Term Life Insurance for NRIs in UK

As an NRI living in the United Kingdom, 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. The majority of term insurance for NRI policies in India is accessible online and doesn't call for a physical examination. 

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Can NRIs in the UK Buy Term Insurance in India?

Yes, NRIs living in the UK can buy Term plans in India. Term Insurance Plans for NRI are easily available in India without any terrestrial boundaries. If you want, 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.

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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+

Best Indian Term Life Insurance for NRIs in the UK 2023

Following is the list of the top 3 Indian Term Life Insurance Plans for the NRIs in the UK:

Plan Name Entry Age Maturity Age Sum Assured
Max Life Smart Secure Plus Minimum: 18 years
Maximum:65 years
Maximum: 85 years Minimum: Rs. 25,00,000
Maximum: Rs. 2 Crore
TATA AIA SRS Vitality Protect Minimum: 18 years
Maximum:65 years
Maximum: 100 years Minimum: Rs. 50,00,000
Maximum: Rs. 2 Crore
HDFC Life Click 2 Protect Minimum: 18 years
Maximum:65 years
Minimum: 18 years
Maximum: Whole Life
Minimum: Rs. 50,000
Maximum: 2 Crore

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₹1 CRORE

Term Plan Starting @ ₹449/month+

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Why Should NRI in the UK buy Term Plans from India?

Below mentioned are the benefits that one may avail of by buying a Term Plan from India:

  • Budget-friendly Term Plans

    Term Insurance plans in India are much affordable when compared to the ones available in the United Kingdom. These tern 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 plans in the UK from India.

  • Quick & Hassle-free Buying

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

  • 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.

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How is Indian Term Life Insurance Better than Foreign Term Insurance?

Buying Term Insurance 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 foreign:

  • Cost-effective plans

    Term plan premium rates in India are less expensive than those outside of India. Term plans for UK NRIs in India are over 50% less than those from elsewhere. Therefore, for NRIs residing in the UK, should always compare term plan premium rates before buying a term plan in UK from India.

    Let us understand this with an example:

    Suppose a 35 year old male purchases a term life insurance in UK from an Indian insurer for a sum assured of Rs. 2 Crore. Then the premium rate for a term insurance in UK will be Rs. 4,355 payable monthly whereas for an Indian term plan, the monthly premium rate will be Rs. 2,142 only.

  • A Wide range of Term Insurance companies are available

    With several term plans available in India by Indian insurers, you have the option to choose the 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.

  • Tele or Video Medical Examination

    NRIs from the UK may conveniently purchase term plans in India that let them book a video or telemedical examination from their home country. Large coverages with telemedicine possibilities are also available to NRIs, making protection more accessible to NRIs anywhere.

  • 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 a Non-residential External bank account in freely convertible currency.

  • 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 a good CSR such as ICICI Prudential Life’s CSR is 97.90% and HDFC Life’s CSR is 98.01% for Financial Year 2020-21.


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

Step 1: Visit the “Term insurance for the NRI” page, and fill in the form.

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, honestly answer about smoking, annual income, occupation, and language.

Step 5: Choose the plan that suits your financial needs and proceed to pay.

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

  • Passport size photographs

  • Passport, both front and back side

  • Foreing Address Proof

  • Employee ID Proof

  • Valid Visa Copy

  • Last entry-exit stamp

  • Last 6 months' bank statements

  • Last 3 Month salary slips

Summing it up:

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

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