For Non-Resident Indians (NRIs), securing their family's future is a priority, especially when living abroad. One of the ways to ensure that your loved ones are financially protected, even in your absence, is through term life insurance. This article offers a detailed guide on term life insurance for NRIs in the Netherlands, its benefits, how to buy it, and what to keep in mind.
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Term life insurance for NRIs is a life insurance policy designed to provide financial security to NRIs, Overseas Citizens of India (OCIs), Persons of Indian Origin (PIOs), and their families. The primary purpose of these plans is to offer a death benefit to the family of the policyholder in case of unforeseen demise during the policy term.
In essence, term life insurance works similarly for both NRIs and Indian residents. The policyholder pays regular premiums, and in the event of their death, the nominee receives the sum assured. This payout can be used to cover various expenses like loans, daily living costs, or even relocation to India.
Term Plans
Financial Protection for Loved Ones: The death benefit from term life insurance ensures your family’s financial security. This amount can help them maintain their standard of living, pay off liabilities, and handle daily expenses.
Cost-Effective: Term life insurance for NRIs tends to be more affordable than policies offered in developed countries. This makes it easier to secure large life cover at lower premiums.
Various Payout Options: With term insurance for NRIs you get various payout options to choose from like lump sum, monthly income, lump sum + monthly income, or increasing monthly income.
Hassle-Free Claims: Top life insurance companies provide easy claim settlement for NRIs, ensuring that your family can process claims smoothly without needing to travel back to the country of residence.
Tax Benefits: Premiums paid towards term insurance in India are eligible for tax deductions under Section 80C of the Income Tax Act. The death benefit is also tax-exempt under Section 10(10D), subject to certain conditions.
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Worldwide Coverage: NRI term life insurance offers global coverage, which means that no matter where you live, your family will receive the payout in the event of your death.
Flexible Premium Payments: NRIs can make premium payments easily through their Non-Residential External (NRE) accounts using online banking or credit cards.
Customizable Policy Term: Policyholders can choose the term of their insurance policy, typically ranging from 10 to 40 years, with some plans offering coverage until the age of 100.
Easy Documentation: NRIs can apply for term life insurance with minimal documentation, including proof of identity, address, passport, and a medical test report.
Additional Riders: NRIs can enhance their policy with add-ons such as critical illness cover, accidental death benefit, or premium waiver in case of disability.
Several insurance companies in India offer specialized plans for NRIs. Some of the options for 2024 include:
| 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
* You can use the term insurance for NRI premium calculator to check the premiums applicable for your profile.
Lower Premium Rates: Term insurance plans in India are often more affordable than those offered by international insurers, with premiums up to 40-50% lower. You can also use the life insurance calculator in the Netherlands to get an accurate estimate of the premiums you need to pay.
High Claim Settlement Ratio: Indian insurance companies have a solid claim settlement record. For instance, Axis Max Life Insurance had a claim settlement ratio of 99.50% in 2022-23.
Tax Exemptions and Discounts: By paying premiums from your NRE account, you can avail of tax benefits and claim a GST waiver of 18% on your premiums. Not only that, you can also avail 5% additional discount on annual premium pay mode.
Telemedical Examinations: NRIs can purchase term life insurance through telemedical checkups, making the process convenient and hassle-free without the need for physical exams.
Comprehensive Global Coverage: NRIs can be assured of 24x7 global claim assistance and worldwide coverage, ensuring that their families are protected no matter where they reside.
Purchasing term life insurance for NRIs has never been easier. Here’s how you can do it:
Step 1: Visit the term insurance for NRI page of Policybazaar
Step 2: Fill in basic details like name, age, and country of residence
Step 3: Provide your smoking habits, occupation type, and income details.
Step 4: Compare the available plans, choose the one that suits your needs, and proceed to pay
To buy term life insurance, NRIs need to submit the following documents:
Passport front and back side
Employment ID Proof
Valid Visa Copy
Last entry-exit stamp
Last 6 months' bank statements and Last 3 Months salary slips
Photo
Foreign Address Proof
For NRIs living in the Netherlands, securing a term life insurance policy from India offers numerous benefits. Not only is it cost-effective, but it also provides global coverage, easy claims processing, and peace of mind knowing your family’s financial future is secure. With convenient online purchasing options and telemedical examinations, obtaining a policy has become more accessible than ever.
†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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