Whether you reside in India or abroad, ensuring your loved ones' well-being in your absence is a priority. Term insurance for NRIs is particularly vital for Indians living abroad, as it can alleviate your family's challenges when you are no longer present to support them. The death benefit from the term life insurance plan can assist your loved ones in various ways, for example: by paying for children's education, paying off loans/debts, meeting day-to-day financial needs, and improving their quality of life.
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Term Life Insurance for NRI is designed to meet the unique needs of Indian expatriates like NRIs, OCI cardholders, and PIOs, keeping in mind the financial safety of their loved ones. It offers long-term financial security and a death benefit to the policyholder's beneficiaries, regardless of their overseas location. NRIs can easily get these plans from Indian insurance providers, ensuring essential financial protection for their loved ones, even when living abroad.
These NRI Term Life Insurance plans provide a variety of coverage options and policy terms that can be conveniently obtained online or through traditional methods. With the introduction of tele-medical checkups, online purchase of term life insurance is now hassle-free and accessible to NRIs and Indian expatriates worldwide.
Term Plans
Term Life Insurance for NRI is a protection plan where the policyholder pays a premium to the insurance company in exchange for pure risk coverage, represented by the sum assured. Unfortunately, If the policyholder dies during the policy term, the sum assured is given to the designated beneficiary or nominee as a death benefit.
NRIs also have the option to select Policybazaar Term Insurance with a Return of Premium (ROP) feature. With this option, if the policyholder survives the policy term, the premiums paid are returned at maturity.
While there are many life insurance providers in the USA, choosing term plan from the right insurer is essential. Here is the list of some of the term life insurance for NRIs and Indian expatriates living in the USA:
| 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
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Here are some of the advantages of purchasing Term Life Insurance for NRIs:
Financial Protection for Family: You can protect your family financially and provide them with a safety net for the long run with Policybazaar Term Insurance.
Flexible Premium Payment: With policy bazaar term insurance, premium payments can be made monthly, bi-yearly, quarterly, or annually, providing convenience and lower premiums for early buyers.
Video or Tele-medical Check-up: NRIs can easily secure Term Life Insurance through telemedical check-ups, eliminating the need for strict underwriting rules and physical tests.
Long-Term Coverage: Enjoy extended term life policy terms, with some plans offering coverage for up to 99/100 years, ensuring comprehensive and flexible protection for the policyholder and their family.
Limited Pay Benefit: NRIs can opt for limited pay benefits, allowing them to make payments for a shorter period while maintaining life cover for the full policy term, resulting in cost savings.
Here are some additional benefits of purchasing Policybazaar Term Insurance for NRIs:
Accidental Death Benefit: Enhance coverage with an extra sum assured for accidental death.
Terminal Illness Cover: Receive a lump sum upon diagnosis of a terminal illness.
Critical Illness Protection: Safeguard against specified critical illnesses, easing the financial burden of medical expenses.
Premium Waiver on Disability: Maintain coverage without paying premiums in case of accidental total permanent disability.
Here's a list of eligible individuals who can purchase Policy Bazaar term insurance for expats, including protection for NRIs:
Non-Resident Indians (NRIs): Indian citizens with valid Indian passports residing temporarily in foreign countries.
Overseas Citizen of India (OCI) / Person of Indian Origin (PIO): This category categorizes citizens of foreign countries (excluding 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: Citizens of foreign countries residing in India.
To buy Policybazaar Term Insurance for plans from the insurance company, the required documents can be conveniently submitted online. 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
This online document submission process simplifies and enhances accessibility for prospective Term Life Insurance policyholders.
Here is how Indian expatriates and NRIs can buy policybazaar NRI term insurance in the USA:
Step 1: Visit the Policybazaar term insurance for NRI page
Step 2: Fill in your name, DOB, gender, and other contact information
Step 3: Select the right annual income, occupation type, and educational qualifications
Step 4: Choose the most suitable Policybazaar NRI term insurance and proceed to pay
Choosing the right NRI Term Life Insurance is essential for expats and NRIs, offering financial security to family and peace of mind to self. With tele-medical exams, it's easier to acquire. Remember to carefully review the policy terms for your family's financial well-being.
†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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