Term Life Insurance for NRIs in Canada

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

Why NRIs in Canada Should Buy Term Plans?

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. The insurance companies HDFC Life and Max Life have claim settlement ratios of 98.01% and 99.35% respectively, which means they have a quick settlement of claims. You can compare term life insurance in Canada from Indian insurers and purchase the one that fits your needs the best.

• Lower Premiums: The term plans purchased in India offer premiums rates that are almost 50-60% more affordable than international 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 premium 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 enrolls various insurance companies that offer comprehensive term plans. 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

• Critical Illness and Accidental Death Benefit

• 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 life insurance 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.

• 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 plan. You can avail of this option at no extra cost without choosing the term return of the premium plan. Similarly, the HDFC Life Click 2 Protect Super and Max Life Smart Secure Plus Plans are Zero-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.

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 plan most suitable for you and proceed to pay

Documents Required To Purchase A Term Plan In India

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

• Photo

• Foreign Address Proof

• Passport front and back side

• Copy of Valid Visa

• Last entry-exit stamp

• Last 6 months' bank statements and Last 3 Month salary slip

• Employment ID Proof