Term insurance for NRI is a specially designed term insurance plan to fit the needs of NRIs or Indian expats living abroad. These plans are the most affordable life insurance, providing pure risk cover at budget-friendly premiums for long policy tenure. With term insurance plans, you can secure the financial future of your loved ones in the event of your unfortunate demise.
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Term insurance is the simplest and most affordable way to ensure your family is looked after if you are not with them. This term insurance product pays your nominee/beneficiary a lump sum in the event of your death. You can also select the death benefit amount based on your needs. This plan offers additional riders that protect the financial impact of serious illnesses or accidents.
Term Plans
Let us understand how term insurance for NRI in UAE works with the help of an example:
Suman, a 23-year-old living in the UAE, buys term insurance for NRI or Indian expatriates to secure her family living in India. She purchases a plan for a 37-year policy term, covering her until she turns 60.
Suman, unfortunately, meets an accident and suffers an untimely death in the 17th policy year. The family informs the insurer of her death and submits a duly filled claims form. The insurer settles the term insurance claim and offers the life cover amount as a death benefit.
Indian expatriates need NRI term insurance for the following reasons:
As an NRI living in a foreign country, you can still ensure your family's financial stability in the event of your unfortunate demise by buying term insurance for NRI in UAE.
NRI term insurance plans allow Indian expats to customise the plan as per your needs.
The life cover of an NRI term plan can help your family members pay off any remaining loans that may fall on their shoulders in your absence.
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Here is a list of term insurance plans for NRIs in 2024:
| Name of the Insurer | Term Insurance Plan | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz Life eTouch II | 603 | 18-55 years | 99 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Life Click 2 Protect Life | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Axis Max Life Insurance Company Limited | Max Life Smart Secure Plus | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Supreme | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
Here is a list of key features of term insurance for NRI in UAE:
Required Policy Term: You can easily choose the most suitable policy term for your family. Some term insurance for NRI in UAE offers the chance of securing your family till 99/100 years of age.
Tele/Video Medicals: Various insurers allow NRIs and Indian expatriates to buy term plans by scheduling their medicals online via tele or video. This enables you to buy the most suitable plan from the comfort of your home.
Choose Sum Assured: You can select the most suitable sum assured by assessing your annual income and your family’s financial needs in your absence.
Premium Pay Options: Most insurance companies offer premium payment options like monthly, quarterly, yearly, and semi-annual payment modes.
Quick Policy Issuance: By buying term insurance for NRIs online, the policy can be issued quickly without submitting any physical documents.
Let us look at some of the benefits of buying NRI term insurance that can benefit you and your family:
Affordable Premiums
Term insurance for NRI in UAE is one of the most affordable types of life insurance to secure your loved ones for the long term. With these plans, you can save on your premiums and invest the remaining amount into wealth creation or future goals.
Death Benefits
The NRI term insurance pays your family the sum assured in case of your untimely death during the policy term. Your family can use the benefit amount to pay for their monthly expenses, take care of remaining loans, and pay for the child’s education.
Various Payout Options
Term insurance for NRI in UAE offers various benefit payout options like monthly payments, increasing monthly instalments, lump sum payments, and lump sum+monthly instalments. You can choose the most suitable benefit payout options for your family.
Cover Against Illnesses and Disabilities
You can customise your plan by adding critical or terminal illness riders to get coverage against illnesses at nominal extra premiums. Some term plans for NRIs also offer the option of including accidental death or accidental disability riders in the base plan.
Tax Benefits
NRIs can claim term insurance tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961, as per the prevailing laws.
Here is a list of people who can buy term plans for Indian expats:
NRIs - NRIs living in most parts of the world can buy term insurance for NRIs from India
PIOs/OCIs - People of Indian Origin and Overseas Citizenship of India cardholders can buy Policybazaar NRI term insurance if they have a spouse, parent, grandparent, or child who is an Indian citizen or have held an Indian passport at some point in their life.
Foreign Nationals - People who are foreign citizens can also buy term insurance for NRIs
Buying an NRI term insurance is essential as it ensures your family's financial stability in your absence. You should always buy term insurance for NRI and Indian expatriates after comparing the available plans based on the premiums, sum assured, policy terms, and benefits offered available.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
Term insurance is essential for anyone looking to secure their
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