Term insurance for NRIs is an essential financial product that can help them financially secure their families in case of life’s uncertainties. These plans offer coverage against unforeseen events like deaths, disabilities, or illnesses. With NRI term insurance, you can ensure your family’s protection at highly affordable premiums.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Term insurance for NRIs is a term insurance plan designed by Indian insurers to provide financial protection to NRIs living abroad. These plans offer long-term coverage (till 99/100 years of age), which ensures the financial security of your loved ones for your whole life. You can easily buy the most suitable term insurance for NRIs by comparing the available plans on the basis of their premiums, policy term, sum assured, and policy benefits.
Note: You should firstly know about what is term insurance to buy a term plan for your loved ones.
Term Plans
Let us understand how term insurance works with an example:
Suppose Aisha is a 35-year-old NRI living in Canada. She decides to secure her family's future in India by opting for term insurance for NRIs. She selects a policy with a 30-year term, guaranteeing coverage until she reaches 65.
She unexpectedly passed away in the 10th policy year due to unforeseen circumstances. Her family contacted the insurance provider, submitted the necessary documents, and the insurer processed the claim after verification. The life cover amount was then paid to Aisha's nominees, providing them with the financial support she had envisioned for her loved ones.
You need an NRI term insurance for the following reasons:
Secure your loved ones against eventualities like death, disability, and illnesses
Provide your family with financial support to pay off any remaining loans in your absence
Ensure regular income for the family in case you are the main breadwinner of the family
Customise the plan’s features and benefits to suit your and your family’s requirements
Get tax benefits on the term insurance premiums paid and benefits received
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The term insurance companies in India offer the the below-mentioned term insurance plans.
| 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
Let us take a look at all the benefits of buying NRI term insurance:
Affordable Premiums: Term insurance for NRI offers large life cover for long policy terms at affordable premiums. You can compare available plans on the basis of premium rates and buy suitable term insurance for yourself.
Financial Security: NRI term insurance offers financial security to your loved ones in your absence by providing them with the death benefit in case of your death during the policy tenure.
Multiple Payout Options: With term insurance for NRIs, you can choose the most suitable benefit payout options for your family. You can select from the available payout options while buying the term plan.
Illness and Disability Cover: Most international term insurance plans offer coverage against terminal and critical illnesses and accidental disabilities. You can add these coverages to your base plan at nominal premiums.
Tax Saving Benefits: Term life insurance for NRIs can provide tax-saving benefits per the prevailing tax laws. You can claim tax deductions and exemptions under 80C and 10(10D) of the Income Tax Act, 1961.
Special Exit Option: Choose term life 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.
Extra Discount: Opting for yearly premium payment mode offers an additional 5% discount, and buying term insurance from Indian term insurance companies comes with an 18% GST waiver.
Let’s understand the GST waiver with the help of an example:
| Monthly Premium x 12 months | CAD 14.26 x 12 = Rs. 10,440 |
| After applying 5% Annual Discount (CAD 8.13) | CAD 163 |
| After applying 18% GST Waiver (CAD 27.48) | CAD 135.6 |
| Total Discount Applied is 5% + 18% = 23%, i.e. 8.13 + 27.48 = 35.61 | |
| Lifetime Savings | CAD 1,068 (i.e. CAD 35.61 X 30 years) |
Here is a list of all the key features you need to know about term insurance for NRI:
Select the Right Policy Term: You can choose a policy term that aligns with your family's specific needs. Certain term insurance for NRI extends the coverage until 99 or 100 years of age.
Tele/Video Medicals: Various insurers offer NRI term insurance, allowing customers to schedule medicals online through tele or video platforms. This gives NRIs the convenience of buying a suitable plan from the comfort of one's residence.
Determine the Life Cover: The policyholder can select the sum assured by evaluating their annual income and estimating the financial needs of their family in the unfortunate event of their demise.
Premium Payment Options: Most term insurance providers offer flexibility in premium payment modes, including monthly, quarterly, yearly, and semi-annual frequencies. You can choose the most convenient payment option and pay premiums as per your preference.
Efficient Policy Issuance: Buying term insurance for NRIs through online channels ensures quick and easy policy issuance, removing the need for physical document submission. This allows customers to buy term plans from the comfort of their homes.
Term insurance for NRIs is a financial product that every Indian living outside India should consider buying as it can financially secure their loved ones at affordable premiums for the long term. You can compare the available plans and buy term insurance for NRIs from the comfort of your home.
†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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