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.
Who are Eligible to Buy NRI Term Insurance Plan From India?
Term insurance plans can be purchased by NRIs under the following criteria:
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If he/she is an Indian citizen residing temporarily in Kuwait and holds a valid Indian passport
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If he/she is a UAE citizen but has previously held a passport of India
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If his/her parents or grandparents are Indian citizens
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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:
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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.
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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.
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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.
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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.
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.