No matter where you live, it's important to make sure your family is financially protected if something happens to you. For Indians living in other countries (NRIs), having Term Life Insurance is vital. It helps your family when you're not there by providing money to cover their everyday needs, support your kids' education, and pay off debts.
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Term Life Insurance for NRIs (Non-Resident Indians), OCI cardholders, PIOs, and their families is designed to meet their specific needs. These plans provide financial security and a payout to the family in case something happens to the policyholder, regardless of their location abroad. NRIs can obtain these plans from Indian insurance companies, ensuring crucial financial protection for their family even if they are in another country.
These NRI term plans come with various coverage options and policy durations, and you can easily purchase them online or offline. Online purchases are now simpler with tele-medical checkups, making them accessible to NRIs worldwide.
Term Plans
Term Life Insurance for NRIs works like protection plans. In this insurance type, the policyholder pays premiums to the insurance company 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.
For NRIs, there's an additional option known as Term Life Insurance ROP (Return of Premium). If the policyholder survives the policy term, all the premiums paid are returned when the policy matures. It's a way to be ready for the unexpected and receive a refund if things go as planned.
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The insurance companies in India offer the following term insurance plans that are suited for NRIs.
| 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
Note: With the Term Insurance For NRI Premium Calculator, you can now easily determine the premium amount payable for the desired cover amount.
Here are some of the advantages of purchasing the Term Life Insurance for NRIs:
Ensure Your Family's Future: Term Life Insurance for NRIs is a robust solution for securing your family's long-term financial well-being.
Flexible Premium Payments: Enjoy the convenience of choosing premium payment frequencies that suit your needs—whether monthly, bi-yearly, quarterly, or annually. Enrolling early also results in lower premiums.
Video/Tele-medical Check-ups: NRIs can opt for a limited pay option, allowing for shorter premium payment periods while maintaining coverage for the entire policy term. This choice enables financial savings without sacrificing protection.
Extended Coverage: These plans provide coverage for extended periods, with some lasting up to 99/100 years. This ensures comprehensive protection for both you and your family over the long term.
Limited Pay Option: NRIs can select a limited pay option, enabling shorter premium payment periods while still ensuring 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 feature provides an extra sum assured, offering additional protection in the event of accidental death, acting as an extra safeguard alongside the primary coverage.
Terminal Illness Benefits: Term Life Insurance for NRIs not only safeguards against death but also provides coverage for terminal illnesses. In case of a diagnosis, the plan offers lump sum payouts, easing financial burdens during challenging times.
Coverage against Critical Illness: Term Life Insurance for NRIs goes beyond basic protection by extending coverage for specific critical illnesses throughout the policy term. This feature provides financial support for significant medical expenses and treatment costs when dealing with a diagnosed critical illness included in the plan.
Premium Waiver on Disability: In the event of job loss due to accidental total permanent disability during the policy term, Term Life Insurance offers a premium waiver rider for NRIs. This ensures that the remaining premiums are waived, allowing policyholders to maintain coverage despite accidental disability, providing added financial security in unfortunate situations.
Here's a list of eligible individuals who can purchase term life insurance for expats, including protection for NRIs:
Non-Resident Indians (NRIs) are Indian citizens with valid Indian passports who temporarily reside in a foreign country.
Overseas Citizen of India (OCI)/Person of Indian Origin (PIO) includes citizens of foreign countries (excluding 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 are citizens of foreign countries residing in India.
To purchase Term Life Insurance for NRIs, you can conveniently submit the necessary documents online to the insurance company. These documents usually include:
Passport (front and back sides)
Last 3 months' salary slips
Passport-size photo
Valid Visa Copy
Last entry-exit stamp
Last 6 months' bank statements
Foreign Address Proof
Employment ID Proof
Submitting these documents online simplifies the application process, making it more accessible and convenient for prospective Term Life Insurance for NRIs policyholders.
Selecting the ideal Term Life Insurance for NRIs is a critical financial decision, providing essential protection for expatriates and ensuring long-term peace of mind. This insurance assures the well-being of your loved ones through death benefits, offering financial security for future savings. The convenience of tele-medical exams simplifies the purchase process. Carefully reviewing the policy's terms and conditions is crucial for making an informed decision, effectively securing your family's financial stability.
†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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