Going beyond geographical boundaries to study or pursue a career abroad is a common aspiration for many individuals in India. However, while building a future in another country, securing the financial well-being of your family—whether they stay in India or accompany you—is a top priority. This is where NRI life insurance plays a crucial role. Choosing the right Life Insurance policy for NRIs ensures that your loved ones are financially secure in an unforeseen situation.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
NRI life insurance is specially designed for Non-Resident Indians. It offers financial security in case of death due to an accident or illness. It also provides tax benefits and flexible premium payment options. 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, NRIs and expats can easily purchase life insurance from India-based insurers without geographical barriers. 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.
Benefits of Buying NRI Life Insurance in India:
✔ High Coverage – Get up to ₹10 Crore life cover at affordable premiums.
✔ Hassle-Free Medicals – Schedule medical check-ups via video or call from abroad.
✔ GST Waiver – Enjoy an 18% GST waiver on premiums paid via an NRE account in freely convertible currency (subject to residence proof).
NRI life insurance offers financial security, tax benefits, and flexible options, making it a smart choice for securing your family's future.
The following people can buy life insurance for NRIs in India:
| Category | Definition | Eligibility Criteria | Exceptions |
| Non-Resident Indians (NRIs) | Indian citizens living abroad for work or education qualify as NRIs if they stay outside India for 182 days or more in a financial year. | Can buy life insurance from any Indian insurer. | Documentation may be more complex. |
| Persons of Indian Origin (PIOs) | Individuals with Indian ancestry but no longer Indian citizens. | Eligible to buy life insurance in India. | Documentation may take longer. |
| Foreign Nationals | Citizens of other countries who do not hold Indian nationality. | Cannot buy life insurance from Indian insurers. | Exceptions may apply if they have strong business or financial ties with India. |
Here is a list of the life insurance policies in India for NRIs:
| Insurer Name | Plan Names | Entry Age | Maturity Age | |
| ICICI Prudential Life Insurance Company Limited | ICICI Pru iProtect Smart | 18-50 years | 23-85 years | |
| HDFC Life Insurance Company Limited | HDFC Life Click 2 Protect super | 18-50 years | 23-85 years | |
| Axis Max Life Insurance Company Limited | Axis Max Smart Term Plan Plus | 18-50 years | 28-85 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Supreme | 18-50 years | 28 - 100 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz Life eTouch II | 18-40 years | 28-99 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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Buying life insurance for NRIs from India-based insurers offers several advantages over international expat insurance plans. Here’s why it’s a smart choice:
Lower premium rates: Life insurance plans for NRIs in India are significantly cheaper than international plans. Premiums can be 50-60% lower for the same coverage. Example: A ₹2.25 Crore life cover in the UAE costs ₹5,664/month, whereas the same coverage in India costs only ₹2,288/month.
Hassle-Free Medical Tests (Tele/Video Medicals): NRIs can buy life insurance online and complete medical tests via tele or video consultations.
24/7 Worldwide Claim Assistance: Indian NRI life insurance policies offer global coverage and 24/7 customer support, ensuring seamless claim processing from anywhere worldwide.
No Out-of-Pocket Medical Costs: Unlike international insurance, Indian insurers bear the cost of medical tests for NRIs.
Pre-Approved Cover (No Medical Tests Required): NRIs can get pre-approved life insurance of up to ₹2 Crores without undergoing medical exams, making the process quick and hassle-free.
Wide Choice of Insurers: The IRDAI (Insurance Regulatory and Development Authority of India) regulates multiple top life insurance companies, offering a variety of plans tailored for NRIs.
High Claim Settlement Ratio (CSR) for Reliability: The IRDAI releases annual CSR reports, helping NRIs choose an insurer with a 95%+ claim settlement ratio to ensure their family's claims are honored.
Easy Claim Process for Family Members: Your family won’t have to deal with international processes if a claim arises. They can easily visit the insurer’s office in India for hassle-free claim settlement.
GST Waiver for NRI Policies: NRIs paying life insurance premiums through an NRE (Non-Resident External) bank account in freely convertible currency get an 18% GST waiver.
Additional 5% Discount on Annual Premium Payments: Annual premium payments offer an extra 5% discount, leading to total savings of 23% (including the GST waiver).
Let us take a look at the benefits of buying the best NRI life insurance in India from Indian insurers:
NRI Life insurance is a good option as it protects 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 a benefit payout, which can help cover the family's financial needs. The family can use the payout amount for their rent, child’s fees, or other expenses.
With NRI life insurance plans' survival or maturity benefits, you can secure your post-retirement life, fulfil financial goals, and prepare against potential inflation. While most life insurance for NRI plans provides survival and maturity benefits, term insuranc plans offer their term return of premium plans that return the premiums on the policy's maturity.
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 struggling 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 coverage at affordable premiums: NRI life insurance plans in India are more affordable than international insurance for expats, offering up to 50% lower premiums for the same coverage. For example, you can get a ₹2 Crore term insurance for NRI plan at just ₹823 per month through Policybazaar, ensuring cost-effective financial protection for your family.
Long Term Coverage: Plans like whole life insurance protect up to 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.
Coverage against Terminal Illness: The terminal illness coverage offered within protection plans and cash value life insurance plans can provide coverage against terminal illness. Under this, if 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 Benefit: Life Insurance for NRIs provides an additional payout to the nominee in case of death due to an accident, offering extra financial protection.
Critical Illness & Waiver of Premium: NRIs can get premium waivers in case of disability and enhanced critical illness coverage, ensuring financial stability during tough times.
Limited Pay Option: With limited pay benefits, NRIs can pay off their policy early and enjoy long-term coverage without lifetime premium obligations.
Flexibility and Convenience: Premiums can be paid online from anywhere in multiple modes, including monthly, quarterly, semi-annual, and annual payments.
The types of NRI life insurance term plans available in India are as follows:
NRI Life Term Insurance Policy: NRI Term Insurance plan is a pure protection life insurance plan that provide pure risk cover to the policyholder. In case of his/her death during the policy term, the sum assured is paid to the policy nominee.
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
Buying a life insurance plan for NRIs is an important financial decision that ensures long-term financial protection for expats and offers peace of mind. The life insurance policy for NRI in India offers your family members the required wealth creation benefits and financial security, especially in your absence. You can compare the available life insurance for NRIs online based on their premiums, CSR, policy term, sum assured, and benefits offered.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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