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Term Insurance for NRI

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Term insurance for NRI is a crucial safeguard for ensuring your family's financial security, providing them with much-needed protection in case anything happens to you while living abroad. Term insurance ensures that they receive a death benefit payout in the event of their unfortunate demise, which can be used to cover living expenses, relocate to India if needed, or continue life abroad comfortably. It provides peace of mind by securing their financial stability and allowing them to maintain their lifestyle, fulfill important needs, and focus on rebuilding their lives.

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Rhishabh Garg
Written By: Rhishabh Garg
Rhishabh Garg
Rhishabh GargTerm Insurance Head
Rhishabh Garg is the Business Unit Head of Term Insurance at Policybazaar.com. He has over 10 years of experience and currently plays a crucial role in shaping the future of term insurance in the company. Rhishabh also has experience in customer services and crafts new strategies for organizational success, one of which is Policybazaar’s claim assistance program.
Santosh Agrawal
Reviewed By: Santosh Agrawal
Santosh Agrawal
Santosh AgrawalChief Business Officer
Santosh Agarwal is the Chief Business Officer- Life Insurance, Policybazaar.com and has over a decade of experience in the domain of insurance. She has helped shape the life insurance vertical of Policybazaar and ensures the effective execution of the company's overall strategy. Santosh is also responsible for the Term Insurance for Women domain in Policybazaar.com and educates the mass about its importance and benefits.
Knowledge Centre
  • Term Insurance for NRI
  • Can NRI Buy it?
  • How it works in India?
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Large life cover upto Rs 10 Crores at affordable premium rates
What is Term Insurance for NRI Plans?

Term insurance for NRI is a plan designed for NRI (Non-Resident Indians), OCI cardholders, PIOs, and their families to cater to their financial needs. These term insurance plans provide financial security and a death benefit to the family if something happens to the policyholder, regardless of where they live, be it the Middle East, US, UK or Canada.

In simple words, term insurance for NRI plans works the same way as other term insurance plans in India. The policyholder has to pay premiums on time to get life coverage. The nominee (your family member or another member) receives the death benefit for the unforeseen policyholder’s death during the policy term. This cover amount can pay off any liabilities such as home loans and daily costs to maintain their living standard.

*Note: The full form of OCI is Overseas Citizenship of India, and PIO is Person of Indian Origin

Can NRI buy Term Plans in India?

Yes, NRI can buy term insurance plans in India very easily.

Geographical boundaries are no longer a barrier for NRI customers willing to buy term insurance plans in India. They can now easily buy India's term insurance plan to schedule a video or telemedical check-up from their residential country.

Following is the list of benefits of buying NRI Term Insurance in India:

  • Get large life cover upto Rs 10 Crores at affordable premium rates.
  • Purchase term plans in India by scheduling medical via video or call.
  • Receive additional 5% discount on premiums in annual mode.
  • With the special exit option, you can exit the term policy at a specific stage and receive all the premium paid.
  • Term insurance for NRI from Indian insurers provides you with a GST waiver of 18% on the premiums paid via an NRE (Non-residential External) bank account that supports freely convertible currency. You also need to present your proof of residence in the country of residence to claim this benefit.
How do Term Insurance Plans for NRI work in India?

Term insurance for NRI works exactly like regular term plans. There is no such difference that is not easy to understand for NRI. When the policyholder pays NRI term insurance premiums on time, the sum assured is given to the nominee if the policyholder passes away during the policy term. If the policyholder survives the policy term, NRI may opt for term insurance return of premium (TROP) option, where the total premium amount paid is returned to the policyholder at maturity. In addition, NRI can enhance their plan’s coverage by adding optional riders or add-ons.

Let’s understand Term Insurance for NRI with the help of this example:

Rajeev, a 30-year-old NRI who recently moved to the USA, bought a term plan to ensure his family's financial security back in India. Despite living abroad, Rajeev wanted to ensure his loved ones would be protected in case of unforeseen events. He bought term insurance for NRI plan that offers high life cover at affordable premiums. This coverage will help his loved ones manage daily expenses, pay off any liabilities, and maintain their lifestyle, even if he's not around.

NRI term insurance plans can be purchased online or offline. With tele-medical checkups, the online buying process of term plans from India has become hassle-free for NRI living anywhere in the world.

*Note: To understand what is term insurance for NRI, you need to understand term insurance meaning and then buy the term insurance for NRI at affordable premiums.

