Term Life Insurance for NRIs in UK

As an NRI living in the United Kingdom (UK), you must be worried about providing financial stability to your family living in India after your demise. By buying Term Insurance in India, not only you can provide financial protection to your family, but also the premiums paid against the policy will be quite lower than the one you will buy in the UK. Most term insurance for NRI policies in India is accessible online and doesn't call for a physical examination. 

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What are the Best Indian Term Insurance for NRI Plans in the UK in 2023?

Following is the list of the best Indian Term Insurance for NRI plans in the UK:

Protection Plans Entry Age Maturity Age Sum Assured
HDFC Life Click 2 Protect Super 18 years to 65 years 85 years Min: Rs. 1 Crore Max: Rs. 2.5 Crore
Max Life Smart Secure Plus 18 years to 60 years 85 years Min: Rs. 1 Crore Max: Rs. 10 Crores
TATA AIA SRS Vitality Protect 18 years to 60 years 85 years Min: Rs. 1 Crore Max: Rs. 2 Crore
PNB Mera Term Plan Plus 18 years to 50 years 80 years Min: Rs. 1 Crore Max: Rs. 1.5 Crores

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+

Can NRIs in the UK Buy Term Insurance in India?

Yes, NRIs living in the UK can buy Term plans in India. Term Insurance for NRI Plans are easily available in India without any geographical boundaries. Suppose you want to buy protection for expats. In that case, you can now easily opt for term plans whenever you visit India, or by scheduling a telemedical or video check-up from your residential country.

Who is Eligible to Buy Term Plans for NRIs in the UK?

Here is a list of individuals who are eligible to buy term life insurance plans for NRIs in the UK:

  • NRIs (Non-resident Indians) - People who are Indian citizens but temporarily live abroad

  • PIOs (Persons of Indian Origin) or OCIs (Overseas Citizenship of India) cardholders - People who are citizens of other countries and 

    • Have held indian passport in the past

    • Have an Indian spouse

    • Have a parent or a grandparent who is Indian citizen

  • Foreign Nationals - People who are not Indian citizens but live in India 

Why Should NRI in the UK Buy Term Plans?

Below are the benefits that one may avail of by buying a term life insurance for NRI:

  1. Budget-friendly Term Plans

    The level term life insurance rates in India are much more affordable when compared to the international term life insurance plans available in the United Kingdom. These protection plans are designed to cater to the financial needs of every Indian citizen belonging to any social status. Thus, it is recommended to buy term plan in the UK from India.

  2. Quick & Hassle-free Purchase

    Geographical limitations are no longer a hurdle if you want to buy term plan in India whilst living in the UK. One can easily buy term insurance for NRI plans in India by scheduling a tele or video medical checkup from the UK.

  3. Accidental Death Cover

    The accidental death cover of protection plans in India offers an additional benefit amount to the nominee of the policy in case of the policyholder’s accidental death during the policy term. This amount can be used by the nominee to take care of their financial needs and obligations.

  4. Terminal Illness Benefit

    The terminal illness benefit pays a part or the entire base sum assured to the policyholder in case of diagnosis of a terminal illness during the policy term in exchange for nominal premiums. This rider helps you improve your survival chances by using the sum assured to pay for the best treatments and medications.

  5. Limited Pay Benefit

    With the limited pay benefit, you can pay off the premiums in a short period of time and enjoy coverage for a longer duration. This allows you to save on the premiums paid and use the amount to fulfill your financial goals.

  6. Trustworthiness

    In India, every Insurance company is registered with one regulating authority named IRDAI. The IRDAI publishes the status of every insurance company in its annual reports, from where a potential buyer can check the past performance of the company.

  7. Pre-Approved Coverage

    Policybazaar offers a streamlined pre-approved term insurance coverage of up to 2 Crores, eliminating medical examination requirements.

  8. Global Coverage and Claim Assistance

    NRI term insurance extends worldwide coverage and round-the-clock claims assistance to NRIs residing in the UK.

  9. Medical Costs Covered

    Many Indian insurers include the medical expenses needed for NRIs in the UK to buy term plan, thus saving them from expensive medical tests.

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How is Indian Term Insurance For NRIs Better than International Term Life Insurance?

Buying Term Insurance for NRI plans from India is not only an easy and hassle-free process, but also affordable. There are various features offered by Indian insurers that make term plan in India better than international term life insurance policy:

  1. Wide range of Term Insurance companies available

    With several protection plans available in India by Indian insurers, you have the option to choose the life term insurance plan as per your requirements. Every term plan comes with different features, which makes it easy for you to choose your ideal term insurance with affordable benefits and comprehensive coverage.

  2. Tele or Video Medical Examination

    NRIs from the UK may conveniently purchase protection plans in India that let them book a video or telemedical examination from their home country. Large pure risk cover is now easily accessible, allowing NRIs to buy life term insurance policy from the comfort of their home.At the outset of the COVID-19 pandemic, the underwriting guidelines for term insurance became more stringent. Policy purchasers were required to undergo in-person medical tests, and coverage limits were enforced. Nevertheless, as rules eased, NRIs became eligible for substantial pure risk coverage of up to Rs. 5 Crores through tele/video medical checkups for term insurance.

  3. GST Waiver

    Buying a term plan from an Indian insurer allows you a GST waiver of up to 18%, which means you can save on your premiums even further by making payments using an (NRE) Non-residential External bank account in freely convertible currency.

