Term insurance is an essential insurance product for NRIs as it can help them in financially secure their loved ones at affordable premiums. These plans are available for a long policy tenure and can be purchased online in just a few minutes. With NRI term insurance, you can get pure risk cover by scheduling tele/video medicals from your home.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Term insurance works by offering your family financial protection in the event of your unfortunate demise during the policy term. The insurer provides this protection in exchange for regularly paid premiums over a fixed period of time. Let us understand this with an example:
Raman bought a term insurance for NRI for a 50-year policy term. He selected the premium payment mode as monthly for the entire policy term. He unfortunately suffered an untimely death during the 9th policy year. His family intimated the claim and received the entire sum assured as a death benefit to help recover from the loss by using the amount to pay off their remaining loans.
Term Plans
Term insurance for NRI is needed for the following reasons:
To protect your family from eventualities like death, illness, and disability
To ensure they are able to pay off any loans or obligations that may fall on their shoulders
To make sure the family is not left without income in case the policyholder is the main income earner of the family
The option of customizing the policy as per your needs, like selecting the right policy term, sum assured, or premium amount
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Here is a list of the term plans for NRIs 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: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
* You can make use of a term insurance premium calculator to see the exact premiums you would need to pay for the desired life cover.
Here is a list of benefits of buying term insurance for NRI online in 2024:
Financial Protection: With term insurance for NRIs, you can secure the financial future of your loved ones in case something happens to you.Â
Low Premiums: Term insurance for NRIs is available at very affordable premiums, which allows you to ensure your family’s financial protection at a low cost and invest the remaining amount into your future.
Flexible Payout Options: The most common benefit payout options available in India are lump sum payments, monthly payments, increasing monthly payments, and a combination of both lump sum and monthly installments.
Illness and Disabilities Cover: Various term insurance offers coverage against eventualities like critical and terminal illnesses, along with cover in case of an accidental disability occurring during the policy tenure.
Tax Benefits: You can claim tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.
Let us take a look at the key features of term insurance for NRIs:Â
Flexible Policy Term: Most insurers offer the option of selecting a suitable policy term. You can select a tenure ranging from 5 to 40 years or opt for a cover till 99/200 years with whole life insurance.
Convenient Medical Checkups: Many insurers allow NRIs to schedule medical checkups online via phone or video calls. This means you can buy a suitable plan from your home.
Choose Coverage Amount: You can pick the right coverage amount based on your income and your family's financial needs if something happens to you.
Various Premium Payment Options: Insurance companies provide options like monthly, quarterly, yearly, or semi-annual payments, giving you flexibility in how you pay your premiums.
Speedy Policy Issuance: Buying NRI term insurance online means your policy can be issued quickly without needing to submit physical documents.
Term insurance for NRIs is specially designed by Indian insurers to meet the financial needs of NRI customers. These plans are available for a large life cover and long policy term at affordable premiums. You can buy NRI term insurance by comparing the available plans online and buying the most suitable plan for your family.
†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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