Living in another country is exciting, but what if something unexpected happens? Term insurance is a simple and affordable life insurance plan.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
If you pass away during the policy term, it gives your loved ones a lump sum payment. This money can help them with expenses, debts, and living without you. Whether you're an NRI, foreign national, PIO, or OCI card holder living abroad, term life insurance can cover you. Let's learn more about term plans.
Term Plans
Term insurance is the financial safety net to protect your family for the unforeseen future. Consider it a plan that replaces your income if something happens to you. If you pass away, your nominee gets a lump sum payment, ensuring financial security for them. It's an affordable way to care for your loved ones, offering comprehensive coverage at low premiums.
For example, Anil, a 30-year-old non-smoker with an annual income of Rs. 60 Lakhs, can buy term plan of life cover Rs. 1 Crore for his loved ones for the next 30 years. By paying just Rs. 870 per month for this life cover, Anil 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 | |
| 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 your family's financial security by providing a substantial payout if you pass away during the policy term. This death benefit helps maintain their standard of living, cover expenses like rent and your child's tuition, and address urgent medical needs.
Flexible Policy Issuance: Term insurance plans in India offer simplicity compared to international plans. Tele/video medical tests and streamlined documentation processes make it easier. You can conveniently compare and purchase term plans online from home through platforms like Policybazaar.
Easily Accessible: Claim settlement is hassle-free for your family. They can visit the nearest insurance branch in their city to initiate the process.
Larger Life Cover: In India, term insurance allows you to obtain a life cover of up to Rs. 20+ Crores. Purchasing term plans with high life cover is straightforward due to the ease of acquisition through Policybazaar.
Debts and Loans: Term insurance provides a payout that aids your family in settling outstanding loans, such as home or car loans, and managing financial responsibilities. It's crucial to buy a term plan with sufficient life cover to meet your family's needs.
Affordable Premium Rates: Term insurance premiums in India are more economical compared to international plans. NRIs, Foreign Nationals, PIOs, and OCIs can enjoy affordable level term life insurance rates.
Extra Discount: Opting for the annual premium payment mode offers an additional 5% discount. Purchasing term insurance from Indian insurers includes 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: Access a diverse range of term insurance plans from numerous companies in India. These plans offer flexibility in premium payments, policy term, and cost-effective premiums. Opting for an Indian insurer provides added advantages, including higher sum assured and various payout options.
Claim Settlement Ratio (CSR): Claim Settlement Ratio (CSR) represents the percentage of claims paid by an insurance company versus the total claims settled in a year. It's advisable to choose an insurer with a consistently high CSR, ideally exceeding 95%, to ensure confidence in your claims being settled.
GST Waiver: Buying a term or life insurance plan from India can get you an 18% GST waiver on the premiums.
Video or Tele Medical Test: Buying a term insurance plan from an Indian insurer is now much simpler because of tele/video medical tests, making it much easier for you to now find the term 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 paying using your preferred method.
Here is a list of documents required to purchase term insurance from India:
Front and back side of the 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
Term insurance is an essential insurance product for NRIs as it
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