Whether you live in India or another country, ensuring your family is okay if something happens to you is really important. For NRIs (Non-Resident Indians) living abroad, having Term Life Insurance becomes crucial.
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It helps ease your family's difficulties when you're not around. If something unfortunate happens to you, the money from the insurance (called Death Benefit) can help your family in many ways, like taking care of their day-to-day needs, supporting your kids' education, paying debts/loans, etc.
Term Plans
Term Life Insurance, designed for NRIs (Non-Resident Indians), OCI cardholders, PIOs, and their families, is customized to meet their specific needs and ambitions. These insurance plans offer financial security and a death benefit to the policyholder's loved ones, regardless of where they live abroad. NRIs can get these term plans from Indian insurance companies, ensuring their family gets important financial protection even if they are overseas.
Term Life Insurance for NRI policies provides a variety of coverage choices and policy durations. These plans can be easily purchased either online or through traditional offline methods. The introduction of tele-medical checkups has made the online purchase process for term plans hassle-free, and accessible to NRIs residing anywhere in the world.
Term Life Insurance for NRIs functions much like protection plans. In this insurance type, the policyholder makes premium payments to the insurance company in exchange for pure risk coverage, which is the sum assured. If, unfortunately, the policyholder passes away during the policy term, the sum assured is given to the chosen beneficiary or nominee.
For NRIs, there's an additional option called Term Life Insurance ROP (Return of Premium). If the policyholder lives through the policy term, all the premiums paid are returned at maturity. It's a way to cover the unforeseen and get something back if the unexpected doesn't occur.
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Here is the list of Term Life Insurance for NRI:
| 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 | |
| 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:Â 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 are some of the advantages of purchasing the Term Life Insurance for NRIs:
Secure Family’s Future: Term Life Insurance for NRIs is a robust solution for ensuring the long-term financial well-being of your family.
Flexible Premium Payment Modes: Enjoy the flexibility of choosing premium payment frequencies that suit you—whether monthly, bi-yearly, quarterly, or annually. The sooner you enroll, the lower your premiums.
Video/Tele-medical Check-up: Simplify the buying process with video or tele-medical check-ups. This streamlined approach, especially relevant during the pandemic, allows for essential health assessments without unnecessary hassles.
Long Term Coverage: These plans offer coverage for extended periods, some even up to 99/100 years. This ensures comprehensive protection over the long term for you and your family.
Limited Pay Benefit: NRIs can opt for a limited pay option, enabling shorter periods of premium payments while maintaining coverage for the entire policy term. This option allows for financial savings without compromising on protection.
Here are some additional benefits of purchasing Term Life Insurance for NRIs:
Accidental Death Benefits: NRIs can enhance their Term Life Insurance by adding the Accidental Death Benefit rider. This extra feature provides an additional sum assured, offering added protection in the unfortunate event of accidental death. It acts as a supplementary safeguard to the primary coverage.
Terminal Illness Benefits: Term Life Insurance for NRIs protects against death and provides coverage for terminal illnesses. In case of a diagnosis, the plan offers lump sum payouts, easing financial burdens during challenging times.
Cover Against Critical Illness: Term Life Insurance for NRIs goes beyond basic protection by offering extended coverage for specific critical illnesses throughout the policy term. This feature provides financial support for significant medical expenses and treatment costs when facing a diagnosed critical illness included in the plan.
Waiver of Premiums on Disability: In the unfortunate event of job loss due to accidental total permanent disability during the policy term, Term Life Insurance for NRIs offers a premium waiver rider. This rider ensures that the remaining premiums are waived, allowing policyholders to sustain their coverage even in the face of accidental disability, and providing added financial security.
Here's a list of eligible individuals who can purchase term life insurance for expats, including protection for NRIs:
Non-Resident Indians (NRIs): These are Indian citizens holding valid Indian passports who are residing temporarily in a foreign country.
Overseas Citizen of India (OCI)/Person of Indian Origin (PIO): This category includes citizens of foreign countries, except for Bangladesh or Pakistan, who meet one of the following criteria:
Previously held an Indian passport
Have parents or grandparents who were Indian citizens
Are spouses of Indian citizens
Foreign Nationals: This refers to citizens of foreign countries who are living in India
The required documents can be conveniently submitted online to purchase Term Life Insurance for NRI plans from the insurance company. These documents typically include:
Passport (front and back sides)
Last 3 months' salary slips
Passport-size photo
Foreign Address Proof
Employment ID Proof
Valid Visa Copy
Last entry-exit stamp
Last 6 months' bank statements
Submitting these documents online streamlines the application process for Term Life Insurance for NRIs, making it easier and more accessible for prospective policyholders.
Buying the Term Life Insurance for NRIs is a critical financial move, providing essential protection for expatriates and long-term peace of mind. This insurance ensures the well-being of your loved ones by offering death benefits for future savings, and the convenience of tele-medical exams simplifies the purchase process. Carefully reviewing the policy's terms and conditions is crucial to making an informed decision, securing your family's financial security effectively.
†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
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