NRIs living in Singapore who want to secure their families while growing their wealth can now purchase Life insurance plans in Singapore from India. This way, the policyholder's family will be financially protected in case of the policyholder's unfortunate death during the policy term. If the policyholder outlives the policy, he/she will receive a maturity benefit to help fulfill their lifelong dreams. Let us see the various life insurance plans in Singapore that you can buy as an NRI.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
The life insurance plans in Singapore from an Indian insurance company are as follows
| 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
The NRIs living in Singapore should buy life insurance in India because of the following reasons:
Financial Security: Life Insurance Plans like whole life insurance and protection plans offer a death benefit to your family members in case of your unfortunate death during the policy term. This helps your family maintain their current lifestyle and pay off any remaining debts or financial obligations.
Wealth Creation: You get a chance to grow your wealth over time by investing in a cash value life insurance plan. You would be eligible to receive a survival benefit (if any) and a maturity benefit in case you outlive the policy term. This way, you can beat inflation and take care of your lifelong goals.
Easy Claim Settlement: If you purchase a life insurance plan in Singapore from an Indian Insurer, your family can get an easy claim settlement as they won't have to travel to your residential country to get their claims settled.
Hassle-free Process: The process of purchasing a plan in India is much easier than buying a life insurance plan in Singapore. You can get the cheapest life insurance in Singapore from India by comparing life insurance plans online and purchasing the one that fits your budget the best.
Higher Sum Assured: Life insurance for NRIs in India offers a higher sum assured at affordable premiums, which will financially secure your family in case of an unfortunate event. You can get life insurance for NRIs in India with a sum assured as high as Rs. 20 Crores.
Here is why an NRI should buy a life insurance plan in Singapore from an Indian insurer:
Affordable Premiums: Life insurance plans in Singapore from India offer comparable premium rates compared to international life insurance plans. This makes purchasing the cheapest life insurance in Singapore much easier and allows you to buy term life insurance for NRI at affordable premiums.
Note: You can use the term insurance for NRI premium calculator to compute the amount you would need to pay as premiums for the desired life insurance policy.
Claim Settlement Ratio: The claim settlement ratio of any insurance company allows you to assess the company’s claim settlement performance in the last financial year. It is the ratio of all the claims received by the company to the claims settled by the company in a financial year. If the CSR of a company is more than 95% it is considered a good CSR and means that the company has a better chance of settling your family’s claim in case of your unfortunate death.
Bigger Pool of Companies: In India, you can get a large number of insurance companies to choose your life insurance plan. You can compare their premium rates, CSR values, and life cover to purchase the plan that fits your needs. The benefits of purchasing a life insurance plan in Singapore from an Indian insurance company are as follows:
Higher sum assured
Longer life cover
Critical Illness and Accidental Death Benefit Riders
Quick Claim Settlement
Limited and Single Pay Options
GST Waiver: Life insurance policies in India offer a GST waiver of 18% allowing you to save more on your regular premiums. This is only applicable if the premiums are paid using a non-residential external bank that supports the freely convertible currency.
Special Exit Option: The special exit option allows you to exit the plan at a specific policy year as decided by the insurer. With this, you can exit the plan before the end of the policy term and receive all the premiums paid towards keeping the policy active back without selecting the return of premium option for your term insurance plan. This is very similar to zero cost term insurance which offers all the premiums paid back on the cancellation of the policy.
Tele/Video Medical: NRIs living in Singapore can easily purchase the cheapest life insurance in Singapore from India by conducting their medical exams via tele or video channels. This not only saves you from traveling all the way back to purchase your life plan but also saves time.
Here is a list of people who are eligible to buy life insurance plans for NRIs in India:
NRIs (Non-resident Indians)
PIOs (Persons of Indian Origin)
OCIs (Overseas Citizenship of India) cardholders
You can buy a life insurance plan in Singapore from India by following the below-mentioned steps:
Step 1: Go to the Life Insurance for NRI in India page
Step 2: Enter the required basic details like name, date of birth, mobile number, gender, and email address
Step 3: Click on ‘View Plans’ to see the plans available for your region
Step 4: Answer the questions regarding your smoking and chewing tobacco habits, annual income, occupation type, and educational background
Step 5: Select the most suitable plan and proceed to pay
Let us see the documents you will need to purchase the life insurance plan in Singapore from an Indian insurance company
Passport front and back side
Employment ID Proof
Last 6 months' bank statements
Last 3 Month salary slip
Photo
Copy of Valid Visa
Last entry-exit stamp
Foreign Address Proof
Ans: The following people can buy protection plans or cash value life insurance plans in India 2024:
†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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