Term Life Insurance for NRIs in Toronto 

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. 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 Toronto. Moreover, 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: 

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Can NRIs In Toronto Buy Term Insurance Plan From India?

Yes, any NRI of Indian origin living in Toronto 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.

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

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₹1
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@ Starting from ₹ 12/day+

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

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

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 Toronto Buy Term Life Insurance?

Following are the reasons for NRIs of Toronto to buy term life insurance:

  • Long time protection
    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.

  • Financial Protection
    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.

  • 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 Accessibility
    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.

  • 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.

  • Pay off debts and loans
    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.

Why do NRIs in Toronto Buy Term Life Insurance Plan From India?

Following are the reasons why NRIs should consider purchasing a term plan from India in 2023:

    • Cost-effectiveness
      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 NRI premium calculator.

    • Easy Accessibility through Tele/Video Medical Examinations
      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.

    • Procedure for Conducting Tele/Video Medical Examination
      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.

    • A Large Pool of Insurers
      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

  • Claim Settlement Ratio (CSR) of Life Insurance Companies
    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 Life Insurance and ICICI Prudential have a CSR of 94.65% and 95.49% for the FY 2021-22.

  • Claim Benefits
    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.

  • GST Waiver
    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.

  • Special Exit Option
    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.


How To Buy Term Life Insurance For NRIs Living in Toronto From Policybazaar?

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.

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

Here is a list of documents required to purchase term insurance in Toronto from India:

  • Front and back side of the Passport

  • Copy of Valid Visa

  • Last 6 months' bank statements

  • Last 3 Month salary slips 

  • Last entry-exit stamp

  • Proof of Employment ID 

  • Foreign Address Proof

  • Photo of the Policyholder

Note: Check out the best term life insurance in India and choose one that suits your requirements.

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 Toronto from Indian insurers?

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