List of Term Insurance Plans for NRI in India 2025

Here is the list of term insurance for NRI 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
Axis Max Life Insurance Company Limited Max Life Smart Secure Plus 1,242 18-65 years 85 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
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
See More Plans

*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 also use term insurance for NRI premium calculator to estimate the applicable premium payable for the desired NRI term insurance.

₹2
Crore

Life Cover

@ Starting from ₹ 27/day+

₹5
Crore

Life Cover

@ Starting from ₹ 46/day+

₹10
Crore

Life Cover

@ Starting from ₹ 92/day+

What are the Features of Term Insurance for NRI plans?
Let us look at some of the features of this protection plan for NRI in India:
Hassle-free payments
NRI Term Insurance in India offers easy methods to pay premiums. Payments can easily be made online using credit cards/net banking. They can pay through their NRE (Non-Residential External) accounts.
Flexibility to choose life cover you want
Term insurance for NRI provides a sum assured amount, ranging from Rs. 1 Crore to Rs. 10 Crores, fulfilling every individual's financial needs.
Customize the Policy Term as per your Needs
Insurers in India offer the option to customize the policy term while buying term insurance for NRI in India. NRI can choose from a wide range of terms, such as 10 years to 40 years, and nowadays, they can also choose the term insurance for NRI that offers life coverage until 100 years of age.
Tax Benefits
You can easily claim term insurance tax benefits with term insurance for NRI in India. NRI can benefit from tax deductions on premiums paid under section 80C and on premiums for additional optional riders, depending on the riders chosen. The insurance payout is exempt from taxes, subject to the conditions outlined in Section 10(10D) of the Income Tax Act, 1961.
Easy Documentation
The documentation process for NRI term insurance is quick and simple. You are required to submit documents like identity proof and address proof, passport, and medical test reports along with the KYC documents.

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Who, Why & When you should buy Term Insurance for NRI in India?

  • Who
  • Why
  • When
What are the Benefits of NRI Term Life Insurance Plans?
Here is a list of some of the benefits of buying the term insurance for NRI in India:
  • Families Financial Protection
    Term insurance plans for NRI can be very important for financially protecting your family's future. NRI term insurance plan is an affordable way to cover the future expenses of your family members using the life cover amount, ensuring that NRI live with peace.
  • Select the Right Pay Out Options
    Various payout options for NRI in India are available for term plans, such as lump sum, regular income, or a combination of lump sum and regular income. Depending on your family’s lifestyle needs and preferences, you can choose any of these options while buying term insurance for NRI plans.
  • Flexible-Premium Payment Modes
    You can get a high amount of pure risk coverage from your term insurance for NRI plan at a low premium rate. Premium payments can be made either monthly, bi-yearly, quarterly, or annually. The earlier you buy a term plan, the lower the premium you have to pay.
  • Death Benefit
    Term insurance plans provide a sum assured in case of the policyholder’s unfortunate death. As per the guidelines mentioned in section 10(10D) of the Income Tax Act, 1961, the death benefit is given to the nominee/beneficiary and is free of taxes.
  • Long-Term Coverage
    Term Insurance for NRI offers pure risk cover for a long policy tenure. Some plans provide coverage for as long as 99/100 years. These protection plans offer comprehensive and flexible coverage with multiple options to protect the life assured financially and his/her family members.
  • Limited Pay Benefit
    NRI can also avail of limited pay benefits in term insurance plans. In this, recurring payments are made for a pre-specified limited time period. However, the life cover remains intact throughout the policy tenure. Thus, you can pay your premiums for a short period of time and save money accordingly. Thus, you can pay the premiums of your term insurance for the NRI plan for a short period of time and save money accordingly.
What are the Riders offered with NRI Term Insurance?
Here is a list of the additional benefits of buying term insurance for NRI in India.
  • Accidental Death Benefits
    NRI can add the Accidental Death Benefit rider to their term insurance plan. This accidental death cover offers an extra sum assured and provides additional protection in case of accidental death.
  • Terminal Illness Benefits
    NRI Term plan provides you coverage against terminal illnesses. It gives you lump sum payouts in case of the diagnosis of a terminal illness.
  • Cover Against Critical Illness
    With NRI Term Insurance, you can get enhanced coverage against specific critical illnesses for the entire policy term. This can help you pay the hefty medical bills and treatment costs on the diagnosis of a critical illness covered under the plan.
  • Waiver of Premiums on Disability
    With this rider, the remaining premiums of the term insurance for NRI plan will be waived off in case of a job loss due to an accidental total permanent disability occurred during the policy term. This allows you to continue the cover of your NRI Term Insurance even in case of an accidental disability.
What are NRO and NRE accounts for NRI (Non-Resident Indians)?
NRO (Non-Resident Ordinary) and NRE (Non-Resident External) accounts are needed if an NRI wants to buy term life insurance.
Let’s discuss about these accounts in detail:
  • Non-Resident Ordinary (NRO) Account
    NRO bank account allows NRI to deposit and oversee income earned in India. NRI can open this account jointly or individually with another NRI or an Indian resident. The interest accrued in an NRO account can be converted to foreign currency and transferred to the NRI residential country without restrictions.
  • Non-Resident External (NRE) Account
    An NRE Account is a banking option for NRI, enabling them to deposit foreign currency earned in their country of residence in India. The interest accumulated in NRE accounts is exempt from taxes, and both the principal and interest from this account can be freely repatriated. Joint holding is permissible for this account, allowing two NRI account holders. NRE accounts provide NRI with the convenience of depositing foreign currency and later withdrawing in Indian rupees.
How can NRI Claim Term Insurance in India in 2025?
NRI can file a claim for term insurance for NRI claimed in 4 steps:

