Term Life Insurance For NRIs In Qatar

Term insurance is essential for every earning individual as it protects your family against any uncertainties of life. It becomes especially important for Indian expats living in Qatar to have term insurance in place as it provides your family with financial help in case of an unfortunate event. 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 Qatar. 

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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 Qatar From India in 2023?

Following is the list of all the available term life insurance for Qatar NRIs from Indian insurers.

Plan Name Entry Age Maturity Age (Maximum) Sum Assured
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+

Why Should NRIs In Qatar Buy Term Life Insurance?

The Indian citizen living in Qatar should buy term insurance for expats because of the following reasons:

  • Easy Purchase of the Policy: Buying a term plan from an Indian insurance company is easier because purchasing a term plan in India is simpler for an Indian citizen living in Qatar than buying a term life insurance in Qatar itself. Also, the CSR values released by IRDAI each year make it easy for insurance seekers to buy term plan from a reliable insurance provider.

  • Financial Protection: Term life insurance works by providing financial protection to your family throughout the policy term. This way if anything happens to you(the policyholder) during the policy term, your family will receive the basic sum assured to maintain their current lifestyle and fulfill their future goals.

  • Financial Debts and Obligations: Your family can use the payout received from a term plan to pay off any existing debts or loans that you might have taken. This amount can also be useful to pay for your family’s financial obligations like children’s fees and rent.

  • High Life Cover: Since the amount received from a term plan will be used by your family to take care of their financial needs it is important to buy a term plan with a life cover that is large enough to cover any unexpected expenses and medical emergencies in your absence. Term insurance for expats are designed with Indian citizen living in Qatar in mind and thus offer life cover up to Rs. 20 Crore.

  • 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 Qatar. It is because if the term 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.

  • 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 NRIs Should Buy a Term Life Insurance in Qatar from India?

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

  • Bigger Pool of Insurance companies: A lot of Indian insurers offer term plans specifically designed to fit the needs of an Indian citizen living in Qatar. This provides you with a large pool of insurance companies to compare and buy term life insurance plans that suit your requirements. The following is the list of benefits of purchasing a term plan from an Indian insurer.

    • Higher life cover

    • Large sum assured

    • Accidental death and critical illness rider benefit

    • Quick Claim Settlement

    • Single/regular/limited premium paying terms

  • Tele/Video Medical: Buying term insurance for expats is now easier than ever as the restrictions for buying a term plan in India have been relaxed. Now you can purchase term insurance for Qatar NRIs in India without having to travel all the way back to India just for your medical exam. You can get your medical exam cleared via tele or video channels at your convenience.

  • GST Waiver: A GST Waiver of up to 18% can be availed in the premium payment that is made from a non-residential external bank supporting convertible currencies when buying term insurance for expats.

  • Claim Settlement Ratio: Claim settlement ratio tells us about the reliability of the term life insurance company. It is the ratio of all the registered claims within a financial year by a company to the claims settled by it. If suppose a company received a total of 100 claims and they settled 97 of them then the company’s CSR will be 97%. A CSR of 95% is considered good and the company has a better chance of settling your claims in times of need. The companies Tata AIA and Max Life have a CSR of 92.02% and 99.35% respectively.

  • Special Exit Option: Some term life insurance offers the special exit option which allows you to exit the plan at a specific point decided by the insurance company and receive all the premiums you paid to keep the plan active. This feature is very similar to the zero-cost term plans which also return all the premiums you paid towards the policy. Out of the plans listed above the Max Life Smart Secure Plus is a zero cost term plan.

  • Low Premium Rates: The premiums rates for Indian Citizen in Qatar offered by Indian insurers are almost 50% lower than the term life insurance in Qatar. This allows you to save on the overall premium and get a large life cover at affordable rates. Online platforms like Policybazaar lets you compare term plans online and buy the one suitable for you.

**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 Qatar NRIs In India?

Indian expats can buy term life insurance in Qatar from India by following the steps mentioned below:

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

  • Step 2: Enter your name, gender, date of birth, email ID, and select the country as Qatar next to your phone number and select ‘View Plans’ to see the available term plans

  • Step 3: Fill in your smoking/tobacco-chewing habits, educational background, and annual income.

  • Step 4: Choose the plan that fits your needs and proceed to pay

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

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

  • Foreign Address Proof

  • Photo

  • Copy of Valid Visa

  • Passport front and back side

  • Last entry-exit stamp

  • Employment ID Proof

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

    Ans: The following people can buy term life insurance in Qatar from Indian insurers:
    • NRIs
    • Overseas Citizenship of India (OCI) card holders
    • Person of Indian Origin (PIO)
    • Foreign Nationals
  • 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 Qatar from Indian insurers?

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