  4. Extra Discounts

    You can get an additional discount of 5% on the premiums paid by opting to pay the premiums in annual mode. This way, the NRIs can get a total of 23% discount on the premiums payable (GST waiver and Additional discount).

  5. Claim Settlement Ratio (CSR)

    CSR of Indian term insurers is the percentage of claims that an insurer settles annually out of total death claims. A good CSR value should always be more than 95%, indicating the company’s credibility and the fast settlement of claims. Most of the insurance companies in India have good CSR, such as ICICI Prudential Life’s CSR is 97.82%, and HDFC Life’s CSR is 98.66% for Financial Year 2021-22.

How To Buy Term Insurance For NRIs Living in the UK From India?

Here are the steps to buy term insurance for NRIs living in the UK from India:

Step 1: Visit the official website of Policybazaar and then go to Term insurance for NRI

Step 2: Fill in the basic details such as dob, name, contact number, and the country code of the country you live in.

Step 3: Click on ‘View Plans’

Step 4: Once done, answer about smoking, annual income, occupation, and language.

Step 5: Choose the ideal term insurance for NRI plan that suits your financial needs and proceed to pay using your preferred payment method.

What Are The Additional Benefits Of Term Life Insurance for NRIs in the UK?

Here are the additional benefits of term insurance for NRIs in the UK:

  • Accidental Death Benefits: UK-based NRIs have the option to select the Accidental Death Benefit rider alongside their NRI Term insurance plans, providing additional coverage and extra protection in case of accidental death.

  • Terminal Illness Benefits: Term Insurance for NRI plans includes coverage for terminal illnesses, providing a lump sum payout when a diagnosis occurs.

  • Critical Illness Coverage: Term Insurance for NRI plans offers coverage for particular critical illnesses during the policy's duration, assisting in managing medical costs related to these illnesses.

  • Premium Waiver on Disability: If an accident causes total permanent disability and results in job loss during the policy term, this rider ensures that the remaining premiums are waived, allowing you to keep your coverage intact.

What Documents are Required for Buying Term Insurance For NRIs Living in the UK From India?

Here is a list of documents required to buy term insurance for NRIs living in the UK from Indian insurers:

  • Passport size photographs

  • Passport, both front and back side

  • Foreign Address Proof

  • Employee ID Proof

  • Valid Visa Copy

  • Last entry-exit stamp

  • Last 6 months' bank statements

  • Last 3 Month salary slips

Wrapping it Up!

Term Insurance is a great way to ensure your family’s stability and security. Regardless of where you reside, Term Insurance for NRI Plans in India are available for all. With affordable premiums at level term life insurance rates and a hassle-free process, you can easily buy comprehensive insurance coverage from India by living in the United Kingdom.


FAQs

  • Q: Is term insurance for NRI plan available for people living in the UK?

    Ans: Yes, people living in the UK can buy term insurance for NRI plans to financially secure their loved ones in case of an eventuality. This allows the nominees to maintain their current lifestyle, pay rent, child's fees, and take care of other financial obligations like debt repayments.
  • Q: Who is eligible to buy Term Insurance for NRI plans in the UK from India?

    Ans: Here is a list of people who are eligible to buy term plans in the UK from Indian insurers:
    • NRIs (Non-resident Indians)
    • OCIs (Overseas Citizenship of India) cardholders
    • PIOs (Persons of Indian Origin)
    • Foreign Nationals
  • Q: Is accidental death cover good for NRIs?

    Ans: Yes, it is good to include accidental death cover in term life insurance for NRIs as they can provide an additional benefit amount to the nominee in case of the policyholder's accidental death. This rider can be added to the base protection plan at nominal premiums and offers comprehensive coverage within the same plan.
  • Q: Should I add terminal illness cover in my base term insurance for NRI plan?

    Ans: Yes, you should add terminal illness to your base protection for expats plan, as it offers coverage against terminal illness at small extra premiums. With this rider, you can receive the entire or a part of the base sum assured on the diagnosis of a terminal illness during the policy term. You can use this benefit amount to seek better treatments and increase your chances of survival.
  • Q: Can I take two protection plans for NRIs?

    Ans: Yes, you can take two protections for expats as per your needs. You can compare and purchase the most suitable plan online from the comfort of your home in just a few minutes by scheduling medicals via tele or video channels.
  • Q: Can I Buy Term Insurance for NRI plan After Becoming a citizen of the UK?

    Ans: Yes, you can still purchase term insurance for NRI plans in India even after becoming a citizen of another country, like the UK. However, you will need to provide your PIO or OCI card when buying the policy.
  • Q: How to Get a GST Waiver or Refund on Term Insurance for NRI Premiums?

    Ans: You can receive a GST waiver on premium payments by furnishing evidence of your NRE Account and bank details while buying term insurance for NRIs. If you didn't choose the waiver initially, you can still request a GST refund by providing the required documentation.
  • Q: Can NRIs Make Payments in International Currency?

    Ans: Yes, NRIs can make payments in international currency, but the amount will be converted to INR using the pre-existing conversion rates.
  • Q: Can NRIs Nominate Individuals Outside India for their Term Insurance for NRI plans?

    Ans: Yes, NRIs can designate nominees residing outside India for their term insurance for NRI plans.
  • Q: Will Term Insurance for NRI Cover Nominees Who Change Countries?

    Ans: Yes, term insurance for NRI in India will still cover your nominee even if they change their country of residence.
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