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.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 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.
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.
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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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 The Netherlands, 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 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
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.
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
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
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.
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.