Term Insurance For NRIs In UAE

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 a comprehensive term insurance cover from any insurer in India that extends its coverage to NRIs in the UAE.

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Can NRIs in UAE buy term cover in India?

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.

Why do NRIs in UAE need term insurance?

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 insurance in India

  • Financial Protection - The most obvious reason to buy a term plan in India is the financial safety net for your family in the event of your unfortunate death. 

  • 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 traveling or other hassles. 

  • Peace of Mind - 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. 

Important pointers to note before purchase

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

  1. Medical check-up

    Note that the cost of conducting medicals depends on where the NRI is located at present and also per the insurer. 

    • For instance, Bajaj Allianz Life Insurance and HDFC Life do not pay for medical examinations if the NRI is in UAE at the time of conducting the tests. 

    • TATA AIA Life Insurance, on the other hand, conducts medical examinations for NRIs in the UAE, specifically those in Dubai, Abu Dhabi, Ajman, and Sharjah. This is however subject to the annual premium and other terms and conditions.  

    • For NRIs who are present in India at the time of medical examination, the insurers will pay for it. This is subject to the condition that the NRI has been in India for the last 15 days and will continue to be for the next 15 days after the tests are done. 

  2. NRI Eligibility 

    Term insurance in India can be bought by NRIs under the following criteria:

    • She/he is a citizen of India temporarily residing in the UAE and holds a valid Indian passport

    • She/he is a citizen of the UAE but has previously held an Indian passport

    • Her/his parents or even grandparents are citizens of India

    • She/he is the spouse of any individual belonging to the above criteria. 

  3. Tax implications

    The premium paid towards a policy and the death benefit amount are eligible for tax deductions under sections 80C and 10(10D) of the Income Tax Act of 1969. However, as an NRI in the UAE, you would have to pay applicable taxes on the income received in your country of residence. It is important to look at the tax provisions in your country prior to making a purchase. 

    Note - Tax benefit is subject to changes in tax laws in the country

Five things to know before buying Term Plan Five things to know before buying Term Plan

Documents required to buy term insurance for NRIs in UAE

  • Age Proof

  • ID Proof

  • Address Proof

  • Recent Photo

  • Income Proof

  • NRI Questionnaire

  • FATCA Declaration

  • ENACH/Physical NACH

  • Declaration of Reverse Solicitation if applying from abroad

  • Covid-19 Questionnaire

  • Entry and Exit Details on Passport

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