Term Life Insurance For NRIs in Vancouver

Let us see the benefits of purchasing term insurance in Vancouver from Indian insurance companies.

Best Term Insurance in Vancouver From India in 2023

You can buy any of the following term insurance plans in Vancouver from India in 2023:

Note: To calculate the premium payable for the desired term plan, you can use the term insurance for NRI premium calculator online.

Why Do NRIs in Vancouver Need Term Life Insurance?

The NRIs living in Vancouver should purchase term insurance because of the following reasons:

• Secure Family’s Future: A term life insurance plan provides financial protection to your family who is back in India. It offers a benefit payout in the event of your unfortunate death within the policy term. This payout can help your family, maintain their lifestyle, pay their rent, and pay for any other medical emergencies that may arise.

• Peace of Mind: Buying a term insurance plan can help you live a more comfortable and stress-free life as you won’t have to worry about your family’s financial future anymore. The payout from a term plan can help your family fulfill their lifelong goals like paying for the child’s higher education or marriage.

• Pay off Debts and Loans: Your family can use the term insurance payout received to pay off any of the outstanding debts or loans like home loans, car loans, or credit card bills. This way your family will not be burdened with any of the financial obligations in your absence. 

• Ease of Accessibility: Your grieving family can easily contact the insurance company online or visit the nearest office offline to file for claims in the event of your unfortunate death. The payout can be useful to take care of any unexpected emergencies or funeral costs.

Why Should NRIs Buy Term Insurance in Vancouver From India?

Let us take a look at why NRIs should buy term plan in Vancouver from Indian insurers

• Low premium rates: Term insurance plans have the most budget-friendly premium rates of all life insurance products. You can buy term insurance from Indian insurers as the term plans in India are almost 50% more affordable than international term plans, depending on the NRI’s new country of residence. For example, a policyholder can get term life insurance of 1 Crore in Vancouver from India at comparable rates (Rs. 1,648 / pm) from international term plans.

• Bigger pool of insurers: In India, you get a wide range of insurers offering term insurance plans. You can compare plans from different insurers on the basis of their premium rates, CSR values, maximum sum assured, policy term, and rider benefits. Let us take a look at some of the benefits of buying term plans in India. 

  • Low premium rates

  • Premium payment options

  • Multiple payout options

  • Large sum assured

  • Critical Illness and Accidental Death Benefits

  • Choose required policy term

• Larger Life Cover: Indian insurance companies offer term insurance plans in Vancouver with life cover up to Rs. 20+ Crores. You should always get a term plan with a sum assured large enough to cover your family’s financial needs in your absence. This way your family will be able to take care of their financial needs in your absence.

• Claim Settlement Ratio (CSR): The CSR of a company allows us to know the number of claims received by a company to the number of claims settled by them in a financial year. Before buying a term plan, always make sure that the company has a consistently good CSR of over 95% as it increases the chances of your claim being settled. For example, the companies Max Life and Tata AIA had a CSR of 99.34% and 98.53% respectively. 

• GST waiver: You can avail of an 18% GST waiver when paying premiums via a non-residential external bank in freely convertible currency. This allows you to save even more on your term insurance premium rates.

• Video or Tele Medical: You can now purchase term insurance in Vancouver from Indian insurers by scheduling a video or tele medical online from the comfort of your home in just a few clicks. This way you won’t have to travel all the way back to India to clear your mandatory medical exams. 

• Special exit option: Various Indian insurance companies offer a feature called special exit option that lets you leave a plan at a specific stage as per the insurer and receive all the premiums paid back. The zero cost term insurance and the feature is available free of cost, which allows you to exit the plan at a specific age and receive all the premiums paid in keeping the plan active, back. Out of the plans mentioned above, the HDFC Click 2 Protect Super, ICICI Pru iProtect Smart, and Max Life Smart Secure Plus are zero cost term insurance.

How To Buy Term Life Insurance in Vancouver From India?

You can buy term insurance in Vancouver from India online by following the below steps:

• Step 1: Go to the term insurance for NRI in India page

• Step 2: Enter basic information regarding your name, contact details, gender, and email address

• Step 3: Click on ‘View Plans’ to see the available plans

• Step 4: Select the appropriate options for annual income, educational qualifications, occupation type, and smoking and chewing tobacco habits

• Step 5: Choose the most suitable plan and proceed to pay

Documents Required to Buy Term Insurance in Vancouver From Indian Insurance Company

Here is a list of all the documents required by the insurance company to buy term insurance in Vancouver

• Last three months' salary slips

• Last six months' bank statements

• Photo

• Copy of valid visa

• Last entry exit stamps

• Foreign address proof

• Employment ID poof

• Passport front and back side