Term Life Insurance for NRIs in Malaysia

As an NRI living in Malaysia, one of your top priorities might be to secure your and your family’s financial future back in India. Term life insurance can not only secure your family’s future but also help you get coverage against several critical illnesses and accidental death. Now NRIs, as well as Foreign Nationals, Person of Indian Origin (PIO) and Overseas Citizenship of India (OCI) card holders can easily buy term plans online through tele or video medical examination from the comfort of their home. Let us see the various term insurance plans in Malaysia from Indian insurers and understand their benefits. 

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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 Malaysia From India in 2024?

As an NRI, you can ensure the safety of your loved ones with comprehensive and reliable protection plans tailored to your unique financial needs. You can buy any of the following term insurance in Malaysia from an Indian insurance company if you are an NRI as per your suitability.

Plan Name Sum Assured Entry Age Maturity Age
ICICI Pru iProtect Smart Term Plan Rs. 1 Crore - 2 Crores 18 - 65 years 99 years
TATA AIA Sampoorna Raksha Supreme Rs. 1 Crore - Rs. 20 Crores 18 - 60 years 100 years

**Note: You can use term insurance for NRI premium calculator to compute the premium amount payable for the desired policy cover.

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+

Why Should NRIs in Malaysia Buy Term Life Insurance?

Here is a list of all the reasons why you should buy a term insurance plan in Malaysia from an Indian insurer.

  • Financial Security: One of the main benefits of term life insurance is that it provides financial security to your loved ones in the event of your unfortunate death. The payout from these plans can help your family maintain their current quality of life and take care of any medical emergencies that may arise in the future.

  • Large Life Cover: Term Insurance in Malaysia from India can provide a large life cover of up to Rs. 20+ Crores. You can purchase a term plan with adequate life cover to ensure your family is financially stable even in your absence. The sum assured will be paid to your family members in case of your unforeseen death and can help your family pay children’s fees and monthly rent.

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

  • Policy and Premium Payment Options: Insurance companies offer term insurance in Malaysia from India with policy terms ranging from 5 years to 99 years of age. You can also select the most suitable premium payment term from a limited, regular, or single premium payment term.

  • Pay off Debts: Buying term insurance can help your family pay off any outstanding loans or debts. The payout received from these plans can help them take care of their financial obligations and live a stress-free life.

  • Affordable Premium Rates: The level term life insurance rates for NRIs, Foreign Nationals, Person of Indian Origin (PIO) and Overseas Citizenship of India (OCI) card holders are much lower than international term life insurance premium rates.

  • Additional Discount: NRIs get an additional 5% discount on selecting yearly premium payment mode and 18% GST waiver upon buying term life insurance from Indian insurers.

  • Special Exit Option: In India, NRIs can choose term insurance plans that have a special exit feature. This allows NRIs to end the plan at a certain point and get back all the money they paid to keep the policy. This is helpful if someone is not sure when they will retire or when their family will be able to manage on their own financially.

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₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

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Why Should NRIs Buy Term Life Insurance In Malaysia From Indian Insurers?

There are several benefits of buying term life insurance in Malaysia from Indian insurance companies:

  • Budget-Friendly Premiums: Term insurance in Malaysia from India is available at budget-friendly premiums that are up to 50-60% more affordable than international term plans. You can compare term plans online on Policybazaar, on the basis of the premium rates offered by different insurers to find the one that suits your needs. 

  • Special Exit Option: The Special Exit Option offered in many term insurance plans allows you to exit the plan at a specific point as decided by the insurer and receive the premiums you paid up until that point back. This is a free-of-cost feature available in only a few term life insurance plans.

  • Bigger Pool of Insurance Companies: IRDAI enrolls various life insurance companies in India and you can compare term plans offered by these companies online to get the following benefits:

    • Higher Sum Assured

    • Affordable premiums

    • Easy Claim Settlement

    • Accidental Death Benefit and Critical Illness Benefit

    • Option to pay for a limited term

  • GST Waiver: If you pay your premiums online via a non-residential external bank in freely convertible currency, you will be eligible to receive a GST waiver of almost 18% on term insurance in Malaysia from an Indian insurer. 

  • Claim Settlement Ratio (CSR): The Indian regulatory body, IRDAI releases its list of claim settlement ratios of Indian insurers in India for customers to make an informed decision about the claim settlement history of the insurer. It is advised to buy term insurance plan from an insurer with a consistently good CSR value. The companies ICICI Prudential and Tata AIA Life Insurance had a CSR of 95.49% and 94.65% respectively in the financial year 2021-22, which shows that they settled most of the claims they received in the year.

  • Tele/Video Medical Examinations: A lot of insurance companies in India have loosened the restrictions to purchase term life insurance in Malaysia from India. You can now buy term plans from an Indian insurer easily by scheduling a medical session online via tele or video medical channels.

How To Buy Term Life Insurance in Malaysia From India With Policybazaar?

Securing your overseas assets is crucial, and India’s comprehensive protection plans for NRIs offer peace of mind as well as financial protection. You can buy term insurance in Malaysia from India online by following the below steps:

  • Step 1: Visit Policybazaar’s Term Insurance for NRIs in India page

  • Step 2: Fill in your name, date of birth, email address, gender, and contact information

  • Step 3: Answer correctly about your yearly income, educational background, occupation type, and smoking and drinking habits

  • Step 4: Select the most suitable term insurance and proceed to pay


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

You can buy term life insurance in Malaysia from India by submitting the following documents

  • Front and back side of the Passport

  • Proof of Employment ID 

  • Copy of Valid Visa

  • Last entry-exit stamp

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

  • Photo of the Policyholder

  • Foreign Address Proof

FAQs

  • Q: Who can buy term life insurance in Malaysia from Indian insurers?

    Ans: The following people can buy term life insurance in Malaysia from Indian insurers:
    • NRIs
    • Foreign Nationals
    • Person of Indian Origin (PIO)
    • Overseas Citizenship of India (OCI) card holders
  • Q: What are some of the benefits for term life insurance buyers in Malaysia from Indian insurers?

    Ans: Some of the benefits for term life insurance buyers in Malaysia from Indian insurers are:
    • Higher Sum Assured
    • Affordable premiums
    • Easy Claim Settlement
    • Accidental Death Cover and Critical Illness Benefit
    • Option to pay for a limited term
  • Q: How affordable is term life insurance for NRIs in Malaysia compared to international plans?

    Ans: Term insurance in Malaysia from India offers budget-friendly premiums up to 50-60% more affordable than international options.
  • Q: Can term insurance for NRIs help them in paying off debts?

    Ans: Yes, term insurance for NRIs can assist their families in paying off any outstanding loans or debts, allowing them to manage their financial responsibilities without stress, after the unfortunate death of the policyholder.
  • Q: Are level term life insurance rates of term insurance for NRIs in Malaysia from an Indian insurer less than international term life insurance rates?

    Ans: Yes, level term life insurance rates of term insurance for NRIs, Foreign Nationals, Person of Indian Origin (PIO) and Overseas Citizenship of India (OCI) card holders are much more affordable compared to international term life insurance rates.
  • Q: What is the entry age for NRIs buying term life insurance in Malaysia from Indian insurers?

    Ans: The entry age for NRIs buying term life insurance in Malaysia from Indian insurers is 18 years.
  • 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
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