NRI in Germany, who have dependents still residing in India, must be constantly stressed about their families’ financial security. The most effective means to provide financial security for your family in any unforeseen circumstances is to buy term plan. You can buy term insurance in Germany from Indian insurance companies that specialise in offering the best term life insurance for German NRIs. Let's explore the various term insurance plans available and the advantages of investing in the finest term life insurance plans in Germany.Read more
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Term Life Insurance for NRIs is specifically designed to cater to the unique requirements of OCI (Overseas Citizenship of India) cardholders, Persons of Indian Origin (PIO) cardholders, and foreign nationals. These insurance plans provide financial protection and a death benefit to the policyholder's beneficiaries, irrespective of their residence outside India. NRIs also have the option to buy term plans from Indian insurance companies, ensuring that their loved ones receive crucial financial security, even when residing abroad.
Term Life Insurance for NRI plans provides a range of coverage options and policy tenures to choose from, available through both online and offline modes. The introduction of tele-medical checkups has made the online purchase process for term plans easy and accessible for NRIs living anywhere in the world.
Yes, any NRI of Indian origin living in Germany or Foreign Nationals, Person of Indian Origin (PIO) and Overseas Citizenship of India (OCI) card holders can buy term plan from India to protect their family/dependents. Even if the policyholder is not currently living in India, Non-Resident Indians (NRIs) are permitted by the Foreign Exchange Management Act (FEMA) to purchase insurance policies that meet their needs for protecting themselves and their family members.
Here's a list of all eligible people who can buy term insurance for expats, including protection for NRIs living in Germany:
Non-Resident Indians (NRIs): These are Indian citizens holding valid Indian passports who are residing temporarily in a foreign country.
Overseas Citizen of India (OCI)/Person of Indian Origin (PIO): This category includes citizens of foreign countries, except for Bangladesh or Pakistan, who meet one of the following criteria:
Previously held an Indian passport
Have parents or grandparents who were Indian citizens
Are spouses of Indian citizens
Foreign Nationals: This refers to citizens of foreign countries who are living in India.
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Term Insurance for NRIs works much like protection plans. In this insurance type, the policyholder pays a premium to the insurance company for pure risk coverage, which is represented by the sum assured. If, unfortunately, the policyholder passes away during the policy's term, the sum assured is given to the chosen beneficiary or nominee.
NRIs also have the option to choose Term Insurance with Return of Premium (ROP). With this option, if the policyholder survives the policy term, the total premiums paid are refunded at the policy's maturity, in the form of a survival benefit.
Here is the list of best Term Life Insurance for NRI:
|Best Term Life Insurance for NRI
|Max Life Smart Secure Plus
|18 years to 60 years
|Rs. 1 Crore - 10 Crores
|TATA AIA SRS Vitality Protect
|18 years to 60 years
|Rs. 50 Lakhs - 2 Crores
|HDFC Click 2 Protect Super
|18 to 65 years
|85 years - entry age
|Rs. 50 Lakhs - 20 Crores
*Note: The information leading to these plan results are: 30 YO non-smoking male from Germany, a graduate with an annual salary of Rs. 40 Lakhs.
Here are some of the advantages of purchasing the best Term Life Insurance for NRIs:
Safeguard Your Family's Financial Future: Term Insurance for NRIs serves as a reliable safety net, guaranteeing lasting financial protection for their loved ones.
Payment Flexibility: Term Life Insurance for NRIs offers significant risk coverage at an affordable premium, with the flexibility to make payments monthly, bi-yearly, quarterly, or annually. Buying early can lead to reduced premiums.
Pay off debts/loans: If you have any outstanding loans at the time of your untimely death, the term plan’s death benefit can settle them without causing financial burden to your loved ones.
Pre-Approved Coverage: Policybazaar offers hassle-free pre-approved term insurance up to 2 Crores, eliminating the need for medical tests.
Global Coverage and Claim Assistance: NRI term insurance provides worldwide coverage and 24/7 claim assistance to the NRIs of Germany.
Medical Costs Covered: Many Indian insurers cover the medical expenses required for buying term insurance for NRIs, saving the Germany-based NRIs from expensive medical tests.
