Term Life Insurance for NRIs in Saudi Arabia

What Are The Best Term Life Insurance Plans For NRIs in Saudi Arabia From India in 2023?

Below is a list of all the term insurance for NRIs living in Saudi Arabia, offered by Indian insurers. 

Why Should NRIs In Saudi Arabia Buy Term Life Insurance?

There are various reasons why an NRI living in Saudi Arabia should buy term plan. Some of them are as follows:

• Financial Protection: A term insurance plan is a necessity for anyone who is looking to secure their loved ones in the event of their unfortunate death. It will provide your family with financial coverage in your absence and allow them to take care of their financial needs like paying rent and children’s fees. It is especially important if you are the breadwinner of your family.

• Long Life Cover: The life cover is the amount of money that would be paid to your family in case of your accidental death. The more this amount is, the more money your family gets in your absence. This amount can be received in monthly installments which can help your family maintain their financial independence.

• Financial Obligations and Liabilities: The money received from the term plan benefit can be utilized by your family to pay off any outstanding debts like home or car loans. This would allow your family to live a stress-free life without being burdened by the remaining financial obligations.

• Quick Policy Purchase: The process of purchasing a term life insurance for NRIs in Saudi Arabia from India is much simpler than that of buying a policy from an international insurer. The Indian regulatory body IRDAI makes comparing the reliability of insurers easy by releasing the CSR values of each insurer every financial year.

• Easy Claim Settlement: The hassle of visiting the insurer’s office multiple times just to get the claims settled is greatly reduced if the insurance company is located in India itself. This way your loved ones won't have to worry about traveling back and forth just to get their claims settled.

• Extra Discount: 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 Saudi Arabia NRIs Buy a Term Life Insurance From India?

There are many benefits for Saudi Arabia NRIs to buy term life insurance from an Indian insurer. Some of them are

• Low Premium Rates: the term plans offered by Indian insurance companies for NRIs residing in Saudi Arabia are at least 50% lower than the premium rates for international plans. This allows you to gain a larger life cover at a low premium rate. Policybazaar allows their customers to select and compare the best term plans online from the top 15+ insurers. 

**Note: You can also check out the term insurance for NRI Premium Calculator to estimate the amount you would need to pay as a premium.

• Larger Number of Insurance Companies: In India, you can find a large number of insurance companies that offer term plans specifically designed for NRIs living in Saudi Arabia. This allows you to choose from a bigger pool of insurance companies offering term plans and select the one that suits your requirements the best. Below are the benefits of purchasing a term plan in India

  • Longer life cover

  • Bigger Sum Assured

  • Critical Illness and Accidental Death Benefit Rider

  • Quick Claim Settlement Process

  • Limited/regular/single premium paying term

• GST Waiver: The government of India offers a GST waiver of 18% on your premiums if the payment is made using a non-residential external bank account with convertible currency.

• Special Exit Option: Special exit option is the feature that allows you to exit the term plans at a specific point decided by the insurer and receive all the premiums you paid towards keeping the plan active, back at the end of the policy term. It is very similar to the zero-cost term plans that also return all the premiums back at a specific point. The Max Life Smart Secure Plus is a zero-cost term insurance plan that is available for all NRIs living in Saudi Arabia.

• Tele/Video Medical: During Covid, the requirements to buy term insurance in India were much stricter and you had to travel all the way back to the country just to get your medical exam cleared. Now with the pandemic almost over the restrictions are much more relaxed and you can buy term life insurance in Saudi Arabia from India without traveling to India. You can get your mandatory medical exam scheduled and conducted via the tele and video channels.

• Claim Settlement Ratio: The IRDAI releases the CSR of all the insurance companies registered with the entity and allows users to make a wise decision about the insurer they want to purchase their term plan from. If for example, a company settled 95 claims from the overall 100 claims they received in a year, the CSR of the company for that year will be 95%. The companies TATA AIA Life and ICICI Life have a CSR of 92.02% and 97.90% respectively. This means the companies are much more capable of settling your claims in your times of need. 

How To Buy A Term Life Insurance For NRIs Living in Saudi Arabia From Policybazaar?

You can buy term life insurance in Saudi Arabia NRIs from India by following the below-mentioned steps:

• Step 1: Go to the company’s Term Insurance for NRI in India page

• Step 2: Submit your name, gender, date of birth, email ID and select the country as Saudi Arabia while entering your phone number

• Step 3: Select ‘View Plans’ to see the term plans that are offered

• Step 4: Fill in your smoking/tobacco-chewing habits, educational background, and annual income.

• Step 5: Pick the plan most suitable for you and proceed to pay

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

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

• Front and back side of the Passport

• Foreign Address Proof

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

• Last entry-exit stamp

• Photo of the Policyholder

• Copy of Valid Visa

• Proof of Employment ID 

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