Term Life Insurance for NRIs in Singapore

As an NRI living in Singapore, you are likely to be constantly worried about the well-being of your dependents back in India. In case of an unforeseen event, your family members should be financially protected to face the income loss. So, you can get a wide range of term insurance plans from various insurance companies in India that extends their coverage to NRIs who are residing in Singapore. 

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Can NRIs in Singapore Buy Term Insurance from India?

Yes, NRIs (Non-Resident Indians) are eligible to buy term plans from India. NRIs live all over the world and make up a large economic section. Term insurance for NRI plans should be based on their specific needs.

Eligibility for an NRI to Buy a Term Insurance Plan from India

Term insurance for NRIs in Singapore comes with the usual benefits such as life cover for some time, extra protection against accidental death and disability, the flexibility of premium payment, etc. However, there are certain eligibility parameters that NRIs should be mindful of before purchasing the best term insurance plan for themselves.

  • You must have resided outside the country for a specific time

  • You should have possessed a passport of India at some point in your life

  • Your parents/grandparents should have been Indian citizens

  • You have a married citizen of India

The premium amounts of these term plans can be calculated using term insurance for the NRI Premium calculator. It depends on the individual’s age, health, sum assured, and other factors.

Best Term Insurance in Singapore For NRIs

Here is a list of best term insurance Singapore plans for NRIs:

Term Insurance Plans NRIs in Singapore Entry Age Maturity Age Sum Assured
Max Life Smart Secure Plus 18 years 85 years Min:25 Lakhs
Max: 10 Crores
Tata AIA Maha Raksha Supreme 18 years 85 years Min: 2 Crore
Max: 20 Crore
HDFC Click 2 Protect Super 18 years 85 years Min: 50 Lakhs
Max: 20 Crores
ICICI Pru iProtect Smart 18 years 75 years Min: 50 Lakhs
Max: 10 Crores

What Are The Features and Benefits of Term Insurance For NRIs in Singapore?

Following are the features of best term insurance in Singapore from India:

  1. Flexibility in a policy term

    NRIs have a number of options in choosing the policy term of a term insurance plan. The term for NRI term insurance plans can range from 5 years up to 99 years.

  2. Sum assured of your choice

    The life cover can be chosen based on your preferences. NRI term insurance in India offers sum assured amounts, ranging from Rs. 50 Lacs up to Rs. 5 Crores, fulfilling every family’s needs.

  3. Easy Payments

    Term insurance for NRIs in India offers hassle-free and easy payment options. Payments can easily be done online using credit/debit cards/net banking.

  4. Quick Documentation

    The process of documentation is quick, and hassle-free and the company requires basic documents such as identity, passport, medical test reports, and address proofs, along with other KYC documents.

  5. Choose Your Payout

    NRI term plans in India provide multiple options of payout like regular income, lump sum, lump sum plus regular income, and increasing cover with a period. You can choose any option based on your lifestyle requirements and the preferences of your family.

Why Do NRIs in Singapore Need Term Insurance Plans?

  • Long term protection:

    Term insurance plans offer longer protection for the life assured and their family members. You can choose a life cover up to 100 years of age

  • Ease of plan availability:

    Your devastated family can just visit the nearest insurer branch in their residential country (in India) to set the claim settlement procedure in moving without traveling or other hassles.

  • Financial Stability:

    NRI Term insurance plans help in securing the future of the family back in India by offering financial stability even when the sole earner is not around.

  • Pay off Debts:

    If you an unpaid paid at the time of your demise, the benefits from the plan can help pay off any debt or any financial commitments.

Why Term Insurance For NRIs in India are More Affordable in India Than in Singapore?

A large number of Insurance Companies In India

There are a number of life insurers enrolled under IRDAI and every insurance company offers different types of comprehensive term insurance plans for NRIs with high life cover at low premium rates.
Video or Tele-Medical Examination

Policyholders can now easily buy NRI term insurance plans that help to schedule a telemedical check from their living country. NRIs can receive comprehensive coverage with telemedical facilities, offering security for NRIs living in Singapore.

Claim Settlement Ratio of Life Insurance Companies

The CSR is the percentage of claims that an insurer settles annually out of total claims. This value indicates the credibility and reliability of the insurer. CSR of more than 95% is considered a good value and the fast settlement of claims.

Low Premium Rates in India Compared to Singapore

The leading term insurance companies in Singapore cost you more than Indian insurance companies. Indian term insurance plans have comparable premium rates to term insurance in Singapore.

Let’s understand this with the help of an example:

In Singapore, the premium rate of a term plan for a life cover amount of Rs. 1.5 Crores for a 35-year-old male is approx. Rs 1573 for a month for a policy term of 30 years. And, in India, the term plan can be availed at a comparable rate i.e., at Rs. 1812.

Note: You can compute the term insurance plan premium rate with term insurance for NRI premium calculator

Term Insurance Singapore Comparison

In case you are looking for a term insurance Singapore comparison, you can find term insurance for Singapore in India at comparable rates. This means you can purchase term life insurance in Singapore for a large life cover at affordable premium rates. Let’s understand this with the help of an example:

In Singapore, the premium rate of a term plan for a life cover amount of Rs. 1.5 Crores for a 35-year-old male is approx. Rs. 1573 for a month for a policy term of 30 years. And, in India, the term plan can be availed at a comparable rate i.e., at Rs. 1812.

This term insurance Singapore comparison allows you to purchase a term plan from a trustable insurer and make a well-informed decision.

Documents Required to Buy Term Insurance For NRI in Singapore

  • Foreign Address Proof

  • Photo

  • Copy of Valid Visa

  • Passport front and back side

  • Last entry-exit stamp

  • Employment ID Proof

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

How To Buy Term Insurance for NRIs Living in Singapore From Policy Bazaar?

Step 1: Visit Term insurance for NRI

Step 2: Fill in the basic details such as date of birth, name, contact details, and country code. Click on ‘View Plans’

Step 3: Answer the questions about smoking or chewing habits, annual income, occupation, education, and language.

Step 4: Choose the plan that suits your financial needs and proceed to pay.

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