Step 1: By informing the insurer about the policyholder’s death.

Step 2: Understand and complete the documentation, such as submitting claim applications, policy documents, medical certificates, death certificates, post-mortem reports, certificates of employer, etc.

Step 3: The insurance company then investigates the claim. This process may take up to 3 months, and additional documents may be requested to clarify.

Step 4: The approval and the disbursement of the claim amount.

Also, You can easily claim your NRI term insurance by calling or dropping an email to Policybazaar’s Claim Assistance Team. You will be contacted to submit all the necessary details and documents. On successful verification, the claim will be processed in as low as 4 hours as per the specific insurer’s claim settlement process.

*Note: You can calculate the term plan premium on the term insurance calculator online tool by Policybazaar.

Claim now
Wrapping It Up!
Buying the term insurance plan in India for NRI is a much-required financial product that can offer financial protection for expats and peace of mind in the long run. It can protect your loved ones in your absence by providing death benefits as savings for the future. With Tele-medical examinations, buying NRI term life insurance India is now easy and hassle-free. It is advised to read all the Terms and Conditions of the policy before buying NRI term insurance plans in India.
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  • Get large life cover upto Rs 10 Crores at affordable premium rates.
  • Purchase term plans in India by scheduling medical via video or call.
  • Receive additional 5% discount on premiums in annual mode.
  • Get an 18% GST waiver as per the prevailing tax laws.

Frequently Asked Questions

  • Is NRI eligible for term insurance?

    Ans: Yes, NRI are eligible to buy term life insurance India. Various insurers offer NRI term insurance plans to help secure the financial future of the family of NRI. The term of these plans can be as short as 6 months and as long as 25 years. NRI should be at least 18 years old to be eligible to buy term plan. In most cases, you cannot buy term plan if you are above 60/65 years of age.

  • Does the NRI need to be present in India while buying a term insurance plan?

    Ans: As an NRI, planning a visit to India solely to buy a term plan is no longer a mandate. Tele-medical or Video medical check-ups have ensured that NRI can now buy a term plan from their residential country. Simply put, NRI doesn't have to be present in India while buying a term plan. They can easily buy the term insurance for NRI in India from anywhere in the world with the easy issuance process via video medicals.

  • Can I purchase more than one life term insurance policy?

    Ans: Yes. It is possible to buy multiple term insurance plans for increased protection. With multiple-term plans, the life assured can receive extra benefits by buying additional rider benefits like terminal illness and accidental death cover. So, choosing more than 2 protection plans adequately covers an individual and his/her family’s changing needs such as a child’s education or marriage. But, if you’re an NRI, you must certainly buy term insurance for NRI plan from Indian insurers.

  • Can NRI continue their term insurance plan in India?

    Ans: If you had purchased term insurance in India earlier and then went to foreign and became an NRI, then you can still continue with your existing term plan.

  • Why do NRI buy term insurance in India?

    Ans: NRI who are living away from their loved ones and want to protect their financial future, choose to buy term plan in India. Buying term insurance for NRI for your family living in India helps NRI to live with peace of mind, knowing the financial future of their family is not in danger.

  • What if an NRI does not Pay Term Plan Premium on Time?

    Ans: In case an NRI Term Insurance policyholder misses out on the date of premium payment or fails to pay, then a grace period is offered for the same. The life term insurance policy is not abolished if the policyholder pays the pending premium during this period. For a policy with a premium payment frequency of 6 months or 1 year, the grace period is 30 days.

