Whether you live in India or another country, it's essential to make sure your family is financially secure in the unfortunate event of your death. Term Life Insurance for NRIs is crucial, especially when living in a different country while your dependents are in India. It helps deal with your family's problems when you're not around to help. If something unfortunate happens to you, the insurance money can really help your family in many ways, like taking care of their financial needs, supporting the education of your kids, in maintaining day-to-day expenses, etc.
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Term Life Insurance for NRIs is designed to meet the special needs of OCI cardholders (Overseas Citizenship of India cardholders), Persons of Indian Origin (PIOs) and foreign nationals. These insurance plans offer financial protection and a death benefit to the policyholder's beneficiaries, regardless of their residency outside India. NRIs can also buy term plans from Indian insurance companies, ensuring that their loved ones receive important financial security, even if they are living abroad.
Term Life Insurance for NRI plans provide a variety of coverage options and policy terms, available through both online and traditional offline channels. The introduction of tele-medical checkups has made the online purchase process for term plans easy and accessible for NRIs residing anywhere in the world.
Note: Now that you know that what is Term Life Insurance for NRI, you should also get to know about what is term insurance to buy a term plan for your loved ones.
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, 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 NRIs available in India
| 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: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 Term Life Insurance for NRIs:
Safeguard Your Family's Financial Future: Term Life Insurance for NRIs acts as a dependable safety net, ensuring lasting financial security for their loved ones.
Payment Flexibility: Term Life Insurance for NRIs provides substantial risk coverage at a budget-friendly premium. Payments can be made monthly, bi-yearly, quarterly, or annually. Purchasing early results in lower premiums.
Video or Tele-medical Check-up: NRIs can easily purchase Term Life Insurance plans by scheduling telemedical check-ups from their country of residence. Initially, strict rules and physical tests were required during the pandemic, but with eased regulations, NRIs can get significant risk coverage through telemedical check-ups.
Extended Coverage: Term Life Insurance for NRIs offers risk coverage for long policy durations, with some plans extending up to 99/100 years. These plans offer thorough and adaptable coverage options to ensure financial security for the life assured and their family members.
Limited Pay Benefit: NRIs can also utilize limited pay benefits in Term Life Insurance plans. This involves making payments for a specified limited time while keeping 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 can choose to add the Accidental Death Benefit rider to their Term Life Insurance plan. This rider provides an extra sum assured and offers additional protection in case of accidental death.
Terminal Illness Benefits: Term Life Insurance for NRI plans covers terminal illnesses, providing a lump sum payout when a terminal illness is diagnosed.
Cover Against Critical Illness: Term Life Insurance for NRI plans includes extended coverage against specific critical illnesses for the entire policy term. This coverage helps manage significant medical expenses and treatment costs when a covered critical illness is diagnosed.
Waiver of Premiums on Disability: With this rider, if there is a job loss due to an accidental total permanent disability during the policy term, the remaining premiums are waived. This feature enables policyholders to maintain their coverage even in the event 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)
Valid Visa Copy
Passport-size photo
Foreign Address Proof
Last entry-exit stamp
Last 6 months' bank statements
Last 3 months' salary slips
Employment ID Proof
Submitting these documents online streamlines the application process for Term Life Insurance for NRIs, making it easier and more accessible for prospective policyholders.
Choosing the right Term Life Insurance for NRIs is a crucial financial decision, providing vital protection for expats and long-term peace of mind. This insurance safeguards your loved ones by offering death benefits for future savings, and the convenience of tele-medical exams makes the purchasing process hassle-free. Before investing in NRI Term Life Insurance plans, it's important to thoroughly review the policy's terms and conditions. This ensures that you make a well-informed decision for the financial security of 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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