As an NRI living in the UAE, you are likely to be constantly worried about the well-being of your dependents back in India. If anything were to happen to you, your family should be financially equipped to deal with the loss of income. For this purpose, you can get comprehensive term insurance cover from any insurer in India that extends its coverage to NRIs in the UAE.Read more
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Here is a list of the best term insurance in UAE for NRIs:
|Term Insurance Plans for NRIs in UAE||Entry Age||Maturity Age||Sum Assured|
|Max Life Smart Secure Plus||18 - 60 years||85 years||Min: 1 Crore
Max: 10 Crores
|Tata AIA Sampoorna Raksha Supreme**||18 - 60 years||100 years||Min: 1 Crore
Max: 20 Crores
|HDFC Life Click 2 Protect Super||18 - 65 years||85 years||Min: 1 Crore
Max: 2.5 Crores
|ICICI iProtect Smart||18 - 65 years||99 years||Min: 1 Crore
Max: 2 Crores
|PNB MetLife Mera Term Plan Plus||18 - 50 years||80 years||Min: 1 Crore
Max: 1.5 Crore
Yes, any NRI of Indian origin residing in the UAE can buy term life insurance coverage in India to protect their families. Whether or not she or he is physically residing in India, the Foreign Exchange Management Act (FEMA) allows NRIs to purchase any plan that fulfills their needs for protecting themselves and their families.
Term insurance in India can be bought by NRIs under the following criteria:
NRIs (Non-Resident Indians) –
Individual is a citizen of India temporarily residing in the UAE and holds a valid Indian passport
PIOs (Persons of Indian Origins)/OCIs(Overseas Citizenship of India) –
Individual is a citizen of the UAE but has previously held an Indian passport
Individual’s parents or even grandparents are citizens of India
Individual is the spouse of any individual belonging to the above criteria.
Foreign Nationals –
Individuals who are citizens of other countries and live in India
Secure Your Family Future Today
Term Plan Starting @ ₹449/month+
Get an online discount of upto 10%+
Compare 40+ plans from 15 Insurers
There are a number of scenarios where term life insurance can come in handy for an NRI residing in the UAE. Here’s why NRIs should buy term life insurance in India.
Financial Protection - The most important reason to buy term plan in India is the financial safety for your family in the event of your unfortunate death. These protection plans provide the death benefit to your family, who can use the amount to take care of their financial obligations like rent and child’s fees.
Ease of Access - Your grieving family can simply visit the nearest branch in their residing city to set the claim settlement process in motion without much travelling or other hassles.
Peace of Mind - With an NRI term insurance in UAE, you can rest in peace knowing that you have created an income source for the family, taken care of your child’s education, and your family’s lifestyle and daily needs in your absence.
Pay off debts - If you have an outstanding loan at the time of your death, the proceeds from the policy can help pay off any debt or financial obligations. However, make sure that the coverage is significant to take care of daily needs as well and that the amount does not run out too soon.
A large number of insurers
Many term life insurers are registered under the Regulatory Authority, IRDAI. Many of them provide different term insurance plans for NRIs with high life cover at affordable premium rates. They can easily buy a term plan with a quick and easy online procedure. An Indian Term plan offers various benefits for NRIs than International term insurers:
Can opt for a sum assured upto 20 Crores
The easy and hassle-free payment process
Terminal illness and accidental death cover
NRIs in UAE can easily buy term plans in India that help them to arrange a video or telemedical examination from his/her residential country. At the onset of the pandemic, the rules were quite strict, and policy seekers were required to go through a physical medical check-up. But, now, with relaxation in rules and regulations, NRIs can get comprehensive pure risk covers with telemedical facilities, making protection for expats much more feasible for NRIs living in UAE.
Claim Settlement Ratio (CSR)
The CSR of Indian term insurance companies is the percentage of death claims that a company settles yearly out of total death claims. This indicates the reliability and credibility of an insurer. You should always opt for a life term insurance policy from an insurer with a CSR of at least 95%, as it increases the chance of your family’s claim settlement in the future.
Term insurance premium rates
The premium rates of Indian term insurance plans are low than the UAE term insurance plans. The level term life insurance rates in India are up to 50-60% more affordable than international term life insurance.
In UAE, the term plans premium rate for a life cover of 1 Crore for a 30-year-old male is approx. Rs. 2000 pm. This is for a policy term of 15 years. Then, in India, the premium rate of the term plan for NRI is as low as approx. Rs.840 pm.
|Criteria||Foreign Insurer (UAE)||India|
|Age||30 years||30 years|
|Cover Till Age||45 years||45 years|
|Life Cover (in INR)||1.05 Crore||1.05 Crore|
|Life cover in AED (UAE Dirham)||5 Lakhs||5 Lakhs|
|Premium Rate of Leading Insurer||Rs. 2198 per month||Rs. 841 per month|
As per the above example, leading insurers in UAE cost you more than Indian insurers. Indian term insurance plans are around 50% cheaper than term insurance in Dubai.
Note: To compute the premium amount of your chosen term insurance plan, you can use term insurance for NRI premium calculator.
Following are the documents required to buy term life insurance for expats in UAE from Indian insurers:
Passport front and back side
Foreign Address Proof
Last 6 months' bank statements and Last 3 Month salary slip
Employment ID Proof
Copy of Valid Visa
Last entry-exit stamp
You can buy the most suitable protection plan for NRI in UAE from India online by following the below steps:
Step 1: Visit Term insurance for NRI
Step 2: Fill in the basic details such as date of birth, name, and contact details. 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.
03 Oct 2023Today, many Indians live abroad, away from their family or loved
06 Jun 2023NRIs living outside India may want to buy term plan to secure
06 Jun 2023Now, geographical boundaries are no longer a barrier for people
31 May 2023NRIs living outside India often worry about their family living
31 May 2023NRIs living outside India are often riddled with worry about the