Whether you reside in India or abroad, ensuring the well-being of your loved ones in your absence is of utmost importance. Term Life Insurance for NRIs (Non-Resident Indians) is particularly vital when living in a foreign country, as it can help eliminate the challenges that your loved ones may face when you are no longer there to support them. In case of your unfortunate death, the death benefit can assist your family in numerous ways, including meeting their financial needs, improving their quality of life, children’s education etc.
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Term Life Insurance for NRIs (Non-Resident Indians) is customized to cater to the unique requirements of NRIs, OCI cardholders, PIOs, and their families. These insurance policies provide financial security and a death benefit to the policyholder's beneficiaries, irrespective of their overseas residency. NRIs can acquire these term plans from Indian insurance providers, guaranteeing their loved ones receive essential financial protection, even while residing abroad.
NRI Term Life Insurance plans offer a diverse selection of coverage options and policy terms that can be conveniently obtained either online or through traditional offline channels. With the introduction of tele-medical checkups, the online purchase process for term plans has become hassle-free, accessible to NRIs living in any corner of the world.
Term Plans
Term Life Insurance for NRIs operates similarly to protection plans. In this type of insurance, the policyholder pays a premium to the insurance company in exchange for pure risk coverage, which is represented by the sum assured. In the unfortunate event of the policyholder's demise within the policy's term, the sum assured is disbursed to the designated beneficiary or nominee.
NRIs also have the flexibility to opt for the Term Life Insurance ROP (Return of Premium) alternative. With this choice, if the policyholder survives the policy term, the total of all the premium amounts paid is returned at the policy's maturity.
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Here is the list of Term Life Insurance for NRI:
| 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
Here are some of the advantages of purchasing the Term Life Insurance for NRIs:
Secure Your Family's Financial Future: Term Life Insurance provides a reliable safety net, ensuring long-term financial protection for your loved ones.
Flexible Premium Payment Modes: Term Life Insurance for NRIs provides high pure risk coverage at a low premium rate. Premium payments can be made monthly, bi-yearly, quarterly, or annually. Buying a term plan earlier results in lower premiums.
Video or Tele-medical Check-up: NRIs can conveniently buy Term Life Insurance for NRI plans by scheduling telemedical check-ups from their country of residence. Initially, stricter underwriting rules and physical medical tests were required during the pandemic. However, with relaxed regulations, NRIs can obtain substantial pure-risk coverage through telemedical check-ups.
Long-Term Coverage: Term Life Insurance for NRIs offers pure risk coverage for extended policy tenures, with some plans providing coverage for as long as 99/100 years. These protection plans offer comprehensive and flexible coverage options to ensure the financial security of the life assured and their family members.
Limited Pay Benefit: NRIs can also use limited pay benefits in Term Life Insurance plans. This option involves making recurring payments for a specified limited time period while maintaining the life cover for the entire policy term. This allows policyholders to pay premiums for a shorter duration and save money accordingly.
Here are some additional benefits of purchasing Term Life Insurance for NRIs:
Accidental Death Benefits: NRIs have the option to include the Accidental Death Benefit rider in their Term Life Insurance plan. This rider offers an additional sum assured and provides supplementary protection in the event of accidental death.
Terminal Illness Benefits: Term Life Insurance for NRI plans provides coverage against terminal illnesses, offering lump sum payouts upon diagnosis of a terminal illness.
Cover Against Critical Illness: Term Life Insurance for NRI plans offers expanded coverage against specific critical illnesses throughout the policy term. This coverage can help cover substantial medical bills and treatment costs upon the diagnosis of a critical illness included in the plan.
Waiver of Premiums on Disability: With this rider, the remaining premiums are waived in the event of job loss due to an accidental total permanent disability during the policy term. This provision allows policyholders to maintain their coverage even in the case of accidental disability.
Here's a list of eligible individuals who can purchase term life insurance for expats, including protection for NRIs:
Non-Resident Indians (NRIs): These are Indian citizens holding valid Indian passports who are residing temporarily in a foreign country.
Overseas Citizen of India (OCI)/Person of Indian Origin (PIO): This category includes citizens of foreign countries, except for 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: This refers to citizens of foreign countries who are living in India
The required documents can be conveniently submitted online to purchase Term Life Insurance for NRI plans from the insurance company. These documents typically include:
Passport (front and back sides)
Employment ID Proof
Valid Visa Copy
Last entry-exit stamp
Last 6 months' bank statements
Last 3 months' salary slips
Passport-size photo
Foreign Address Proof
Submitting these documents online streamlines the application process for Term Life Insurance for NRIs, making it easier and more accessible for prospective policyholders.
Buying the Term Life Insurance for NRIs is a vital financial product, offering essential financial protection for expats and long-term peace of mind. It safeguards your loved ones by providing death benefits for future savings, with the convenience of tele-medical exams for a hassle-free purchase. It's crucial to carefully review the policy's terms and conditions before investing in NRI Term Life Insurance plans, ensuring a well-informed decision for your family's financial security.
†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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