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. NRIs, as well as Foreign Nationals, Person of Indian Origin (PIO) and Overseas Citizenship of India (OCI) card holders can effortlessly buy term insurance plans online from India. They can do this comfortably from home by undergoing a simple medical examination over the phone or through video. 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
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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|
|ICICI Prudential iProtect Smart||18 - 65 years||Rs. 1 Crore - Rs. 2 Crores||99 years|
|HDFC Click 2 Protect Super||18 - 65 years||Rs. 1 Crore - Rs. 2.5 Crores||85 years|
|Max Life Smart Secure Plus||18 - 60 years||Rs. 1 Crore - Rs. 10 Crores||85 years|
|PNB MetLife Mera Term Plan Plus||18 - 50 years||Rs. 1 Crore - Rs. 1.5 Crores||80 years|
|Tata AIA SRS Vitality Protect||18 - 60 years||Rs. 1 Crore - Rs. 2 Crores||85 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.
Affordable Premium Rates: The level term life insurance rates for NRIs, Foreign Nationals, Person of Indian Origin (PIO) and Overseas Citizenship of India (OCI) card holders are more affordable than international term life insurance premium rates.
Extra Discount: NRIs benefit from an extra 5% discount when opting for the yearly premium payment mode, along with an 18% GST waiver upon purchasing term life insurance from Indian insurers.
Special Exit Option: In India, NRIs have the option to select term insurance plans that feature a special exit option. This empowers NRIs to conclude the plan at a specific time and receive a full refund of all paid premiums. 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.
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The Indian expats living in Abu Dhabi should buy term insurance from Indian Insurers because of the reasons mentioned below:
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 TATA AIA Life Insurance and ICICI Prudential have a CSR of 94.65% and 95.49% 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.
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
Front and back side of the Passport
Copy of Valid Visa
Proof of Employment ID
Last 3 Month salary slips & Last 6 months' bank statements
Last entry-exit stamp
Photo of the Policyholder
Foreign Address Proof