Term Life Insurance For NRIs in Kuwait

Life is full of uncertainties and every individual should remain prepared for unforeseen events at all times. One way of protecting the finances and thus, the future of your family members is by taking a term insurance plan. NRIs, Person of Indian Origin (PIO), Foreign Nationals and Overseas Citizenship of India (OCI) card holders can easily buy term plan online from India. Let us see the term plans available for you if you are an NRI looking to buy term life insurance in Kuwait.

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

What Are The Best Term Life Insurance Plans For NRIs in Kuwait From India in 2023?

Following is the list of all the available term life insurance for Kuwait NRIs from Indian insurers:

Plan Name Entry Age Sum Assured Maturity Age (Maximum)
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
Tata AIA SRS Vitality Protect 18 - 60 years Rs. 1 Crore - Rs. 2 Crores 85 years

one crore term plan
plus

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+

Can NRIs in Kuwait Buy Term Insurance Plan From India?

Yes, any NRI of Indian origin living in Kuwait or Foreign Nationals, Person of Indian Origin (PIO) and Overseas Citizenship of India (OCI) card holders can buy term plan from India to protect their loved ones. Whether or not he/she is physically residing in India, the Foreign Exchange Management Act (FEMA) allows Non-Resident Indians(NRIs)to buy any policy that fulfills their requirements for protecting themselves and their family members.

Who is Eligible to Buy NRI Term Life Insurance Plan From India?

Term insurance plans can be purchased by NRIs under the following criteria:

  • Non Residential Indians (NRIs)

  • Person of Indian Origin (PIO) 

  • Overseas Citizenship of India (OCI) card holders

  • Foreign Nationals 


Why Should NRIs In Kuwait Buy Term Life Insurance?

There are several cases where buying a term insurance plan is a necessity for an NRI living in Kuwait. Here’s why NRIs should purchase term life insurance plans in India:

  1. Financial Security

    Term insurance plans help NRIs residing in Kuwait in securing the family’s future by providing financial protection even when the main breadwinner is not around. In addition to this, it offers comprehensive security to the family members which helps in living a peaceful life without worrying about future goals.

  2. Long term protection

    Term insurance plans provide long-term protection for the policyholder and his/her family members. They can select a life cover up to 100 years of age.

  3. Easily Available

    Your grieving family members can visit the nearest branch of the insurance company in their residential city to process the claim settlement without traveling or any other hassles.

  4. Pay off debts and Loans

    In case of an unpaid loan at the time of your death, the proceeds from the plan can help pay off any loan, debt, or financial obligation. However, ensure that the coverage is large enough to take care of daily needs as well and that the sum doesn’t run out too soon.

  5. Quick Claim Settlement 

    The claim settlement process for a term plan bought in India will be easier for your family than term life insurance in Kuwait. It is because if the term life insurance plan was bought from an Indian insurer, your family will be able to visit the office to get their claims settled easily and not have to travel abroad just for the claim settlement.

  6. Extra Discount

    Insurance for expats is more expensive in foreign countries than level term life insurance rates. NRIs get an extra 5% discount when opting for the yearly premium payment mode, and an added 18% GST waiver upon purchasing term life insurance from Indian insurers, which sums up to 23% of total discount for NRIs.

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Why Should NRIs in Kuwait Buy Term Life Insurance from India?

There are various benefits of buying term life insurance for Kuwait NRIs from India. Some of them are as follows:

  1. Cost-effective plans

    One of the most important reasons for NRIs in Kuwait to buy term plans from India is that it comes with a rate difference of at least 50%, specifically when compared to developing countries. For example, a term plan bought from Kuwait would result in a 50% higher premium than in India.
    Since the term plans available abroad might have specifically been designed to cater to that specific country, NRIs might not find a policy that meets all their needs. On the contrary, they can buy riders and benefits that best suit their requirements at the right price.

  2. Easy Availability Through Telemedical Check-ups

    At the onset of the pandemic, the norms of underwriting were constricted and customers were required to undergo a physical medical check-up. Now, with the relaxed rules and regulations, NRIs can receive larger coverages with telemedical examinations instead of physical tests to make the term insurance protection more convenient for NRIs across the world. NRIs can easily buy term plans in India that allow them to schedule a tele or video medical examination from their residential country.

  3. Steps to Perform Tele or Video Medical Examination for NRIs from India

    NRIs in Kuwait can buy term plans easily from anywhere in the world through online mode by filling out the application form and making the payment through credit card/debit card or internet banking. Moreover, various Indian and foreign accounts/cards also provide hassle-free payment processes.

