Term Life Insurance Plans for NRIs in Toronto From India

Best Term Life Insurance Plans in Toronto from India 2023

Here is a list of the best Indian term life insurance plans for NRIs residing in Toronto:

What are the Top Reasons to Buy a Term Life Insurance Plan For NRIs in Toronto?

1. 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.

2. 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.

3. 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.

4. 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:

1. 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.

2. 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.

3. 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.

4. 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

5. 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’s CSR is 98.53%, Max Life CSR is 99.34% and PNB MetLife CSR is 97.33%.

6. 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.

7. 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.

8. 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.

Documents Required to Buy Term Life Insurance Plans for NRIs in Toronto

• 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