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Term Life Insurance in India

Term insurance is an essential financial product for everyone, regardless of background. But when you are an NRI living in Kuwait, it becomes all the more important to ensure the financial security of your family living back in India. Therefore, to help ease your search for the right term insurance for NRIs, we have created a list of plans available for you. But first, let us take a look at what term insurance for NRIs is.

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What is Term Insurance for NRIs?

Term insurance for NRIs are term plans (Tameen Ala Al-Hayah) specifically designed to meet the needs of an NRI customer. These plans offer various NRI-specific benefits like GST waiver, annual discounts, tele and video medicals, and more to fit the customer's requirements. These plans provide the sum assured as a death benefit to the policy nominee in case of the policyholder’s untimely death during the policy term. Therefore, with this term insurance for NRI in Kuwait, you can ensure the financial stability of your nominees (Mustafid) back in India in your absence.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

What is the Term Life Insurance for NRIs Offered in India?

Here is a list of the term insurance for NRI offered by Indian insurers 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
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

* You can use the term insurance for NRI premium calculator to check the approximate premiums you would need to pay for the desired life cover.

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Why Should I Buy Term Life Insurance?

The following are the benefits of buying term life insurance:

Financial Protection

Term insurance plans provide your family with financial protection in your absence. These plans pay the sum assured in the form of death benefit to your nominees to help them take care of their financial needs.
Affordable Premiums

Term life insurance is the most affordable type offering large life cover at highly affordable premiums. You can select your profile's term insurance plan to ensure financial coverage at budget-friendly premiums.
Premium Pay Options

You can make premium payments for the term plan using the most suitable premium payment options. The most common options are monthly, quarterly, half-yearly, and annual premium pay modes.
Enhanced Coverage

You can enhance the base coverage of your term insurance plans by adding available riders like terminal illness, critical illness, accidental death benefit, and accidental disability benefit at nominal premiums.
Flexible Benefit Payout

You can choose the most suitable benefit payout option per your family’s needs. The available payout options are monthly instalments, lump sum + monthly, and increasing monthly instalments.

What are the Benefits of Term Insurance for NRIs from India?

Let us take a look at the several benefits of buying term insurance for NRIs from India:

Lower Premiums: Term insurance premium rates in India are much more affordable than international term plans.
18% GST Waiver: The government of India provides an 18% GST waiver on the term insurance premiums paid in India as per the prevailing tax laws.
Video/Telemedical: Insurers in India allow customers to get their medicals cleared online via video or calls. If the insurer requires a medical check-up from a hospital, the insurer usually covers the check-up charges.
Quick Claims: If you buy term plans from India, your family can get their claims settled easily as they would not have to travel all the way back to Kuwait just to get their claims settled, they could easily visit the nearest company office in India and submit the claims documents.
Check CSR: In India, you can easily select the insurer you want to buy plans from by comparing them based on their CSR. Claim settlement ratio is the ratio of claims settled by the company to the number of claims registered. A high CSR shows that the company settles most of the claims and is thus a reliable insurer.
Annual Discount: Term insurance in India provides an annual discount of 5%, which, combined with the GST waiver, can provide a 23% discount on premiums.
Special Exit Benefits: Various Indian insurers offer special exit benefits, where policyholders can exit the plan early and receive all the premiums paid throughout the policy term.

How to Buy Term Life Insurance From India Through Policybazaar?

Here is how you can buy term insurance plans from India through Policybazaar:

Step 1: Visit the official page of Policybazaar and click on ‘Term Insurance’

Step 2: Enter all the required details like name, gender, date of birth, and contact number

Step 3: Select suitable options like annual income, educational background, smoking habits, and occupation type

Step 4: Choose the term insurance plan and proceed to pay using your preferred payment mode

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

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

Passport’s Front and back side
Copy of Valid Visa
Proof of Employment ID
Last entry-exit stamp
Foreign Address Proof
Policyholder’s Photos
Last 3 Months’ salary slips
Last 6 Months' bank statements

FAQ's

Q: Who can buy term insurance from India?

Ans: Indian citizens, NRIs, Foreign Nationals, Persons of Indian Origin (PIO), and Overseas Citizenship of India (OCI) card holders can buy term insurance from India.
Q: What is term insurance?

Ans: Term insurance is the most affordable type of life insurance that offers financial stability to your family in your absence. These plans cover you for a fixed period, and if the policyholder passes away during this term, the nominees will be paid the death benefit.
Q: Why should you consider buying term insurance from India?

Ans: Buying term insurance from India offers benefits such as tele or video medicals, a larger pool of insurance companies, CSR or claim settlement ratios, GST waiver on premiums, and additional discounts.
Q: How can I buy term insurance from Indian insurers with Policybazaar?

Ans: You can easily purchase term insurance from Indian insurers through Policybazaar's online platform. Simply visit the website, fill in your details, select the most suitable plan, and complete the payment process.
Q: What documents are required to buy term insurance from India?

Ans: You will need documents such as the front and back sides of your passport, a copy of a valid visa, foreign address proof, proof of employment ID, last entry-exit stamp, photo of the policyholder, and recent salary slips and bank statements.