Term Life Insurance for NRIs in Canada

Being an NRI in Canada, you must constantly be worried about your dependents still living in India. The best way to financially secure your family against any eventuality is to buy term plan. You can buy a term life insurance in Canada from Indian insurers that offer the best term life insurance in Canada designed for Canadian NRIs. Let us discuss the various protection plans available and the benefits of purchasing the best term life insurance plans in Canada. 

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Can NRIs In Canada Buy Term Insurance Plans From India?

Yes, any NRI of Indian origin living in Canada or Foreign Nationals, Person of Indian Origin (PIO) and Overseas Citizenship of India (OCI) card holders can buy term life insurance plan from India to protect their family/dependents. Whether or not the policyholder is physically residing in India, the Foreign Exchange Management Act (FEMA) allows Non-Resident Indians (NRIs) to buy any policy that fulfills their requirements for protecting themselves and their family members.

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Best Term Life Insurance Plans For Canadian NRIs from India 2023

Here is a list of the best term life insurance in Canada offered by Indian insurers, suitable for Canadian NRIs

Plan Name Entry Age Maturity Age (Maximum) Sum Assured
ICICI Prudential iProtect Smart 18 - 65 years 99 years 1 Crore - 10 Crores
HDFC Life Click 2 Protect Super 18 - 65 years 85 years 1 Crore - 2.5 Crores
Max Life Smart Secure Plus Plan 18 - 60 years 85 years 1 Crore - 10 Crores
Tata AIA Maha Raksha Supreme 18 - 60 years 85 years 2 Crores - 20 Crores
PNB MetLife Mera Term Plan Plus 18 - 50 years 80 years 1 Crore - 1.5 Crores

Why Should NRIs In Canada Buy Term Plans?

There are various reasons why you should purchase a term insurance plan from the best term life insurance companies in Canada. Here are a few ways in which buying the best term life insurance in Canada can benefit you:

  • Financial Security: Purchasing a term plan from the best term life insurance companies in Canada secures your dependents financially in case of your unfortunate death. It helps them maintain their lifestyle and pay their rent or child’s education fees in your absence.

  • Easy Claim: In case of your unfortunate death, having a protection plan from an Indian insurance company will ensure that your family can request easy claims by visiting the insurance company in India. They won't have to worry about traveling overseas just to get their term life insurance in Canada claims settled. 

  • Improved Quality of Life: The best term life insurance in Canada definitely helps you live a more stress-free life as you don't have to worry about your family’s financial needs. They can easily maintain their current lifestyle and take care of their daily needs in your absence.

  • Pay off Debts: You can compare term life insurance in Canada to purchase the protection plan that fits your needs. Your family can use the pure risk cover payout received from the best term life insurance in Canada to pay off any remaining loans or other financial obligations.

  • Higher Sum Assured: The cheapest term life insurance in Canada from Indian Insurer can offer you a high sum assured of up to Rs. 20 Crores. The larger the pure risk cover you purchase, the bigger sum assured your family will get, in case of your unfortunate death. This way, your family will not only be able to pay off any remaining debts but also live their lives comfortably.

  • Simple Buying Process: The process for buying term insurance in Canada can be lengthy and tedious if you are an NRI living in Canada. Whereas buying the best term life insurance in Canada from India can be much easier as the required documents and formalities are simpler in India. Also, you can compare term life insurance in Canada from India and compare premiums, CSR values, and life coverage, all at one platform, which might not be available when looking for term life insurance in Canada.

  • Accidental Death Cover: With the accidental death cover, you can increase the benefit amount your family will receive in the event of the policyholder’s accidental death during the policy term. This way, you can enhance the pure risk cover and get protection for expats at level term life insurance rates.

  • Terminal Illness Benefit: The terminal illness benefit will pay out the entire or a part of the life cover to the policyholder in case they are diagnosed with a terminal illness during the policy tenure. The policyholder can then use the benefit amount to pay for the best treatments and improve their survival chances.

  • Quick Claim Settlement: If the insurance company is based in India, it becomes much simpler for your family to process and receive their claims. This means your loved ones won't need to go through the hassle of traveling abroad just to resolve the insurance claims.

  • Extra Discount: Getting life insurance as an expat in a foreign country can be more expensive than regular term life insurance rates. If you're a Non-Resident Indian (NRI) and you opt for the yearly premium payment, you'll get a 5% discount. Additionally, when NRIs buy term life insurance from Indian insurers, they get an 18% discount on the Goods and Services Tax (GST). Altogether, NRIs can enjoy a total discount of 23%.

*Note: You can use the term insurance calculator to quickly and easily calculate your term insurance premium amount of your chosen plan.

Why Should NRIs in Canada Buy Term Insurance Plans From India?

