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. As an NRI residing in Kuwait, you are likely to be constantly worried about the well-being of your loved ones living in India. If anything were to happen to you, your loved ones should be financially prepared to face the income loss. For this purpose, you can receive comprehensive term insurance coverage from any insurance company in India that can extend its coverage to NRIs in Kuwait. 

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Best Indian Term Life Insurance Plans for NRIs in Kuwait 2023

Indian Term Plans for NRIs in Kuwait Entry Age Maturity Age Sum Assured
Max Life Smart Secure Plus 18 years 85 years Min: 25 Lakhs Max: 10 Crores
Tata AIA Maha Raksha Supreme 18 years 100 years Min: 50 Lakhs Max: 20 Crores
Bajaj Allianz Smart Protect Goal 18 years 85 years Max: 2 Crores
PNB MetLife Mera Term Plan Plus 18 years 75 years Min: 50 Lakhs Max: 1 Crore

Can NRIs in Kuwait Buy Term Insurance Plan From India?

Yes, any NRI of Indian origin living in the Kuwait 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.

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Who are Eligible to Buy NRI Term Insurance Plan From India?

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

  • If he/she is an Indian citizen residing temporarily in Kuwait and holds a valid Indian passport

  • If he/she is a UAE citizen but has previously held a passport of India

  • If his/her parents or grandparents are Indian citizens

  • If he/she is the spouse of any person belonging to the above-mentioned criteria.

Why Do NRIs in Kuwait Need Term Insurance?

There are several cases where buying a term insurance plan is a necessity for an NRI living in the UAE. 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.

Why NRIs in Kuwait Should Consider Buying Term Insurance From India Than Abroad?

  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 ICIC Prudential Life’s CSR is 97.90% and HDFC Life’s CSR is 98.01% for FY 2020-21.

  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.

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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.

Documents Required to Buy Term Insurance Plans for NRIs in Kuwait

  • Passport front and back side

  • Travel Questionnaire (Attached)

  • FATCA Form (Attached)

  • Employment ID Proof

  • Valid Visa Copy

  • Last entry-exit stamp

  • Residential Proof

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

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