Read on to know more about the ICICI Term plan for NRI in detail:
ICICI Prudential Term Insurance Plans for NRIs
Term insurance 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. An NRI can purchase a term insurance plan to secure his/her family’s future financial needs in absence of the life assured. The insurance premium amount applicable for these term plans is variable, based upon the policy terms and conditions, health condition, age, and frequency of paying premiums. ICICI Term plan for NRI can be easily purchased online.
ICICI Term Plan For NRI
ICICI Offers a comprehensive range of NRI Life insurance plans as outlined below:
Term insurance is the easiest and most economical way for the protection of life assured and his/her loved ones. ICICI Term plans offer lifelong protection and peace of mind and can be personalized as per your needs. ICICI offers one term plan under its umbrella:
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 a 360-degree protection.
Key features and benefits of ICICI Pru iProtect Smart
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Increased Protection: the plan provides protection against terminal illness, disability and death
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Wide-ranging additional benefits: You can enhance your protection cover by choosing critical illness and accidental death benefit
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Special Premium Rates: Discounted and special premium prices are offered for non-tobacco users
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Payout option: Choose to get the benefit amount as a lump sum amount or as monthly income for ten years
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Tax Benefits: Get tax benefits on premiums amounts paid and benefits received as per the prevailing income tax laws.
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Flexibility: Plan provides the option to pay a premium one time, for a limited time or throughout the policy tenure
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Accidental death coverage: It offers an optional payout option to your family members, in case of an unfortunate demise because of an accident
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100% payout in case of terminal illness: Policyholders diagnosed with a terminal illness will receive the full sum assured amount.
How To Buy ICICI Term Plan For NRI?
ICICI Prudential Term insurance plans are offered to Indian residents as well as NRIs. However, NRI term insurance is offered only in specific countries so you should confirm whether it is available in your residential country. In case if you are eligible, you are required to fill up certain details and applications and pay the premium amount under term plans. Buying ICICI Term plan for NRI is convenient and simple.
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An NRI can avail of two options in order to purchase term insurance.
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The 1st option is to buy the plan when he/she is on a visit to India in which the buying process will be the same as for the Indian citizen
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The 2nd option is to buy the plan from the current residential country
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This whole process can be performed via mail-in which detailed verification is required
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The verification process can be done by Indian Embassy or notary officials
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The T&Cs in the case of ICICI Term plans for NRI is quite flexible.
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The sum assured amount varies from 2 lakhs to 1 crore and the premium payable depends on the policy term, age, health conditions, and frequency.
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The policy term also varies and ranges between 5 years to 30 years
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Any person between 18-65 years of age are eligible to buy term insurance
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Policyholders can make the premium payment online but he/she should be an account holder in the enlisted banks as per the policy T&Cs
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Payment can be done by remittance in a foreign country, through an NRO (Non-Resident Ordinary) bank account or through an NRE bank account i.e., Non-Resident External
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No additional premium will be charged from a Non-Resident Indian
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The death benefit will be paid to the bank account that was specified while purchasing the term plan.
Documents Required for ICICI Term Plan For NRI
Following is a list of the documents required to buy the ICICI Term plan for NRI:
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.
