Term Life Insurance For NRIs in Australia 

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 life 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. 

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Note: Know more about what is term insurance first before reading this article.

Who Can Buy Term Insurance for NRIs in Australia from India?

Let us take a look at the people who can get protection for expats by buying term life insurance in Australia from India:

  • NRIs - Non-resident Indians are people who are Indian citizens but live outside of India 

  • PIOs and OCIs - Persons of Indian origin and Overseas Citizenship of India are people who have held an Indian passport in the past, and have parents, grandparents, or spouse who are Indian citizens.

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

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Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
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Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Best Term Life Insurance in Australia from India 2023

Here is a list of all the available term plans in Australia from Indian insurers in 2023:

Pure risk cover protection plans Entry Age Maturity Age Sum Assured
ICICI Prudential iProtect Smart 18 - 65 years 99 years Rs. 1 Crore - Rs. 2 Crores
HDFC Life Click 2 Protect Super 18 - 65 years 85 years Rs. 1 Crore - Rs. 2.5 Crores
Max Life Smart Secure Plus 18 - 60 years 85 years Rs. 1 Crore - Rs. 10 Crores
TATA AIA SRS Vitality Protect 18 - 60 years 85 years Rs. 1 Crore - Rs. 2 Crores
PNB MetLife Mera Term Plan Plus 18 - 50 years 80 years Rs. 1 Crore - Rs. 1.5 Crore

Note: You can use the Term insurance for NRI premium calculator to evaluate the premiums payable for the most suitable term plan.

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Term Plan Starting @ ₹449/month+

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Why Should NRIs in Australia Buy Term Insurance?

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. 

  • Long Term Coverage: You can buy protection plans in India that offer coverage for the policyholder’s whole life (till 99/100 years of age) with term life insurance for NRIs. You can custom choose the required policy tenure for the most suitable protection for expats in India.

  • Terminal Illness Benefit: With the Indian protection plans, you can get comprehensive pure risk cover in case of the diagnosis of a terminal illness during the policy term. This rider will pay out either a part or the entire sum assured to the policyholder to help them seek the best medical treatments for better chances of survival. 

  • Accidental Death Cover: This rider will provide your family with additional pure risk cover in case you suffer an accidental death during the policy term. You can add this rider to the base term plan by paying a nominal rider premium along with your base premium.

  • Limited Premium Pay: The limited premium pay option allows you to pay the premiums for a short term and enjoy coverage for long policy tenure. You can use the saved amount to fulfil your goals and other financial needs.


Why Should NRIs Buy Term Insurance in Australia From India?

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 available at 50-60% affordable level term life insurance rates, especially when compared with international term life insurance plans from developed nations. The protection plans bought from Indian insurers would result in lower premium rates than international life insurance companies. It is always recommended to buy term insurance plan in Australia from India at level term life insurance rates. 

  • Various Life Insurance Companies: In India, there are several life insurance companies that offer protection plans designed to fit your needs. You can compare term plans from different companies and buy the most suitable protection for expats. Here is a list of all the benefits of buying term plans for NRIs in India:

    • Affordable premium rates

    • Easy claim settlement 

    • Limited and regular pay options

    • Accidental Death Cover and Critical Illness Benefits

    • Sum assured up to 20 crores 

  • 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.

  • 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 protection plans 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 protection plans, 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, no cost term insurance is also available in India, which 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 no 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.

  • Annual Additional Discount: You can claim a 5% additional discount by opting to pay the premiums in an annual premium payment mode. This way, you can save up to 23% in total on your payable premiums.

How To Purchase Term Life Insurance In Australia From India?

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 protection plan that is most suitable for you and proceed to pay

Documents Required to Buy Term Life Insurance in Australia from an Indian Insurance Company

You can buy term life insurance in Australia from an Indian insurer by submitting the following documents

  • Photo

  • 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

FAQs

  • Q: Can I take 2 term life insurance plans for NRIs in India?

    Ans: Yes, you can take 2 or more than 2 term life insurance for NRI in India. You can calculate your human life value using the HLV calculator to ensure you are not over or under-insured. You can buy the most suitable protection plans in India at level term life insurance rates compared to international term life insurance plans.
  • Q: Can I get accidental death cover with term life insurance for NRI?

    Ans: Yes, you can opt for the accidental death cover with Indian term life insurance plans. This rider offers an additional benefit amount to your nominee in case of your accidental death during the policy term.
  • Q: What is the terminal illness cover in term life insurance for expats?

    Ans: The terminal illness is a pure risk cover rider that offers the entire or a part of the base sum assured in case the policyholder is diagnosed with a terminal illness during the policy term.
  • Q: How can tele or video medical help me get protection for expats?

    Ans: Term insurance for expats can be purchased online from the comfort of your home via tele or video medicals. This allows you to buy term plan in a few minutes by conducting the medical sessions online without worrying about travelling back to India just to get your medicals cleared.
  • Q: What is the minimum and maximum entry age to buy protection plans in India?

    Ans: The minimum and maximum entry age to buy protection plans in India for NRIs is 18 years and 65 years, respectively.
  • Q: Who are eligible to buy term plans for NRIs?

    Ans: Here is the list of people who are eligible to buy term plans in India for NRIs:
    • Non-resident Indians (NRIs)
    • Overseas Citizenship of India (OCIs) cardholders
    • Persons of Indian Origin (PIOs)
    • Foreign Nationals
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common term insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage
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