Axis Max Life Term Insurance for NRI

What is Axis Max Life Term Insurance Plan for NRI? 

Axis Max Life Insurance Company is a collaboration between Axis Max India Limited and Mitsui Sumitomo Insurance Co. Ltd. The company has a comprehensive range of term insurance plans for NRIs. Axis Max life term insurance for NRI is a pure-risk protection plan that is specifically designed to secure the financial future of the NRI’s family back in India in case of an eventuality. These comprehensive term plans allow the NRIs to select a policy term ranging from 5 years to 99 years. The minimum age to buy a term plan is 18 years, and the maximum age can go up to 65 years, making it an ideal option for most individuals.

Note: Now that you know what is Axis Max life term insurance for NRI, you should also get to know about what is term insurance to buy a term plan for your loved ones.

Why Should NRIs Choose Axis Max Life Insurance Plans? 

Axis Max Life Insurance is one of the popular insurers in India that serves Indian residents as well as NRI insurance buyers. The company always attempts to make life insurance policies more economical, easy, and suitable for buyers at every life stage. Here is why you should buy Axis Max life term insurance for NRI:

• It provides a one-stop solution for the insurance requirements of customers 

• The insurer has a claim settlement ratio (CSR) of 99.35% (as per IRDAI 2020-21) and is known for transparency. Insurance buyers can check every detail related to different plans online. 

• The insurer offers 24/7 customer assistance to policyholders and has an easy and hassle-free claim settlement procedure when the claim is made by the nominee/beneficiary of the plan.

• Flexible option of paying premiums that helps customers to pay premium amounts through NRE, or from a foreign bank account. 

• The Axis Max term plans offer the option to renew the premiums. 

Axis Max Life Term Insurance Plans for NRIs in India

Here is the Axis Max term insurance for NRI available in India;

Axis Max Smart Term Plan Plus

• Get financial cover for your loved ones at affordable premiums

• Receive an early payout on the diagnosis of terminal illness as an inbuilt benefit

• Waiver of premium on the diagnosis of terminal illness allows you to get continued cover

• Choose to delay the premium payments by 12 months

• Female customers can receive special benefits like maternity cover, lifeline plus, and female life discount

• The nominee will receive an immediate claim payout amount of 2 Lacs

• Exit the plan early to receive all the premiums paid during the policy tenure

Eligibility To Buy Axis Max Life Term Insurance for NRI

There are some conditions for an individual to be considered an NRI and be eligible to buy a term insurance plan in India. Though the mentioned T&Cs vary with the insurer, the basic requirements remain the same. Let’s discuss the eligibility criteria of the Axis Max life term insurance for NRI:

• You must have resided outside the country for a fixed time period or as specified in the plan 

• Your grandparents or parents must have been Indian citizens 

• You must have married a citizen of India 

• You must have an Indian passport at some stage of your life

The premium rates for these term policies depend on the policyholder’s age, the medical conditions, the plan features, and the sum assured amount, among others. 

Benefits of Axis Max Life Term Insurance Plan for NRI? 

Axis Max Life Term Insurance offers a comprehensive range of plans to cater to the needs of insurance seekers. NRIs can enjoy the following benefits by receiving life insurance policies from Axis Max Life Insurance.

1. Financial Stability

   Term plans help NRI protect the family’s future by offering financial stability even when the sole earner is not around.

2. Affordable Premiums 

   The premium rates for the Axis Max term insurance for NRIs are much more affordable than the international term plans and offer a large life cover at low premium rates.

3. Long-term protection

   Insurance policies offer longer protection for the policyholder and their loved ones, and allow them to choose life coverage up to 100 years of age.

4. Tele/Video Medicals

   The tele/video medical option allows NRIs to be able to purchase their most suitable Axis Max life term insurance for NRI online by clearing their medicals online. This way, the NRIs would not have to visit India solely to get their medicals cleared before buying a term plan. 

5. Term Return of Premiums

   Most term insurance plans do not provide any maturity or survival benefits, but with term return of premium plans, you can receive all the premiums paid throughout the policy term at the end of the policy. This payout on survival can help the NRIs secure their retirement and beat potential inflation.

6. Multiple Payment Options 

   There are multiple premium payment options available within the Axis Max life term insurance for NRIs. You can choose to pay the premiums online or offline in a single, regular, or limited pay term for monthly, quarterly, annual, or semi-annual modes.

7. Peace of Mind

   Term insurance plans provide comprehensive security to the family members, which helps them live comfortably without stressing about the future. This gives the NRI the assurance that their family will be financially taken care of in the event of their unfortunate demise during the policy term.

8. Tax Benefits

   NRIs are entitled to tax savings benefits on the premium amount paid for a term plan u/s 80C. The death benefit received under an insurance plan is also exempted from tax u/s 10(10D) of the Income Tax Act, 1961.

Documents Required To Purchase Axis Max Life Term Insurance Plan for NRIs 

The documents that you need to submit for an Axis Max life term insurance plan for NRI are as follows:

• Passport’s front and back

• Valid copy of Visa

• Last entry-exit stamp

• Photo

• Foreign address proof

• Employment ID Proof

• Last 6 month’s bank statements

• Last 3 month’s salary slip

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

How to Buy Axis Max Life Term Insurance For NRI in India? 

Here is how you can buy an Axis Max Term Insurance for NRI in India: 

Step 1: Visit the term insurance for NRI page of Policybazaar

Step 2: Enter the required details like name, gender, and contact information

Step 3: Select the right smoking habits, annual income, and educational qualifications

Step 4: Choose the best term insurance for NRI per your needs and proceed to pay