Going beyond geographical boundaries to study or pursue a career abroad is a common aspiration for many individuals in India. Nonetheless, ensuring the well-being of your family, whether they accompany you or stay back home, remains an important concern. This is where NRI life insurance plays a pivotal role. Learn more about the significance of life insurance for NRIs in India and the life insurance policy for NRI in India.
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NRI life insurance plans are life insurance plans specifically designed to fit the needs of an NRI. These plans allow the policyholder to secure their loved ones at affordable premiums, ensure their financial security in their absence, create wealth for the future, and save on their yearly taxes.
Term Plans
Yes, now NRIs can buy the life insurance policy for NRI in India. Here’s how:
When Visiting India
NRIs can easily buy life insurance India for NRI when visiting India by consulting their financial advisors or visiting the company for detailed information.
When Outside India
NRIs can buy life insurance in India for NRI by scheduling their via tele or video medical online from their new residential country in just a few minutes.
The following people can buy life insurance for NRIs in India:
NRIs (Non-resident Indians) – People who are Indian citizens but live outside India.
PIOs (Persons of Indian Origin)/OCIs (Overseas Citizenship of India cardholders) – People who have had an Indian passport in the past, had Indian citizen parents or grandparents, or if the spouse is an Indian citizen.
Foreign Nationals – People who are citizens of a country other than India living in India.
Here is a list of the life insurance policies in India for NRIs:
| 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: 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
Note: You can use a life insurance premium calculator to check the premiums you would need to pay for the desired life cover.
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Let us look at why you should buy NRI life insurance in India instead of getting insurance for expats from abroad in detail:
Lower premium rates: The premium rates for life insurance plans for NRIs in India are much lower compared to international insurance for expats. With NRI life insurance, you can get up to 50 to 60% lower premiums for the same life cover.
Let us understand this with an example:
A life cover over 2.25 Crore in UAE would cost you Rs. 5,664 for a 31 year policy term, whereas in India, the same life cover would cost you Rs. 2,288.
Tele/video medical: With life insurance for expats, NRIs can buy life insurance plans online for up to 5 Crores within a few minutes by scheduling their medicals online via tele or video channels. This allows the policyholder to buy plans from their current country of residence without having to come back to India just to get their medicals cleared.
24/7 claim help with worldwide cover: Life insurance for NRI in India offers 24/7 help with claim settlement and provides worldwide coverage.
Covered medical costs: With NRI life insurance, the medical costs are borne by the insurer rather than the customer.
Pre-approved cover: You can get a pre-approved NRI life insurance cover up to 2 Crores without the hassle of clearing medical tests online or offline and get the plan processed in minutes.
Large number of insurers: In India, the IRDAI has enrolled various life insurance companies offering plans designed to fit the needs of the policyholders. The NRIs can easily compare the life insurance term plans offered by each insurer on the basis of their premiums, CSR, policy term, sum assured, and other benefits offered.
Claim settlement ratio: The Indian regulatory body IRDAI releases its annual report every year containing the CSR (claim settlement ratio) of all the insurance providers in India. The NRIs can go through the list of CSR values of each company and purchase life insurance for expats from the most suitable insurer. You should always buy NRI life insurance plans from an insurer with a CSR of at least 95%, as this ensures that your family’s potential claim will be settled in your absence.
Easy claim process: Buying life insurance for NRI will save your family the hassle of travelling to your current country of residence just to get their claims settled. This way, in case of the policyholder’s untimely death, the family can easily visit the company’s office in India to get their claims settled.
GST Waiver: With life insurance for NRIs, you can claim a GST waiver of 18% on the premiums paid using a Non-residential external bank (NRE) account in freely convertible currency.
Additional Discount on Annual Mode: Along with the GST waiver of 18%, you will also receive a 5% additional discount if you choose to pay the NRI life insurance premiums in an annual mode. This increases the overall savings on the premiums and allows you to save a total of 23% on the premiums paid.