There are many ways in which you can benefit by buying the best term life insurance in Canada from an Indian insurance company:

  • Claim Settlement Ratio (CSR): The main benefit of buying a term plan in India over term insurance in Canada is that the Indian regulation body IRDAI releases the CSR values for each insurer. It allows you to assess the reliability and capability of the insurer to settle your claim in case of your unfortunate death. These ratios are released for each financial year, and a CSR of more than 95% is considered good. For example, the companies TATA AIA Life Insurance and ICICI Prudential have claim settlement ratios of 94.65% and 95.49% respectively for FY 2021-22. You can compare term life insurance in Canada from Indian insurers and purchase the one that fits your needs the best.

  • Lower Premiums: The level term life insurance rates in India are almost 50-60% more affordable than international term life insurance plans. Buying the cheapest term life insurance in Canada from India allows you to get a large life cover and financial security while saving on overall premiums. These level term life insurance rates vary from country to country, and thus you should always compare term life insurance in Canada with Indian insurers online.
    In India, you can get term life insurance for a sum assured of Rs. 41 Lacs at a comparable rate of Rs. 2,142, payable monthly.
    Note: You can compute the term insurance plan premium rate with term insurance for NRI premium calculator.

  • Bigger Pool of Companies: IRDAI enrols various insurance companies that offer comprehensive protection plans for NRIs. You can compare term life insurance in Canada from India and select from a variety of companies to find the best term life insurance in Canada that suits your requirements the best. The benefits offered by term plans for NRI are as follows:

    • Higher Sum Assured

    • Longer Life Coverage

    • Quick Claim Settlement

    • Terminal Illness and Accidental Death Cover

    • Limited Pay Benefit

  • Tele/Video-Medical: Geographical boundaries are no longer considered a barrier for NRI customers who are looking to buy term plans in India. Now, they can easily opt for term insurance plans in India that allow them to schedule a tele or video medical checkup from their residential country. Now, you won't have to travel all the way back to India just for a medical checkup.
    You can also buy Indian term life insurance for seniors in Canada at affordable premium rates through tele or video medical tests.

  • GST Waiver: Buying the best term insurance for NRI plan in Canada from an Indian insurer allows you a GST waiver of up to 18%, which means you can save on your premiums even further by making payments using a Non-residential External bank account in freely convertible currency.

  • Annual Discounts: You can get an annual discount of 5% on the term life insurance for NRI premiums. To get this benefit, you need to opt for annual premium payment mode, and combined with the GST waiver, you will receive a total of 23% discount on premiums.

  • Special Exit Option: With the special exit option, you can exit the term plan at a specific point, and you would receive all the premiums you paid for the base protection plan. You can avail of this option at no extra cost. Similarly, the HDFC Life Click 2 Protect Super, and Max Life Smart Secure Plus Plans are No-cost term insurance plans which means you can exit the plan at any time and receive all the paid premiums back on the cancellation of the policy.

*Note: It is recommended for all NRIs living in Canada that they firstly know what is term insurance and what its features are before they buy their ideal plan.

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What Are The Additional Benefits Of Term Life Insurance for NRIs in Canada?

Here are the additional benefits of term insurance for NRIs in Canada:

  • Accidental Death Benefits: Canada-based NRIs have the option to select the Accidental Death Benefit rider alongside their NRI Term insurance plans, providing additional coverage and extra protection in case of accidental death.

  • Terminal Illness Benefits: Term Insurance for NRI plans includes coverage for terminal illnesses, providing a lump sum payout when a diagnosis occurs.

  • Critical Illness Coverage: Term Insurance for NRI plans offers coverage for particular critical illnesses during the policy's duration, assisting in managing medical costs related to these illnesses.

  • Premium Waiver on Disability: If an accident causes total permanent disability and results in job loss during the policy term, this rider ensures that the remaining premiums are waived, allowing you to keep your coverage intact.

Who Is Eligible To Buy Term Life Insurance in Canada?

Let us take a look at who are eligible to buy term life insurance plans for NRIs in Canada from Indian insurers:

  • NRIs - Non-resident Indians who are Indian citizens but live in another country

  • PIOs or OCI Card Holders - Persons of Indian Origin or Overseas Citizenship of India cardholders are those who have

    • Held Indian passport in the past

    • A parent or a grandparent who is an Indian citizen

    • Spouse who is Indian citizen

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

How To Buy A Term Plan For NRIs Living in Canada in India?

If you are a Canadian NRI, you can purchase the best term life insurance in Canada from India by following the below steps:

  • Step 1: Go to Policybazaar’s Term Insurance for NRI in India page

  • Step 2: Enter your basic personal information like name, date of birth, gender, email ID, and select the country as Canada

  • Step 3: Click on ‘View Plans’ to see the available plans

  • Step 4: Fill in your annual income, educational qualifications, and smoking habits

  • Step 5: Select the protection plan most suitable for you and proceed to pay

What Documents Are Required To Purchase An NRI Term Insurance Plan In India?

