy and simple documentation process and the documents that you need are your passport, ID & Address Proofs, Report of Medical test (if you have any medical history) and KYC documents.

  5. Easy Payments

    As an NRI, you can now pay easily using options such as Non-Resident Ordinary and Non-Residential External (NRE) accounts. Moreover, you can also customize your premium payment frequency and term.

  6. Tax Benefit 

    Get tax benefits on premium paid u/s 80C of the Income Tax Act, 1961. Also, the maturity benefit received under an insurance plan is also exempted u/s 10(10D) of the ITA. 

  7. Video Medical Facility

    ICICI Pru iProtect Smart Plan also ensures that NRIs do not face difficulty while buying the plan from abroad. Therefore, they offer the facility of video medical that allows NRIs to take hassle-free medical tests and get the reports online so as to buy the term plan with ease.


How To Buy ICICI Term Plan For NRIs from Policybazaar?

You can buy ICICI Term Plan for NRIs from Policybazaar by following the below mentioned steps:

  • Step 1: Visit Policybazaar’s Term Insurance for NRI page

  • Step 2: Submit details like Name, DOB, Mobile Number (along with country code) and Email ID, and press “View Plans”

  • Step 3: Choose ICICI term plan from the list of options available and click on “Proceed”

  • Step 4: Enter details like Name, Email, Occupation and Educational Qualification and click on “Proceed”

  • Step 5: Enter other details, such as Pincode, City, Nationality, COVID-19 vaccination status, Country, International Contact Number and Marital status, and click on “Proceed”

  • Step 6: After entering all details correctly, go for the payment using your preferred payment method

*Note: Make sure you have selected the correct policy term while filling the details.


What Are The Documents That Are Required for ICICI Term Plan For NRI?

Following is a list of the documents required to buy the ICICI Term plan for NRI: 

  • Passport attested copy 

  • Age proof 

  • Application/Proposal form

  • Medical documents mentioning the health conditions (if there are any health conditions)

  • Proof of Income 

There is a grace period for NRIs if they will not be able to pay premium on time. Thus, if an NRI policyholder misses a premium payment due to any reason, the amount can be paid within the grace time.

Wrapping It Up!

ICICI Term Insurance is one the ideal term plan options for NRIs, as it provides comprehensive coverage, flexible policy options, and affordable premiums. Moreover, by choosing ICICI term plans, NRIs can protect their family's financial well-being, even from a distance, and ensure that their loved ones are taken care of in the event of an unfortunate event.

FAQ's

  • Is it possible for non-resident Indians (NRIs) to buy term insurance in India?

    Ans: Yes, NRIs have the freedom to acquire term policies within India. However, it is crucial for them to verify if their selected plan offers the necessary coverage in their country of residence. It is advisable for NRIs to obtain written consent from the insurance provider to ensure compliance with all requirements.
  • What coverage options are available for NRIs in ICICI term plans?

    Ans: ICICI term plans provide comprehensive coverage, including financial protection in the event of the policyholder's death. You can also add riders if required, and based on your requirements.
  • How is the claim settlement process for NRIs with ICICI term plans?

    Ans: ICICI has a strong reputation for efficient claim settlement of 97.82% in the financial year 2021-22. NRIs can expect a smooth and hassle-free claims experience with ICICI Term Insurance.
  • What happens if an NRI becomes an Indian resident after purchasing an ICICI term plan?

    Ans: NRIs who become Indian residents after buying an ICICI term plan should inform the insurer, and the policy may be continued or modified based on their new status.

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