NRI Term insurance Singapore is term life insurance plan from Indian insurers designed with NRIs and their needs in mind. You can buy the best term insurance in Singapore to ensure the financial security of your loved ones in India. NRIs can benefit from a term insurance Singapore as they provide family’s financial protection, comprehensive cover, GST waiver, and dedicated claim support for family.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Term insurance in Singapore for NRI is a special type of term insurance created with NRI needs in mind. These plans offer large life cover at affordable premiums for a long policy tenure, and provide the necessary financial protection to your family in case of an eventuality. With these plans, your family will receive the death benefit payout in case of your untimely demise during the policy term. Your family can use the benefit amount to take care of their financial needs, like paying for the child’s fees, taking care of the remaining loans, and other monthly expenses.
Let us understand how NRI term insurance Singapore works with the help of an example:
Consider the story of Raj, a 30-year-old NRI residing in Singapore. Raj decides to buy a Policybazaar NRI term insurance to protect his family in India. He chooses a term insurance policy with a 35-year term, ensuring coverage until he turns 65 years old.
Tragically, Raj faces an unfortunate demise in the 15th year of his policy due to unforeseen circumstances. His family informs the NRI term insurance provider and submits the necessary documents. The insurer verifies the details and processes the claim, disbursing the life cover amount to Raj's beneficiaries. This amount helps his family take care of their financial needs in his absence.
Note: You can check out Singapore best term life insurance plans from Indian insurers.
Term Plans
Here is why you need term insurance for Singapore NRIs:
Family’s Financial Protection: You can ensure the financial security of your loved ones with a Policybazaar NRI term insurance from India at premiums that are much more affordable than international term plans.
Pay off Loans and Liabilities: Your family can use the best term insurance in Singapore for NRI payout amount to pay off the remaining loans and liabilities in your absence.
Available Customisations: You can customise the Singapore best term life insurance for NRIs to make sure the plan fits your specific needs, like changing the sum assured, policy term, or premium payment modes.
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Here is a list of the best term insurance in Singapore for NRI in 2025:
| Name of the Insurer | Term Insurance for NRI | Entry Age | Maturity Age | |
| ICICI Prudential Life Insurance | ICICI Pru iProtect Smart | 18 – 50 years | 85 years | |
| HDFC Life Insurance | HDFC Life Click 2 Protect Super | 18 – 50 years | 85 years | |
| Axis Max Life Insurance | Axis Max Life Smart Term Plan Plus | 18 – 50 years | 85 years | |
| Tata AIA Life Insurance | Tata AIA Sampoorna Raksha Promise | 18 – 50 years | 100 years | |
| Bajaj Allianz Life Insurance | Bajaj Allianz Life eTouch II | 18 – 45 years | 85 years |
*Disclaimer: ~Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
Note: You can also use term insurance for NRI premium calculator to estimate the applicable premium payable for the desired NRI term insurance.
Here is how you can benefit by buying Singapore best term life insurance for NRIs:
Term Insurance for NRI: India vs Singapore
Affordable Premiums: NRI term insurance in Singapore is an affordable and great way to secure your family's financial future, as term insurance plans are usually the most affordable types of life insurance. You can save money on premiums and use the extra amount for investments or save for your child’s higher education.
Death Benefits: In case of an unfortunate event during the policy term, the insurer will pay the death benefits to your nominee. Your nominee can use the Policybazaar NRI term insurance benefit amount for everyday expenses, paying off loans, or fulfilling future financial goals.
Refund of Premiums: The term insurance for NRI in Singapore plans allows you to receive all the premiums paid towards keeping the policy active. The returned amount will exclude the taxes and other charges levied, like admin charges and other such charges.
Multiple Payout Options: The Singapore best term life insurance for NRI offers different payout benefit options, like monthly payments, increasing income, lump sum + monthly income, or a lump sum. You can assess the household income of families in Singapore before buying the most suitable term insurance plan.
Cover Against Illnesses and Disabilities: You can customise the best term insurance in Singapore for NRIs by adding available term insurance riders for coverage against illnesses or disabilities. For example, you can add terminal illness, critical illness, accidental death, accidental disability, and other such riders.
Tax Benefits: NRIs living in Singapore can claim term insurance tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961, which can help them save money. However, it is suggested that you consult with your tax advisor for the latest information.
Transparency in CSR: Term insurance for NRI from India allows you to get the accurate CSR of the various insurers and compare the insurers based on the highest CSR offered. To make your search for the best term plan easier, you can compare and buy the best Policybazaar NRI term insurance by comparing up to 3 plans side by side on the Policybazaar platform.
Claim Intimation Benefits: Various Indian insurers offer claim intimation benefits from India, which allows your nominees to receive an immediate payout on claim intimation with the insurers. Your family can use the benefit amount to take care of funeral costs and hospital bills.
Global Coverage: The Singapore best term life insurance for NRI provides global coverage, which ensures the financial protection of your loved ones, irrespective of your geographical location.
Pre-approved Cover: With Policybazaar term insurance for NRI, you can receive a term insurance with pre-approved cover up to 5 Crores depending on your income, country of residence, and other such factors.
Special Exit Benefits: The best term insurance in Singapore from Indian insurers offers special exit benefits, which allows you to exit the plan early and receive back all the premiums paid until exiting the policy.
GST Waiver on Premiums: The Government of India provides an 18% GST waiver on term insurance premiums for NRI customers if the premiums are paid via an NRE (Non-residential External) bank account that supports freely convertible currency. Not only that, but you also need to have your residence proof ready as well.
Additional Discounts: You can receive an additional 5% discount on the premiums paid with Policybazaar term insurance for NRI if the annual premium payment mode is selected.
Income Replacement: Your family may be left financially vulnerable in your absence. The best term insurance in Singapore for NRIs acts as an income replacement plan for your family in case you are the main breadwinner.
Dedicated Claim Support: The Policybazaar NRI term insurance in Singapore allows your family to receive dedicated claim support in the event of your untimely death during the policy term.
Let us take a look at the key features of Policybazaar term insurance for NRIs living in Singapore:
Flexible Policy Term: You can choose an NRI life insurance with a policy term that suits your family. Some plans even offer coverage up to 99 or 100 years of age.
Tele/Video Medical Checkups: Many insurers allow NRIs to schedule tele medical checkups for term insurance online via phone or video calls. This means you can buy a suitable plan from your home.
Choose Coverage Amount: You can pick the right coverage amount based on your income and your family's financial needs if something happens to you.
Various Premium Payment Options: Various term insurance companies provide options like monthly, quarterly, yearly, or semi-annual payments, giving you flexibility in how you pay your premiums.
Speedy Policy Issuance: Buying Policybazaar NRI term insurance online from Indian insurers means your policy can be issued quickly without needing to submit physical documents.
Here is how you can buy the best term insurance in Singapore for NRIs from Indian insurers via Policybazaar:
Step 1: Visit the Policybazaar term insurance for NRI page
Step 2: Fill in the required details like name, gender, and contact information
Step 3: Select the country as Singapore and click on ‘View Plans’
Step 4: Select the right annual income, occupation type, smoking habits, and educational qualifications
Step 5: Choose the best term insurance in Singapore for NRIs and proceed to pay
In a nutshell, term insurance for NRI in Singapore is a type of life insurance plan designed specifically for Indian expats living abroad. It offers a pure risk cover at affordable premiums for a long policy term, providing financial security for your family in case of your untimely death. It's a smart, cost-effective way to ensure that your loved ones are taken care of, even when you're not around.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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