Geographical boundaries are no longer considered a barrier for NRIs who are living in Toronto and want to buy term insurance plans in India. Toronto NRIs can now easily avail of plans in India that help them schedule a tele or video medical check-up from their country of residence. Apart from this, NRIs can also get various benefits under a term plan such as low premium rates, special exit, GST waiver, etc. Let’s discuss the Term life insurance plans for NRIs in Toronto:Read more
Here is a list of the best Indian term life insurance plans for NRIs residing in Toronto:
|Plan Name||Entry Age||Maturity Age (Maximum)||Sum Assured|
|Max Life Smart Secure Plus Plan||18- 65 years||85 years||25 Lacs - 10 Crores|
|Bajaj Allianz Life Smart Protect Goal||18- 65 years||99 years||50 Lacs - 2 Crore|
|ICICI Prudential iProtect Smart||18-65 years||75 years||50 Lacs - 10 Crores|
|TATA AIA Sampoorna Raksha Supreme||18- 65 years||100 years||50 Lacs - 20 Crores|
|HDFC Life Click 2 Protect Super||18- 65 years||85 years||50 Lacs - 20 Crores|
Term plans offered by life insurance companies offer long-term protections for the policyholder’s family members in case of an unforeseen event. Policyholders can choose a life cover of up to 100 years.
Term insurance plans help NRIs residing in Toronto in securing the family’s future by offering financial protection even in case of the absence of a sole earner of the family. Also, it offers comprehensive coverage to the family members by helping them live peacefully without worrying about the future.
Policyholders’ grieving families can visit the nearest branch of his/her insurance company in their residential city to process the claim settlement without any hassles.
In case of an unpaid loan at the time of your death, the proceeds from the plan can help pay off debt, loan or any other financial obligations. However, make sure that the coverage is sufficient to take care of your daily needs.
Following are the reasons why NRIs should consider purchasing a term plan from India in 2023:
One of the most important reasons for NRIs to buy term plans from India is that Indian plans come at affordable premium rates, mainly when compared to developed nations. Simply put, the term insurance plans bought in India offer premium prices that are almost 50% to 60% more affordable than international plans. This enables you to receive a large coverage and financial protection while saving on whole premiums.
The rates of the premium may vary from country to country, so it is important to compare rates before buying term life insurance in Toronto with Indian Insurance companies online. For example, a term insurance plan purchased from Toronto would be available at comparable premium rates than abroad.
Note: You can calculate the term insurance plan premium rate with term insurance
NRIs in Toronto can now easily buy term insurance plans in India by scheduling a tele or video medical examination from their residential country. This eliminates the need for physical presence as a pre-requirement. Thus, now NRIs don’t have to keep delaying this important decision until their next India visit.
NRIs can easily buy term plans anywhere in the world online in India by checking out the favorable plan, filling out the form and then making the payment via internet banking, or debit/credit card.
After the completion of all the basic formalities, the insurance company arranges a tele/video examination. The procedure consists of tele-underwriting in which a certified medical personnel from the company calls to understand the current medical history of the policyholder.
The doctor asks about the medical history of the policyholder and documentation of pre-existing medical issues and chronic illnesses. After that, necessary questions were asked to measure the health and lifestyle practices. The policy buyer is expected to provide correct details and make a declaration about the medical conditions over video or phone call.
Various life insurance companies are registered in India under the Regulating Authority (IRDAI). All companies offer comprehensive term insurance plans at low premium rates. NRIs can buy term insurance plans from any of the insurers with a quick and easy online process.
There are a number of benefits for NRIs offered by the Indian insurer than abroad:
Long term coverage
Sum assured can go up to 20 Crores
The easy and hassle-free online payment process
CSR is the percentage of claims that an insurance company settles yearly out of total claims. This tells the reliability and credibility of an insurer. A good CSR of a term insurance company should be above 95%.
So, if the Claim Settlement Ratio of an insurance company ranges between 95 to 100%, you should not think twice before buying a term insurance plan. Almost all the term companies have a good CSR value like Tata AIA’s CSR is 98.53%, Max Life CSR is 99.34% and PNB MetLife CSR is 97.33%.
After the issuance of a term insurance plan, any Indian insurer will cover death regardless of the NRI’s residential country. In order to submit the death claim, the policy nominee is required to submit all the required documents requested by the insurance company.
The Indian Government allows NRI policy seekers to save up to 18% through GST waiver when paying premiums online using a non-residential external (NRE) bank in freely convertible currency.
The Special Exit option enables the policyholder to exit the plan at a certain point of time and receive a refund of all the premium amounts paid for the base protection benefit. Also, zero-cost term insurance plans, a variant of term plan offered by Max life, Canara HSBC, Bajaj Allianz and ICICI Pru Life provides the option to exit the term insurance plan at a specific age and get back all the premium amounts paid minus GST.
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.
Foreign Address Proof
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