Living abroad can be exciting, but at the same time, it raises multiple concerns for your loved ones living in India. Term insurance is the solution to this as it is a simple, affordable type of life insurance plan that provides a lump sum payment to your loved ones if you, unfortunately, pass away during the policy term.
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The policy can help them cover expenses, pay off debts, or maintain their lifestyle even when you’re not there anymore. Whether you're an NRI (Non-Resident Indian), foreign national, PIO (Person of Indian Origin), or OCI card holder living overseas, you can get covered with term life insurance. Let’s understand more about term plans here.
Term Plans
Term insurance acts like a financial safety net for your family to protect them in the future. It works like an income replacement plan, providing a certain amount of financial security in case of your untimely demise. A lump sum payment is provided to the policyholder's nominee/beneficiary, thus, guaranteeing a stable future. This insurance is an affordable approach to caring for your loved ones because it provides comprehensive coverage at a very low premium rate.
For example, Rahul, a 30-year-old non-smoker with an annual income of Rs. 55 Lakhs, can buy a term plan of life cover Rs. 1 Crore for his loved ones for the next 30 years. By paying just Rs. 930 per month for this life cover, Rahul ensures that his family can maintain their current lifestyle without any hassle in case of his untimely demise.
The insurance companies in India offer the following 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
Note: The Term Insurance For NRI Premium Calculator can help you in determining premium amount payable for the desired cover amount.
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Here are some of the reasons why you should buy term plan in India:
Financial Security: Term insurance in India ensures financial security of your family by paying out a substantial amount of money in the event that you pass away suddenly while the policy is in effect. This death benefit assists them in maintaining their standard of living, paying for bills like rent and your child's tuition, and taking care of any urgent medical needs.
Flexible Policy Issuance: Term insurance plans in India are much simpler than the international plans, by dint of tele/video medical tests and easier documentation processes. You can compare and buy a term plan online from the comfort of your home with the help of Policybazaar.
Easily Accessible: Your family can visit the closest insurance branch in their city to start the hassle-free claim settlement process.
Larger Life Cover: In India, you are eligible to get life cover up to Rs. 20+ Crores with term insurance plan, thereby, ensuring your loved ones' financial security. Buying term plans with high life cover is much simpler because of the ease of purchase from Policybazaar.
Debts and Loans: Term insurance offers payout that assists your family settle outstanding loans, like home/car loans, and in managing financial responsibilities. It's important to buy a term plan with sufficient life cover to meet your family's needs.
Affordable Premium Rates: Term insurance premiums in India are lower compared to international plans. NRIs, Foreign Nationals, PIOs, and OCIs can enjoy much more affordable level term life insurance rates.
Extra Discount: Choosing the annual premium payment mode offers an additional 5% discount, and buying term insurance from Indian insurers comes with an 18% GST waiver.
Special Exit Option: Choose term 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.
You should buy term life insurance from Indian insurers because of the following reasons:
More Insurance Choices: You can select from a larger pool of companies offering term insurance plans with flexible options such as premium payments, policy term, and cost-effective premiums. Choose an Indian insurer for added benefits like higher sum assured and different payout options.
High Claim Settlement Ratio (CSR): In India, the regulatory body IRDAI makes sure that every insurer maintains a high Claim Settlement Ratio (CSR). It’s the percentage of claims paid by an insurance company compared to the total claims settled in a year. Therefore, you have the flexibility to choose an insurer with a consistently high CSR value, ideally over 95% to be sure about your claims being settled. This benefit is available in the Indian insurance market and allows you to only buy term plans from the insurers.
GST Waiver: Buying a term or life insurance plan from India can get you an 18% GST (goods and services tax) waiver on the premiums.
Video or Tele Medical Test: Buying term insurance from Indian insurers is now simpler because of the option of tele/video medical tests, making it much easier for you to now find the plan online.
Now, you can easily buy term insurance from India in an online mode, from the comfort of your home, by following these steps:
Step 1: Go to Policybazaar and click on 'Term Insurance.'
Step 2: Enter all the necessary details like name, email, gender, and contact information.
Step 3: Fill all details regarding occupation, qualification, annual salary, and smoking habits.
Step 4: Next, compare and choose the term plan and move on to payment.
Step 5: Complete the payment process by using your preferred method.
Here is a list of documents required to purchase term insurance from India:
Copy of your 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
†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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