Let us take a look at the benefits of buying NRI life insurance in India from Indian insurers:
Investing in life insurance is a good option as it acts as a protective cover for your loved ones in your absence. In case of the unfortunate death of the sole earning member, protection plans or cash-value life insurance plans can provide the family with the benefit payout, which can help cover the family’s financial needs. The family can use the payout amount to take care of their rent, child’s fees, or other expenses.
With the survival or maturity benefits of NRI life insurance plans, you can secure your post-retirement life, fulfil financial goals, and prepare against potential inflation. While most life insurance for NRI plans provide survival and maturity benefits, term insurance plans offer their term return of premium plans that return the premiums on the maturity of the policy.
Many individuals take out various types of loans, like home, car, or student loans, that might fall on the shoulders of their family members in case of their unfortunate death. The life insurance for NRI payout can prevent your family from facing the struggle of trying to pay off the remaining loans and liabilities.
The cash value life insurance and the whole life insurance plans allow the customers to create wealth with the policy’s cash value component. You can use this amount to take care of your post-retirement life, beat inflation, or fulfil any other financial goals in life.
Protection plans or cash value life insurance plans in India offer the chance of availing life insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act.
High cover at affordable premiums: With protection plans and cash value life insurance for expats, NRIs can secure a large sum assured at affordable premiums. For example, you can get pure risk cover by buying term insurance for NRI of 2 Crores at just Rs. 949 per month.
Long term coverage: With whole life insurance or universal life insurance plans, you can get coverage for your whole life (till 99/100 years of age). This ensures that your financial dependents, like your spouse and children, are protected for your whole life in the event of unforeseen death.
Cover against terminal illness: The terminal illness cover offered within protection plans and cash value life insurance plans can provide coverage against terminal illness. Under this, in case the policyholder is diagnosed with a terminal illness, the entire or a part of the sum assured is paid to the policyholder in advance. This NRI life insurance amount can be used to get the treatments and increase your chances of survival.
Accidental death cover: The accidental death cover of NRI life insurance provides additional benefits amount to the nominee in case of the policyholder’s untimely death due to an accident.
Waiver of Premium and Critical Illness Cover: With life insurance for NRI, you can also get a waiver of premium in case of a disability and get enhanced coverage against critical illnesses included in the plan.
Limited pay benefits: With the limited pay benefit option, NRIs can pay off their whole life insurance or universal life insurance premiums early and enjoy cover for a long term.
Flexibility and Convenience: With life insurance for NRIs, you can choose to pay the premiums online at any time from anywhere, in the preferred premium payment mode of monthly, quarterly, semi-annual, or annual payment modes.
The types of NRI life insurance term plans available in India are as follows:
NRI Life Term Insurance Policy: These protection plans provide pure risk cover to the policyholder, and in case of his/her death during the policy term, the sum assured is paid to the nominee of the policy.
Child Insurance Plans for NRI: With these NRI life insurance plans, you can secure the educational and financial future of your child in case of your unexpected demise. The payout from these plans can help your child get higher education, fund their careers, get married, or pay for other financial expenses.
NRI Retirement Plans: NRIs can also choose to invest in a retirement plan for NRIs to secure their post-retirement independence. These life insurance for NRI plans payout monthly income after retirement to ensure you are able to meet your expenses even after the loss of monthly income.
ULIPs for NRIs: These NRI life insurance plans offer the combined benefits of life insurance and term life insurance plans. With these plans, the death benefit is paid on the death of the policyholder during the policy term, and the maturity benefit is paid as per the fund performance on the survival of the policy tenure.
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Here is how you, as an NRI, can buy life insurance plans in India online:
Step 1: Go to the Life Insurance for NRIs in India page
Step 2: Fill in your name, gender, date of birth, mobile number, and email address
Step 3: Enter your smoking habits, annual income, educational qualifications, and occupation type
Step 4: Go through the list of available plans to select the most suitable policy and proceed to pay
Depending on the above-mentioned information, it is certain that Non-Residents Indians (NRIs) can buy protection plans or life insurance for expats from India-based insurers. The life insurance policy for NRI in India offers the required wealth creation benefits and financial security to your family members, especially in your absence. You can compare the available life insurance for NRIs online on the basis of their premiums, CSR, policy term, sum assured, and benefits offered.
†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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