Let us see the documents you will need to purchase the best term life insurance in Canada from India

  • Foreign Address Proof

  • Front and back side of the Passport

  • Last 3 Month salary slips 

  • Proof of Employment ID 

  • Last 6 months' bank statements

  • Copy of Valid Visa

  • Last entry-exit stamp

  • Photo of the Policyholder


FAQ's

  • Q: Why should I buy term plan in India instead of international term life insurance plans?

    Ans: You should buy protection for expats in India instead of international term life insurance plans because of the following reasons:
    • Low premiums compared to international term life insurance plans
    • Hassle-free purchase with tele or video medicals
    • Ease of comparison from various insurers with claim settlement ratio
    • GST waiver and online discount on annual premiums
    • Exit the plan early with the Special Exit Benefit
  • Q: Who should buy term life insurance for NRIs in Canada from India?

    Ans: The following people should buy protection plans in Canada from India:
    • NRI (Non-resident Indians)
    • OCIs (Overseas Citizenship of India) cardholders
    • PIOs (Persons of Indian origin)
    • Foreign Nationals
  • Q: Is NRI eligible for term insurance?

    Ans: Yes, NRIs are eligible for Term Insurance. For more information, you can always contact Policybazaar’s Insurance Advisor.
  • Q: Is accidental death covered in term life insurance for NRIs in Canada?

    Ans: Yes, accidental death cover is provided in the base term life insurance for NRI, and thus, in case of the policyholder's accidental death, the insurer will pay out the life cover to the nominee. However, you can also opt for the Accidental death cover rider by paying additional premiums along with the base premium.
  • Q: What are the tax benefits of protection plans for India?

    Ans: The term insurance for NRIs offers tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961. Not only that, but you can also avail of the GST waiver on the premiums paid by paying the premiums using an NRE (non-residential external) bank account supporting the freely convertible currency.
  • Q: What are the tele and video medicals in protection for expats?

    Ans: The tele and video medicals refer to the online medicals offered to NRI customers who want to buy protection plans. Through this feature, NRIs living outside India can get protection for expats at level term life insurance rates. You can schedule a tele or video call session at the time of buying the policy and get it cleared without having to travel back to India.
  • Q: What are the discounts available for the NRIs of Canada buying term insurance from Indian insurers?

    Ans: NRIs, Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) cardholders in Canada can enjoy a range of discounts when purchasing term life insurance plans from Indian Insurance Companies. These discounts encompass an 18% waiver on the Goods and Services Tax (GST) and an additional 5% discount if they choose the annual premium payment method. In total, this amounts to a generous 23% discount.
  • Q: Do NRIs in Canada get accidental death cover after buying term life insurance from Indian insurers?

    Ans: Yes, NRIs in Canada get accidental death cover after buying term life insurance from Indian insurers.
  • Q: What is the entry age for NRIs of Canada buying term life insurance from Indian insurers?

    Ans: The entry age for NRIs of Canada buying term life insurance from Indian insurers is 18 years.
  • Q: How affordable are the premium rates offered by Indian insurance companies for NRIs residing in Canada than premium rates for international term life insurance?

    Ans: The level term life insurance premium rates offered by Indian insurance companies for NRIs residing in Canada are almost 50% lower than the premium rates for international term life insurance.
  • Q: Can I Buy Term Insurance for NRI plan After Becoming a citizen of Canada?

    Ans: Yes, you can still purchase term insurance for NRI plans in India even after becoming a citizen of another country, like Canada or the USA. However, you will need to provide your PIO or OCI card when buying the policy.
  • Q: How to Get a GST Waiver or Refund on Term Insurance for NRI Premiums?

    Ans: You can receive a GST waiver on premium payments by furnishing evidence of your NRE Account and bank details while buying term insurance for NRIs. If you didn't choose the waiver initially, you can still request a GST refund by providing the required documentation.
  • Q: Can NRIs living in Canada Make Payments in International Currency?

    Ans: Yes, NRIs living in Canada can make payments in international currency, but the amount will be converted to INR using the pre-existing conversion rates.
  • Q: Can NRIs in Canada Nominate Individuals Outside India for their Term Insurance for NRI plans?

    Ans: Yes, NRIs in Canada can designate nominees residing outside India for their term insurance for NRI plans.
  • Q: Will Term Insurance for NRI Cover Nominees Who Change Countries?

    Ans: Yes, term insurance for NRI in India will still cover your nominee even if they change their country of residence.
  • Q: What is the best term insurance for NRI?

    Ans: The choice of the best term insurance for NRIs may vary based on individual circumstances and preferences. It is advisable to consult with insurance advisors who can help you in buying a tailored NRI Term insurance plan to meet your specific needs.
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