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Life insurance plays a crucial role in protecting the financial future of your loved ones. In Australia, it is widely used by individuals and families to manage financial risks associated with death, terminal illness, or disability. Whether you are looking to cover your mortgage, provide for your children's education, or maintain your family's lifestyle, life insurance can provide much-needed peace of mind.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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Life insurance is a contract between you and an insurance provider. Under this contract, you pay life insurance quotes, and in return, your nominated beneficiaries receive a lump sum or an ongoing income if you pass away or are diagnosed with a terminal illness. The payout from a life insurance policy can help your family cover immediate and long-term financial needs, such as:
Paying off the remaining mortgage
Covering day-to-day living expenses
Funding your children's education
Secure your spouse’s retirement
Managing outstanding debts and other obligations
Term Plans
Australia offers several types of life insurance products, with each option tailored to meet different financial protection needs:
| Type of Insurance | What It Covers |
| Life Cover | Pays a lump sum to your family if you pass away |
| Total and Permanent Disability (TPD) Cover | Pays a lump sum if you become totally and permanently disabled and are unable to return to work |
| Trauma Cover | Pays a lump sum if you are diagnosed with a critical illness such as cancer or stroke |
| Income Protection | Acts as income replacement for your family if you are temporarily unable to work due to illness or injury |
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The amount of life insurance you need depends on your current financial situation and future obligations. Key considerations include:
Your current income and household expenses
Your outstanding mortgage and other debts
The number of financial dependents you support
Future education and healthcare costs for your children
Any existing savings, investments, or superannuation balances
You can use the average Australian family income and the median Australian household income as a guide to estimate a suitable level of cover.
The decision to take out life insurance is influenced by various life events and financial milestones. It is generally advisable to consider life insurance when:
You purchase a residential property
You get married or enter a long-term partnership
You start a family or have children
You want to create a legacy for your family
You take on significant financial responsibilities, such as starting a business
Buying life insurance earlier in life can result in lower life insurance quotes and a wider choice of policies.
Many Australians purchase life insurance plans like term insurance for home loan to ensure that their home loan repayment can be made in full in the event of their untimely death. This approach is often referred to as mortgage protection insurance or mortgage repayment.
Ensures the outstanding home loan is cleared
Protects your family's ability to stay in the home
Reduces the financial burden on your spouse or dependents
Non-Resident Indians (NRIs) living in Australia have the option to purchase term insurance for NRI from India. This option is particularly beneficial for those who have financial dependents residing in India.
The term life insurance quotes of Indian insurers are much more affordable than international term plans.
Premiums paid via NRE (non-residential external) bank accounts can claim term insurance GST waiver of 18% as per the prevailing tax laws.
Term insurance coverage is applicable world-wide and provides uninterrupted peace of mind.
Claim term insurance tax benefits as per the prevailing tax laws under the applicable sections of the IT Act, 1961.
Get comprehensive coverage against terminal illnesses and accidental death benefits.
Step 1: Visit the official Policybazaar website.
Step 2: Navigate to the NRI Term Insurance section.
Step 3: Compare term life insurance for NRIs offered by various insurers.
Step 4: Pay the applicable term life insurance quotes and receive your policy documents via email.
Life insurance is a fundamental component of a comprehensive financial strategy. It helps ensure that your loved ones are not left with financial hardship in your absence. Whether you are a permanent resident, citizen, or an NRI living in Australia, selecting a life insurance plan that aligns with your financial goals is essential.
For NRIs in Australia, term insurance plans offered through Policybazaar present a cost-effective and flexible solution with global applicability. These plans allow you to protect your family in India while residing abroad, giving you and your loved ones peace of mind for the future.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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