    • After the completion of all the basic formalities, the insurance company schedules a video/telemedical examination. Under this, a certified doctor from the insurance company calls to understand the details of the current medical history and state of the customer.

    • This depends on the information shared about the medical history of the policy seeker and documentation of pre-existing ailments and chronic illnesses.

    • After this, the medical practitioner asks the required questions to determine lifestyle habits and medical conditions.

    • Then, the policy buyer is expected to provide correct details and file a declaration about the medical conditions over a video or phone call.

    • After applying, the policy gets accepted for the issuance process.

  4. Claim Settlement Ratio (CSR)

    CSR has defined as the % of claims that an insurance company settles yearly out of the total death claims registered. This ratio indicates the reliability and credibility of the insurer. The term insurance company having CSR above 95% is considered to be a good value and indicates the quick settlement of claims, such as Max Life and Bajaj Life, which have a CSR of 99.34% and 99.02% respectively for the financial year 2021-22.

  5. A Large Number of Insurers

    There are various term insurers registered in India under the Indian regulating authority (IRDAI) and all companies provide comprehensive term plans for NRIs living in Kuwait with high coverage at affordable premium rates. There are various other benefits that an Indian insurance company offers for NRIs than International term insurance plans:

    • Sum assured can go to up to 25 Crores

    • Long term coverage

    • The easy and hassle-free payment process

  6. Special Exit Facility

    A special exit option also allows the life assured to buy a term plan at a certain point of life and receive a refund of all the premium paid for base protection benefit. Zero-cost term plans are also available in the Indian market by HDFC Life and Max Life which provides the option to exit the term plan at a certain age and get back all the premium amounts that he/she paid excluding GST.

  7. Availability of GST Waiver

    Buying a term plan from an Indian insurer allows you to receive a GST waiver of up to 18% which means that you can easily save your premiums if you make premium payments through NRE accounts or in foreign currency. So, if you are looking for term insurance for Kuwait NRIs, buying a plan from India is one of the affordable options.

    **Note: You can make use of the term insurance for NRI premium calculator to compute the premium payable each month to keep the policy active.

How To Buy Term Insurance For NRIs Living in Kuwait From Policybazaar?

Step 1: Visit Term insurance for NRI

Step 2: Fill in the basic details such as date of birth, name, contact details, and country code.Click on ‘View Plans’

Step 3: Answer the questions about smoking or chewing habits, annual income, occupation,education, and language.

Step 4: Choose the plan that suits your financial needs and proceed to pay.

What Are The Documents Required to Buy Term Life Insurance in Kuwait from India?

Let us see the documents you will need to purchase term insurance for Kuwait NRIs in India

  • Photo

  • Foreign Address Proof

  • Last entry-exit stamp

  • Employment ID Proof

  • Copy of Valid Visa

  • Passport front and back side

  • Last 6 months' bank statements and Last 3 Month salary slip

FAQs

  • Q: What is term life insurance for NRIs?

    Ans: Term insurance for NRIs offers life cover with flexible policy terms, providing financial security to families in case of the life assured’s unfortunate death during the chosen coverage period.
  • Q: What are the discounts available for the NRIs buying term insurance from Indian insurers?

    Ans: The discounts available for the NRIs, Foreign Nationals, Person of Indian Origin (PIO) and Overseas Citizenship of India (OCI) card holders buying term insurance from Indian insurers include 18% GST waiver and 5% extra discounts when opting for the yearly premium payment mode, which sums up to 23% of total discount.
  • Q: Who can buy term life insurance in Kuwait from Indian insurers?

    Ans: The following people can buy term life insurance in Kuwait from Indian insurers:
    • NRIs
    • Overseas Citizenship of India (OCI) card holders
    • Person of Indian Origin (PIO)
    • Foreign Nationals
  • Q: Do NRIs get accidental death cover after buying term life insurance from Indian insurers?

    Ans: Yes, NRIs get accidental death cover after buying term life insurance from Indian insurers.
  • Q: What is the entry age for NRIs buying term life insurance in Kuwait from Indian insurers?

    Ans: The entry age for NRIs buying term life insurance in Kuwait from Indian insurers is 18 years.
  • Q: How affordable are the premium rates offered by Indian insurance companies for NRIs residing in Kuwait than premium rates for international term life insurance?

    Ans: The level term life insurance premium rates offered by Indian insurance companies for NRIs residing in Kuwait are almost 50% lower than the premium rates for international term life insurance.
  • 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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