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 get pure risk cover and 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. The people who are eligible to buy term insurance for NRI in Singapore from India are as follows:

  • NRIs - Non-resident Indians are Indian citizens who live outside of India

  • PIOs/OCIs - Persons of Indian origin and Overseas Citizenship of India Cardholders can buy term plans for NRIs

  • Foreign Nationals - People who are citizens of other countries and live in 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
ICICI Pru iProtect Smart 18 - 65 years 99 years Min: 1 Crore Max: 2 Crores
HDFC Click 2 Protect Super 18 - 65 years 85 years Min: 1 Crore Max: 2.5 Crores
Max Life Smart Secure Plus 18 - 60 years 85 years Min: 1 Crore Max: 10 Crores
Tata AIA Maha Raksha Supreme 18 - 60 years 85 years Min: 2.5 Crore Max: 20 Crore
PNB Mera Term Plan Plus 18 - 50 years 80 years Min: 1 Crore Max: 1.5 Crore

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

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:

  • Flexibility in a policy term
    NRIs have a number of options in choosing the policy term of protection plans. The policy term for NRI term life insurance plans can range from 5 years up to 99/100 years. 

  • 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. 1 Crore up to Rs. 20 Crores, fulfilling every family’s needs.

  • 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.

  • Quick Documentation
    The process of term life insurance 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.

  • 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.

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

Why Do NRIs in Singapore Need Term Insurance Plans?

NRIs living in Singapore need the pure risk cover offered by protection for expats because of the following reasons:

  • Long term protection:
    Term insurance plans offer long term protection for the life assured and their family members. You can buy term life insurance with pure risk cover for up to 100 years of age as per the specific policy’s T&C.

  • Ease of plan availability:
    In the event of your untimely death, 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 travelling 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 have an unpaid paid at the time of your demise, the benefits from the protection plans can help pay off any debt or any financial commitments.

Why Should NRIs Buy Term Insurance For NRIs in India?

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 life insurance plans for NRIs with high pure risk cover at level term life insurance 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 level term life insurance rates are comparable to international term life insurance in Singapore.

Let’s understand this with the help of an example:
In Singapore, the level term life insurance rates for a life cover amount of Rs. 1.5 Crores for a 35-year-old male is approx. Rs 1573 payable monthly for a policy term of 30 years. And, in India, the protection plans 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.

GST Waiver
The Government of India offers a GST waiver of 18% on the premiums paid through the NRE (Non-residential External) Bank Account in freely convertible currency.

Discounts on Annual Mode
You can get a 5% discount on paying the premiums in an annual modes which when combined with the GST waiver will provide the NRIs with a total discount of 23% on the premiums paid.

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 premium rates. This means you can purchase protection plans in Singapore for a large life cover at level term life insurance rates. 

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


Documents Required to Buy Term Insurance For NRI in Singapore

Here is a list of documents required to buy protection plans for NRIs living in Singapore from India:

  • 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?

Here is how you can buy protection for expats in Singapore for NRIs from India:

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 most suitable protection plan that suits your financial needs and proceed to pay.

FAQ's

  • Q: Is term insurance plans valid on moving to a different country?

    Ans: Yes, term life insurance will remain valid even if you move to a new country. However, it is suggested that you inform the insurer about your new country of residence and check their inclusions and exclusions.
  • Q: Does term insurance for NRI offer any GST waiver?

    Ans: Yes, term life insurance for NRIs offers a GST waiver of 18% on the premiums paid through the NRE bank account in freely convertible currency. Along with that, you can also claim a 5% additional discount on the option for the annual premium payment mode.
  • Q: Is term insurance for NRIs expensive in India?

    Ans: No, term insurance for NRIs is almost 50-60% more affordable than international term life insurance for NRIs. These plans allow the NRIs to secure their loved ones at affordable premiums for a long policy tenure.
  • Q: Who can buy protection plans for NRIs in Singapore from India?

    Ans: The following people are eligible to buy term plans for NRIs in Singapore from India:
    • NRIs (Non-resident Indians)
    • PIOs (Persons of Indian Origin)
    • OCIs (Overseas Citizenship of India)
    • Foreign Nationals
  • Q: Why should I buy term insurance for NRIs from India?

    Ans: You should buy term insurance for NRIs from India to ensure the financial protection of your loved ones in the event of your untimely death during the policy tenure. Using the term life insurance for NRIs, you can secure a large life cover at affordable premiums, save on yearly taxes and receive a GST waiver on the premiums paid.
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