Limited Pay Benefit: NRIs can choose the limited premium payment option, that allows them to pay the premiums in a shorter period, ensuring extended coverage..
NRIs in Germany should buy term insurance from India due to the following
Affordable Premiums Rates: Term insurance for NRI plans from India offers much affordable premium rates in comparison to developed countries. Buying term insurance in India can result in a much lower premium, approximately 50-60% less than international plans, with the exact difference varying by country. To ensure the best value, comparing and buying term plans in Germany from India is recommended.
Video or Tele-medical Check-up: NRIs can easily buy Term Insurance plans by scheduling telemedical check-ups from their country of residence. Initially, stringent rules and physical tests were necessary during the pandemic. However, with relaxed regulations, NRIs can secure substantial risk coverage through telemedical check-ups. Furthermore, they can now obtain substantial pure risk coverage, up to Rs. 5 Crores, through tele/video medical checkups for term insurance in India.
Claim Benefit: Term Insurance plan will provide life cover to the policyholder, regardless of which country the NRI resides in. To intimate the death claims, the beneficiary/nominee of the NRI policyholder must submit all necessary documents as requested by the insurance company. However, tax implications and savings on NRI term insurance plans are determined by the income tax laws prevailing in the country where the NRI resides.
Bigger Pool of Companies: IRDAI enrolls several insurers 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
Terminal Illness and Accidental Death Cover
Limited Pay Benefit
Longer Life Coverage
Quick Claim Settlement
GST Waiver Available: Buying term insurance for NRIs from an Indian insurance company allows the policyholder to avail GST waiver of up to 18%. This means the NRI can easily save on their premiums if they make payments using NRE accounts supporting freely convertible currency.
Additional Discounts: The term insurance for NRI policy in India provides an additional 5% discount on the premiums paid in annual modes. This discount, along with the GST waiver, provides you with a total of 23% discount on premiums.
Tax Benefits: You can get tax benefits with term insurance for NRI plans in India. These plans provide tax advantages as per the Income Tax Act, 1961, under sections 80C and 10(10D).
Plan Comparison: NRIs can easily compare term plans with the help of Policybazaar’s comparison engine and buy the best term plan from among 15+ top insurers of the country. Moreover, with Policybazaar, the NRI can also avail 100% claim assistance, which makes it an even better reason for NRIs to buy term plan from India.
Here are some additional benefits of purchasing Term Life Insurance for NRIs:
Accidental Death Benefits: NRIs have the option to include the Accidental Death Benefit rider in their Term Life Insurance policy. This rider offers supplementary coverage and provides extra protection in the event of accidental death.
Terminal Illness Benefits: Term Insurance for NRI plans covers terminal illnesses, providing a lump sum payout when a terminal illness is diagnosed.
Cover Against Critical Illness: Term Insurance for NRI plans includes extended coverage against specific critical illnesses for the entire policy term. This coverage helps manage significant medical expenses and treatment costs when a covered critical illness is diagnosed.
Waiver of Premiums on Disability: By choosing this rider, if an accidental total permanent disability leads to job loss during the policy term, the remaining premiums are waived. This feature allows policyholders to retain their coverage despite an accidental disability.
*Note: The rider benefits vary from insurer to insurer. Check the plan brochure to understand all the details before buying.
The required documents can be conveniently submitted online to the insurer to buy Term Insurance in India for NRI in Germany. These documents typically include:
Passport (front and back sides)
Valid Visa Copy
Last 6 months' bank statements
Last 3 months' salary slips
Employment ID Proof
Foreign Address Proof
Last entry-exit stamp
Submitting these documents online streamlines the application process for Term Insurance for NRIs, making it easier and more accessible for prospective policyholders.
*Note: You can use the term insurance calculator to quickly and easily calculate your term insurance premium amount of your chosen plan.
Selecting the ideal NRI Term Life Insurance is a key financial decision for expats, offering protection and long-term peace of mind. The convenience of tele-medical exams make the purchasing process very simple and hassle-free, providing death benefits for future savings. Before investing, carefully review policy terms and conditions to ensure a well-informed decision for your family's financial security.