Term Life Insurance for NRIs in Oman

Term insurance is the easiest way to get large life cover at affordable premiums for everyone. Although living abroad in places like Oman it can be difficult to find term insurance plans within your budget. Buying term life insurance in Oman from Indian insurers can help you get a suitable life cover at affordable prices with benefits designed specifically for the NRIs living in Oman. NRIs, Foreign Nationals, Person of Indian Origin (PIO) and Overseas Citizenship of India (OCI) card holders can buy term plan online from India without hassle. Let us see the term plans available for you if you are an NRI looking to buy term life insurance in Oman. Let us see the term plans and their subsequent benefits by buying a term life insurance in Oman from India.

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

Can NRIs in Oman Buy Term Insurance Plan From India?

Yes, any NRI of Indian origin living in Oman 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.

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₹1
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What Are The Best Term Life Insurance Plans For NRIs in Oman From India in 2023?

Here is a list of all the term insurance plans that are offered by Indian insurers for NRIs living in Oman.

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
PNB MetLife Mera Term Plan Plus 18 - 50 years Rs. 1 Crore - Rs. 1.5 Crores 80 years

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Why Should NRIs In Oman Buy Term Life Insurance?

Term life insurance is essential in securing the financial future of your family in the event of your unfortunate death. Let us take a look at all the ways in which having a term plan in place can benefit you:

  • Financial Backup: The first and foremost benefit is the financial protection a term plan provides. A term plan will pay your family a death benefit in case you suffer an untimely death within the policy term. This amount can be used by your family to pay their rent or other financial obligations and maintain their lifestyle.

  • Pay off Loans and Debts: The funds received from a term plan can be used by your family to pay off any outstanding loans. This way your family won't have to suffer the burden of having to pay off the loans and debts you might have left.

  • Children’s Fees and Medical Emergencies: The payout from these plans can help your family pay for our child’s higher education and marriage. It can also be used to pay for any unexpected expenses like medical emergencies that may arise.

  • Large Life Cover: Term insurance plans provide a life cover in exchange for regular premiums paid over the period of the policy term. This life cover is paid to your family in your absence and thus the larger the life cover the more money your family will receive. This amount can be used by your family to live a comfortable and financially secure life.

  • Easy Purchase: Purchasing the term plans in India from an Indian insurer instead of an insurance company in Oman is better as the process is much easier in India. The CSR values make the comparison of term plans easier and hassle-free.

  • Quick Claim Settlement: The ease in claim settlement is one of the biggest perks of purchasing the term plan in India as it will be easier for your family to get their claims settled if the insurance company is in India itself. This way your family won't have to worry about traveling abroad just to get their claims settled.

  • 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.


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

The NRIs in Oman should buy a term life insurance plan in India from an Indian insurer rather than an insurer in Oman because of the following reasons:

    • Bigger Pool of Insurers: The Indian regulatory body, IRDAI enrolls various insurance companies offering term insurance plans. You can compare and select the term plan that suits your requirements the best and purchase it online. Here are the benefits offered by term plans for NRIs living in Oman:

      • Easy claim settlement

      • Larger life cover

      • High sum assured

      • Accidental Death Benefit and Critical Illness Rider

      • Limited Pay Benefit

    • Affordable Premiums: Buying term life insurance from an Indian insurer will provide you with long life cover at premiums that are at least 50% lower than the plans available internationally. You can also compare term plans in Oman offered by Indian insurance companies online on Policybazaar’s official webpage.

Note: You can also make use of the Term Insurance for NRI Premium Calculator for an accurate calculation of premiums.

  • Claim Settlement Ratio (CSR): The CSR of an insurance company gives us an insight into the company's reliability in resolving the claims registered by customers. If a company receives 100 claim requests in a year and settles 98 of them, then the company’s CSR is 98%. This means the company is reliable in settling claims as CSR values of over 95% are considered good. Companies like Max Life and Bajaj Life have a CSR of 99.34% and 99.02% respectively for the financial year 2021-22, which means that the company is highly likely to settle the claims that may be requested by your family members.

  • GST Waive Off: You can save up to 18% on your regular premiums as term plans from Indian insurers offer GST waivers on premiums paid using a non-residential external bank account in convertible currency.

  • Tele/Video-Medical: During the pandemic, the medical check-ups required to purchase a term insurance plan were much stricter. But as the pandemic is coming to an end the restrictions on medical requirements have also been relaxed. Now you can buy a term plan in Oman from India by scheduling a tele-medical or a video-medical check-up. This allows you to purchase a term plan without having to fly back to India just for a medical check-up.

  • Special Exit Options: The special exit option allows you to cancel the plan at a specific point and receive all the premiums you paid towards the policy much like the zero-cost term plans. Out of the above term plans Max life smart secure plus and HDFC click 2 protect super are zero-cost term plans, which means you can exit the plans at a specific point and receive all the premiums paid at the maturity of the plan.

**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 A Term Life Insurance For NRIs Living in Oman From India?

If you looking to buy term insurance for Oman NRIs you can purchase it easily in India by following the below steps:

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

  • Step 2: Fill in your name, gender, date of birth, email ID and select the country as Oman while entering your phone number

  • Step 3: Click ‘View Plans’ to see the plans available for you

  • Step 4: Enter details about your yearly income, educational background, and smoking/tobacco chewing habits

  • Step 5: Select the plan that suits you the best and proceed to pay

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

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

  • Front and back side of the Passport

  • Last 3 Month salary slips

  • Foreign Address Proof

  • Proof of Employment ID 

  • Last 6 months' bank statements

  • Photo of the Policyholder

  • Copy of Valid Visa

  • Last entry-exit stamp

FAQs

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

    Ans: 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
  • 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: 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 Oman from Indian insurers?

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