Term insurance for NRIs is a regular term plan designed with NRIs and their needs in mind. These plans offer protection to the NRI family in the event of their unfortunate death during the policy tenure. With these plans, NRIs can secure their loved ones for the long term at affordable premiums.
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Let us understand how term insurance for NRI works with the help of an example:
Consider the story of Raj, a 30-year-old NRI residing in Singapore. Raj decides to purchase term insurance for NRIs to protect his family in India. He chooses a policy with a 35-year term, ensuring coverage until he turns 65 years old.
Tragically, Raj faces a sudden demise in the 15th year of his policy due to unforeseen circumstances. His family informs the insurance provider and submits the necessary documents. The insurer verifies the details and processes the claim, disbursing the life cover amount to Raj's beneficiaries. This amount helps his family take care of their financial needs in his absence.
Term Plans
The NRIs need a term insurance for the following reasons:
You can secure the financial future of your loved ones in case of an eventuality.
You can ensure your family is able to pay off any remaining loans that may befall their shoulders in your absence.
You can customize the plan to make sure the plan fits your specific needs, like a policy term of 50 years with a 5 Crore life cover.
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Here is a list of term insurance 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 | |
| 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
Here are some of the main benefits of buying term insurance for NRIs:
Affordable Premiums: NRI term insurance is an affordable and great way to secure your family's financial future. You can save money on premiums and use the extra amount for investments or a child’s higher education.
Financial Protection: In case of an unfortunate event during the policy term, the insurer will pay the sum assured to your nominee. They can use this money for everyday expenses, paying off loans, or fulfilling future financial goals.
Multiple Payout Options: NRI term insurance offers the option of choosing different ways to receive benefits, like monthly payments, increasing income, lump sum + monthly income, or a lump sum. You can choose the option that works for your family.
Cover Against Illnesses and Disabilities: You can customize your plan by adding available riders for coverage against illnesses or disabilities. For example, you can add terminal illness, critical illness, accidental death, accidental disability, and other such riders.
Tax Benefits: NRIs can claim term insurance tax benefits under sections 80C and 10(10D) of the Income Tax Act, 1961, which can help you save money.
Let us take a look at the key features of term insurance for NRIs:
Flexible Policy Term: You can choose a policy term that suits your family. Some plans even offer coverage up to 99 or 100 years of age.
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.
The following people can buy term plans from India:
NRIs - NRIs living outside India can buy term insurance for NRIs to secure their family.
PIOs/OCIs - People of Indian Origin (PIO) and Overseas Citizenship of India (OCI) cardholders can buy term insurance for NRI if they have held an Indian passport at some point in their life or have a parent, grandparent, spouse, or child who is an Indian citizen.
Foreign Nationals - Foreign citizens who are living in India can also buy term insurance for NRIs.
In a nutshell, term insurance for NRI is a type of life insurance plan designed specifically for Indian expats living abroad. It offers a pure risk cover at affordable premiums for a long policy term, providing financial security for your family in case of your untimely death. It's a smart, cost-effective way to ensure that your loved ones are taken care of, even when you're not around.
†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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