Term life insurance is essential for anyone looking to secure their loved ones. For Indian expats living in Abu Dhabi, it is even more crucial to buy term plan that will provide financial aid to their families back in India in their absence. Several insurance companies offer term plans specifically designed to fit the needs of NRIs living abroad. You can go through these plans and select the one most suitable to secure your family in the long run.Read more
Let us see the best term insurance plans for NRIs living in Abu Dhabi and their benefits.
The insurance companies in India offer the following term insurance in Abu Dhabi for NRIs.
|Plan Name||Entry Age||Sum Assured||Maturity Age|
|PNB MetLife Mera Term Plan Plus||18 - 60 years||50 Lacs - 1 Crore||99 years|
|Max Life Smart Secure Plus||18 - 65 years||25 Lacs - 10 Crores||85 years|
|Bajaj Allianz Smart Protect Goal||18 - 65 years||50 Lacs - 2 Crore||99 years|
|Tata AIA SRS Vitality Protect||18 - 65 years||Rs. 50 Lacs - Rs. 2 Crores||100 years|
|HDFC Click 2 Protect Super||18 - 65 years||Rs. 50 Lacs - 20 Crores||85 years|
|ICICI Prudential iProtect Smart||18 - 60 years||Rs. 50 Lacs - Rs. 10 Crores||99 years|
Note: A term insurance for NRI premium calculator can help you determine the premium amount payable for the desired cover amount.
The NRIs living in Abu Dhabi should buy term plan because of the following reasons:
Financial Security: Term insurance in Abu Dhabi from India can secure your family’s financial future by providing them with a benefit amount in case of your unfortunate death. This benefit payout can help your family maintain their current quality of life and pay their rent, pay child’s fees, and pay for any medical emergencies.
Flexible Policy Issuance: The policy issuance procedure of term insurance in India is much simpler than that of international term plans. This is because the documentation and formalities required in India are much simpler for NRIs living in Abu Dhabi. You can compare and buy term plans online in just a few minutes from the comfort of your home.
Easily Accessible: Your grieving family can visit the nearest insurer’s branch in their residential city to process the claim settlement without traveling or any other hassles.
Larger Life Cover: If an NRI buys term insurance in India, they can get a life cover of up to Rs. 20+ Crores. You can purchase a plan with a large life cover to ensure your family is financially stable in your absence.
Debts and Loans: The life cover payout from term insurance can help your family pay off any remaining loans like home loans or car loans and take care of their financial obligations. Therefore it is important to buy term plan with a life cover enough to cover your family’s needs.
The Indian expats living in Abu Dhabi should buy term insurance from Indian Insurers because of the reasons mentioned below:
Lower Premium Rates: The term insurance in Abu Dhabi from India offer plans at almost 50% lower premium rates. This is because the plans in India are specifically designed to fit the needs of NRIs living in Abu Dhabi.
Bigger Pool of Insurance Companies: In India, you can get a bigger pool of insurer offering term plans for Indian expats. This allows you to compare term plans from various insurers before buying the plan that fits your requirements the best. The benefits of buying term plans from an Indian insurer are as follows:
Premium payment options
Flexibility to choose policy term
Large sum assured
Various payout options
Claim Settlement Ratio (CSR): The CSR is the ratio of the number of claims submitted to the number of claims settled by a company in a financial year. The IRDAI releases the list of CSR values of all insurance companies in its annual report for the customers to make an informed decision. It is advised to purchase a term plan from an insurer with a consistently good CSR value of over 95%. For example, the companies Max Life and Bajaj Allianz have a CSR of 99.34% and 99.02% for the FY 2021-22 which means they have a better chance of settling your family’s claims in your absence.
GST Waiver: If you purchase term insurance in Abu Dhabi from India, you will be eligible to receive a GST waiver of 18% on the premiums payable if the premiums are paid using a non-residential external bank with freely convertible currency.
Special Exit Value: Several Indian insurance companies offer a special feature called the special exit value, in which the policyholder can exit the plan at a specific stage as decided by the insurer. After exiting the policy, the policyholder will receive all the premiums paid and the policy will be canceled. This feature is very similar to the zero cost term insurance and out of the plans mentioned above, HDFC Life Click 2 Protect Super, ICICI Pru iProtect Smart, and Max Life Smart Secure Plus are zero cost term plans.
Video or Tele Medical: Buying term insurance in Abu Dhabi from Indian insurers has been made even easier through the video or tele medical option. You can conduct your medical sessions via video or telephone and purchase the term plan of your choice.
You can buy term life insurance for NRIs in Abu Dhabi by following the below steps:
Step 1: Go to the term insurance for NRIs in India page
Step 2: Enter relevant information about your name, email address, gender, and contact information
Step 3: Fill in the information regarding your occupation type, educational background, yearly income, and smoking and drinking habits
Step 4: Select the most suitable term plan and proceed to pay
Here is a list of documents required to purchase term insurance in Abu Dhabi from India
Copy of Valid Visa
Passport front and back side
Last 6 months' bank statements
Last entry-exit stamp
Employment ID Proof
Foreign Address Proof
Last 3 Month salary slip