Term Life Insurance In India

How Term Life Insurance Works?

Let’s understand how term life insurance works with the help of the following example. 

A healthy 35-year-old David in Canada may pay around CA$400 annually for a 20-year term with CA$500,000 coverage. If they pass away within the term, their family receives the full payout. If they outlive the term, there’s typically no return unless the policy includes added benefits like return of premium or conversion to permanent life insurance.

It’s a cost-effective solution for Canadians looking to secure their family’s future during key life stages like raising children, paying off a mortgage, or managing debts.

What are the Best Term Life Insurance Plans in Canada?

Here is a list of the top term life insurance providers in Canada:

* You can use the term life insurance premium calculator to get a better understanding of the premiums applicable for your profile.

What Are The Term Life Insurance Plans In India 2025?

The life insurance companies in India offer the following term insurance plans.

*Disclaimer: 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. 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

Note: The Term Insurance For NRI Premium Calculatorcan help you determine the premium amount payable for the desired cover amount.

Why Should You Buy Term Life Insurance in Canada?

Here are some of the reasons why you should buy this type of life insurance in Canada:

• Financial Security: Term life insurance in Canada from India ensures your family's financial well-being by providing a sum of money if you unexpectedly pass away. This payout helps them maintain their current lifestyle, cover expenses like rent, your child's fees, and handle any medical emergencies.

• Larger Life Cover: You can get large life cover with a term insurance plan, ensuring your loved ones' financial security. Buying a term plan with substantial coverage is easy, as the premiums remain affordable for a large cover.

• Debts and Loans: Term life insurance provides a payout that helps your family settle outstanding loans, like home or car loans, and manage financial responsibilities. It's crucial to buy a term plan with sufficient life cover to meet your family's needs.

• Affordable Premium Rates: Term insurance premiums in Canada from Indian insurers are much lower compared to international plans. NRIs, PIOs, and OCIs can enjoy much more affordable level term life insurance rates.

• Flexible Policy Issuance: Term insurance plans in India are simpler than international ones, with easier documentation and tele/video medical tests available. You can quickly compare and buy a term plan online from the comfort of your home.

• Easily Accessible: Your family can visit the nearest insurance branch in their city to start the hassle-free claim settlement process.

Why Should You Consider Buying Term Insurance From India?

You should buy term insurance from Indian insurance companies for the reasons mentioned below:

• More Insurance Choices: In India, you can choose from a larger pool of insurers offering term insurance plans with flexible options such as premium payments, policy term duration, and affordable premiums. Opt for an Indian insurer for added benefits like higher sum assured and different payout options.

• Claim Settlement Ratio (CSR): CSR, or Claim Settlement Ratio, is the percentage of claims paid by an insurance company compared to the total claims settled in a year. Choose an insurer with a consistently high CSR value, ideally over 95%, for better reliability.

• GST Waiver: Opting for the yearly premium payment mode offers an additional 5% discount, and buying term insurance from Indian insurers comes with an 18% GST waiver on term insurance premiums.

• Video or Tele Medical Test: Buying a term plan from Indian insurers is now simpler with the option of tele/video medical tests, making it hassle-free to find the plan for you.

• Special Exit Option: Choose term insurance plans in India with a special exit option, allowing you to conclude the plan at a specific time and receive a full refund of all paid premiums.

How to Buy Term Insurance for NRI in Canada from India?

Now, you can easily buy term insurance for NRI in Canada from India in an online mode, from the comfort of your home, by following these steps:

• Step 1: Visit Policybazaar's Term insurance for NRI page

• Step 2: Provide necessary details like your name, email, gender, and contact information.

• Step 3: Fill in your occupation, education, yearly income, and habits regarding smoking and drinking.

• Step 4: Choose the best term insurance plan and move on to payment.

• Step 5: Complete the process by paying using your preferred method.

What Are The Documents Required to Buy Term Insurance from India?

Here is a list of documents required to purchase term insurance from India:

• Front and back side of the Passport

• Proof of Employment ID 

• Last entry-exit stamp

• Copy of Valid Visa

• Foreign Address Proof

• Photo of the Policyholder

• Last 3 Month salary slips & Last 6 months' bank statements

FAQs

Different types of Plans

Term Insurance

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List of Term Insurance Companies

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TROP

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Term Insurance For Senior Citizen

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Term Insurance For Spouse

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Term Insurance For Family

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Term Insurance For NRI

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List of Term Insurance Plan

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Life Insurance Corporation of India

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What is Term Insurance?

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Term Insurance Calculator

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1 Crore Term Insurance

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