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 purchase a 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 explore the various term plans available and the benefits of purchasing the best term life insurance in Canada.Read more
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|
|Max Life Smart Secure Plus Plan||18- 65 years||85 years||25 Lacs - 10 Crores|
|Bajaj Allianz Life Smart Protect Goal||18- 65 years||99 years||50 Lacs - 2 Crore|
|ICICI Prudential iProtect Smart||18-65 years||75 years||50 Lacs - 10 Crores|
|TATA AIA Sampoorna Raksha Supreme||18- 65 years||100 years||50 Lacs - 20 Crores|
|HDFC Life Click 2 Protect Super||18- 65 years||85 years||50 Lacs - 20 Crores|
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 dependants 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 term 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 plan that fits your needs. Your family can use the funds 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 term plan life 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.
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.
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
Let us see the documents you will need to purchase the best term life insurance in Canada from India
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