Geographical boundaries are no longer a barrier for NRIs living in Australia who are willing to buy term insurance plans in India. Australian NRIs can now easily opt for term insurance plans that allow them to schedule a video or telemedical examination from their residential country. NRIs can also avail of some special benefits like special exit value and GST waiver offered only on term insurance in Australia from Indian insurers.Read more
Here is a list of all the available term plans in Australia from Indian insurers in 2023:
|Plan Name||Entry Age||Maturity Age||Sum Assured|
|PNB MetLife Mera Term Plan Plus||18 - 60 years||99 years||50 Lakhs - 1 Crore|
|Max Life Smart Secure Plus||18 - 65 years||85 years||25 Lakhs - 10 Crores|
|TATA AIA SRS Vitality Protect||18 - 65 years||100 years||Rs. 50 Lakhs - Rs. 2 Crores|
|ICICI Prudential iProtect Smart||18 - 60 years||99 years||Rs. 50 Lakhs - Rs. 10 Crores|
Note: You can use the Term insurance for NRI premium calculator to evaluate the premiums payable for the most suitable term plan.
Let us see why NRIs should buy term life insurance in Australia from Indian insurers
Financial Protection: Buying Term insurance provides financial protection to you and your family in India in case of your unfortunate death. This means that your family will receive a death benefit to take care of their financial needs and obligations. It can help your family pay their rent and pay for a child's higher education.
Peace of mind: You can be rest assured knowing that you’ve created a source of income for your family members, and have taken care of your child’s higher education and the lifestyle of your family and daily requirements in your absence.
Easily Accessible: In case of your unfortunate death, your family can easily visit the nearest company branch and get their claims settled in their time of need. The payout received can help them take care of any funeral costs or other medical emergencies.
Pay off loans and debts: In case of any unpaid loans at the time of your demise, the benefits from the plan can help pay off any debt or financial obligations. Always ensure that the term insurance coverage is sufficient to take care of your daily needs and the amount doesn’t run out soon.
There are several benefits of buying term life insurance in Australia from India. They are:
Lower Premium Rates: Buying term insurance plans for Australian NRIs from India are 50-60% affordable, especially when compared with developed nations. The term plans bought from Indian insurers would result in lower premium rates than international life insurance companies. It is always recommended to buy term plan in Australia from India at low premium rates.
Various Life Insurance Companies: In India, there are several life insurance companies that offer term insurance plans designed to fit your needs. You can compare the plans from different companies and buy the most suitable term plan. Here is a list of all the benefits of buying term plans for NRIs in India:
Larger life cover
Affordable premium rates
Easy claim settlement
Limited and regular pay options
Riders like Accidental Death and Critical Illness Benefits
Sum assured up to 25 crores
Claim Settlement Ratio: The claim settlement ratio of Indian insurance companies is released by IRDAI each year. The CSR values allow customers to make an informed decision about the company’s claim settlement capabilities in the financial year. It is recommended to purchase a term plan from an insurer with a CSR value of more than 95% as they will have a better probability of settling your claims. For example, the companies PNB MetLife and Max Life had a CSR of 97.33% and 99.34% respectively in the financial year 2021-22. This means that both companies settled most of the claims received in the financial year.
Special Exit Value: Under the special exit value option of the term plan, you can cancel the plan at an early stage as decided by the insurer. On cancellation, the insurer will return all the premiums paid until that point and the policy will terminate. Also, zero cost term insurance is also available in India that allows you to exit the plan at a specific point and receive all the premiums back. Out of the term plans above, the Max Life Smart Secure Plus is a zero cost term plan.
GST Waiver: The government of India allows NRI customers to save almost 18% through GST Waiver when paying premiums online using a non-residential external bank in freely convertible currency.
Tele/Video Medical: NRIs in Australia can now easily buy term plans in India by scheduling a tele/video medical examination from their residential country. Now you would not have to travel all the way back to India just to get your term insurance medical exam cleared.
You can purchase term insurance in Australia from India by following the step-by-step guide below:
Step 1: Visit the term insurance for NRIs in India page
Step 2: Fill in the required information about your name, gender, email address, and phone number
Step 3: Answer the important information regarding your educational background, occupation type, annual income, and smoking and drinking habits
Step 4: Select the term plan that is most suitable for you and proceed to pay
You can buy term life insurance in Australia from an Indian insurer by submitting the following documents
Foreign address proof
Last three months' salary slips
Last entry exit stamps
Last six months' bank statements
Employment ID poof
Copy of valid visa
Passport front and back side