Term Insurance For NRI In The Netherlands

NRI in the Netherlands, who have dependents still living in India, could be constantly worried about their loved ones’ financial security. The best way to financially secure your family against any eventuality is to buy term plan. You can buy term life insurance in The Netherlands from Indian insurers that offer the best term life insurance in The Netherlands designed for Dutch NRIs. Let us discuss the various protection plans available and the benefits of purchasing the best term life insurance plans in The Netherlands.

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What is Term Life Insurance for NRI?

Term Life Insurance for NRIs is designed to meet the special needs of OCI cardholders (Overseas Citizenship of India cardholders), Persons of Indian Origin (PIOs) and foreign nationals. These insurance plans offer financial protection and a death benefit to the policyholder's beneficiaries, regardless of their residency outside India. NRIs can also buy term plans from Indian insurance companies, ensuring that their loved ones receive important financial security, even if they are living abroad.

Term Life Insurance for NRI plans provides various coverage options and policy terms, available through both online and traditional offline channels. The introduction of tele-medical checkups has made the online purchase process for term plans easy and accessible for NRIs residing anywhere in the world.

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Can NRIs In The Netherlands Buy Term Insurance Plans From India?

Yes, any NRI of Indian origin living in The Netherlands 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. Whether or not the policyholder physically resides 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.

How Do Term Life Insurance For NRI Plans Work?

Term Life Insurance for NRIs operates similarly to protection plans. In this type of insurance, the policyholder pays a premium to the insurance company in exchange for pure risk coverage, represented by the sum assured. In the unfortunate event of the policyholder's demise within the policy's term, the sum assured is disbursed to the designated beneficiary or nominee.

NRIs can also opt for the Term Life Insurance ROP (Return of Premium) alternative. With this choice, if the policyholder survives the policy term, all the premium amounts paid are returned at the policy's maturity.

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What is the best term insurance in India for NRIs 2024?

Here is the list of best Term Life Insurance for NRI:

Best Term Life Insurance for NRI Entry Age Maturity Age Sum Assured  
Max Life Smart Secure Plus 18 years to 60 years 85 years Rs. 1 Crore - 10 Crores
TATA AIA SRS Vitality Protect 18 years to 60 years 85 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 The Netherlands, with an annual salary of Rs. 40 Lakhs.

What are the Benefits of Term Life Insurance for NRI Plans?

Here are some of the advantages of purchasing the best Term Life Insurance for NRIs:

  • Safeguard Your Family's Financial Future: Term Life Insurance for NRIs acts as a dependable safety net, ensuring lasting financial security for their loved ones.

  • Payment Flexibility: Term Life Insurance for NRIs provides substantial risk coverage at a budget-friendly premium. Payments can be made monthly, bi-yearly, quarterly, or annually. Purchasing early results in lower premiums.

  • Video or Tele-medical Check-up: NRIs can easily purchase Term Life Insurance plans by scheduling telemedical check-ups from their country of residence. Initially, strict rules and physical tests were required during the pandemic, but with eased regulations, NRIs can get significant risk coverage through telemedical check-ups. Moreover, they can now secure substantial pure risk coverage, up to Rs. 5 Crores, through tele/video medical checkups for term insurance in India.

  • Extended Coverage: Term Life Insurance for NRIs offers risk coverage for long policy durations, with some plans extending up to 99/100 years. These plans offer thorough and adaptable coverage options to ensure financial security for the life assured and their family members.

  • Limited Pay Benefit: NRIs can utilize limited pay benefits in Term Insurance for NRI plans. This involves making payments for a specified limited time while keeping life cover for the entire policy term. This allows policyholders to pay premiums for a shorter duration and save money accordingly.

  • 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

    • Longer Life Coverage

    • Quick Claim Settlement

    • Terminal Illness and Accidental Death Cover

    • Limited Pay Benefit

Additional Benefits of Term Life Insurance for NRIs

Here are some additional benefits of purchasing Term Life Insurance for NRIs: 

  • Accidental Death Benefits: NRIs can choose to add the Accidental Death Benefit rider to their Term Life Insurance plan. This rider provides an extra sum assured and offers additional protection in case of accidental death.

  • Terminal Illness Benefits: Term Life Insurance for NRI plans covers terminal illnesses, providing a lump sum payout when a terminal illness is diagnosed.

  • Cover Against Critical Illness: Term Life 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: With this rider, if there is a job loss due to an accidental total permanent disability during the policy term, the remaining premiums are waived. This feature enables policyholders to maintain their coverage even in the event of accidental disability.

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

Who is Eligible to Buy Term Insurance for NRI in The Netherlands?

Here's a list of all eligible people who can buy term insurance for expats, including protection for NRIs living in the Netherlands:

  • 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

What Are the Documents Required for Term Life Insurance Plans for NRI in The Netherlands?

The required documents can be conveniently submitted online to the insurer to buy Term Insurance in India for NRI in The Netherlands. These documents typically include:

  • Passport (front and back sides)

  • Valid Visa Copy

  • Passport-size photo

  • Foreign Address Proof

  • Last entry-exit stamp

  • Last 6 months' bank statements

  • Last 3 months' salary slips

  • Employment ID Proof

 Submitting these documents online streamlines the application process for Term Life Insurance for NRIs, making it easier and more accessible for prospective policyholders.

Wrapping It Up!

Choosing the right Term Life Insurance for NRIs is a crucial financial decision, providing vital protection for expats and long-term peace of mind. This insurance safeguards your loved ones by offering death benefits for future savings, and the convenience of tele-medical exams makes purchasing hassle-free. Before investing in NRI Term Life Insurance plans, it's important to review the policy's terms and conditions thoroughly. This ensures that you make a well-informed decision for your family's financial security.


FAQs

  • Q: Can Indian citizens buy term insurance in The Netherlands?

    Ans: Yes, Indian citizens can typically buy term insurance in the Netherlands. For example, NRIs in the Netherlands can easily buy term life insurance from Indian insurers using platforms like Policybazaar, to get the best deals, features and discounts.
  • Q: Does term insurance cover death outside India?

    Ans: Yes, term insurance covers death outside India, with certain terms and conditions. If the insured individual dies abroad during the policy term, the nominee receives the death benefit as per policy guidelines.
  • Q: Which term insurance is best in India for NRIs in The Netherlands?

    Ans: Policybazaar helps compare from among 15+ insurers to buy the best term life insurance plan for NRIs in The Netherlands, allowing customers to choose the best-suited policy from a range of options, as per their needs and situations.
  • Q: How can I buy term insurance in India for NRI living in The Netherlands?

    Ans: You can easily buy term insurance in India for NRI living in The Netherlands from the Policybazaar website or app. You simply need to fill in some details and you will be able to choose from among the best term plan options available.

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