  • Can NRI buy term life insurance in India?

    Ans: Yes, NRI, OCIs, and PIOs who live abroad can buy a term life insurance policy for NRI in India. All PIOs, irrespective of their citizenship status in India, can buy such a plan in their home country to secure themselves and their families. They can get the mandatory medicals cleared via tele or video channels and purchase the most suitable protection for expats online.

  • Can Indian citizens buy term insurance in the USA?

    Ans: Yes, Indian citizens living in the USA can also buy term insurance for NRI in India at affordable premiums online. You can compare Policybazaar term insurance for NRI from different insurers and select the fits your needs.

  • Who is eligible to buy protection plans in India?

    Ans: The following groups of people are eligible to buy term insurance for NRI policy in India:

    • NRI (Non resident Indians)
    • OCIs (Overseas Citizenship of India) cardholders
    • PIOs (Persons of Indian Origin)
    • Foreign Nationals
  • Who are not eligible to buy term insurance plan?

    Ans. The lower age limit is 18 years and the maximum age limit for purchasing term insurance for NRI is 65 years. Anyone in this age range and who has dependents can buy term insurance for NRI.

  • Will I still be able to buy NRI Term Insurance if I convert from an NRI to a US Citizen?

    Ans. Yes, you will still be able to buy term insurance for NRI even if you convert from an NRI to a citizen of another country. However, you will need to submit your PIO or OCI card before buying an NRI term insurance in India.

  • How can I get GST Waiver or Refunds on Term insurance for NRI in India?

    Ans. You can easily get a GST waiver on the premiums payable by submitting the proof of NRE Account and bank details at the time of purchasing NRI term insurance. In case, you did not opt for the GST waiver, you can still claim a GST refund by submitting the required documents.

  • What are the GST implications for NRI term life insurance in India?

    Ans. Yes, NRI term life insurance India purchases incur GST (Goods and Service Tax) at 18% rate, regardless of the type of plan bought.

  • Can NRI pay using international currency?

    Ans. Yes, NRI can pay premiums for NRI term life insurance in India using international currency, but conversion rates will be applied as the end payment will be done in INR.

  • Can NRI designate term insurance nominees outside India?

    Ans. Yes, NRI can designate term insurance nominees outside India.

  • Will the NRI Term Insurance still cover my nominee if he/she changes country?

    Ans. Yes, the Term Insurance for NRI in India will still cover your nominee if he/she changes country.

  • What are NRE and NRO accounts for Non Resident Indians?

    Ans. NRO is a Non-resident Ordinary bank account that helps NRI to deposit and manage the income that they earn in India. Whereas NRE is Non-Residental External is a type of bank account wherein foreign currency earned from the residential country can be deposited in India.

  • Do NRI get long-term capital gains tax?

    Ans. Long-term capital gains are taxed for NRI at 20%. These capital gains tax earned by NRI are subjected to a TDS of 20 percent. NRI can also claim exemptions u/s 54, 54EC, and 54F on long-term capital gains.

  • Is LIC allowed for NRI?

    Ans. NRI are allowed to buy insurance during their visit to India, and all the documentation is completed during their visit. If they want to buy Term insurance for NRI plans, they have multiple options on Policybazaar. They can use the comparison engine to compare multiple term plans and buy the suited one.

  • Can an OCI cardholder buy term insurance in India?

    Ans. OCIs, PIOs, and NRI can make premium payments on term plans through internet banking using Non-Resident External (NRE), Foreign Currency Non-Resident Accounts (FCNR), and Non-Resident Ordinary (NRO).

  • What is the price of a term plan for NRI of 1 crore INR to USD?

    Ans. The price of a term plan for NRI for 1 crore to INR to USD is 5.71 USD

  • How much will 1 crore term insurance for NRI cost in the USA?

    Ans.

    1 crore INR to USD 5.71
    1.5 Crore INR to USD 7.08
    2 Crore INR to USD 8.19
  • What is expatriate meaning in the context of term insurance?

    Ans. Expatriate meaning refers to individuals living outside their native country. For term insurance, it includes NRI who want to secure their family's financial future in India.

  • Can expatriates buy term plan in India?

    Ans. Yes, expatriates can buy term plan in India. These policies provide financial protection for their family in case of untimely demise.

  • What are the benefits of term insurance for expatriates?

    Ans. Term insurance offers several benefits for expatriates, including:

    • Affordable premiums
    • Financial security for family members
    • Tax benefits under Indian tax laws
    • Flexibility in policy terms and coverage amounts
  • Are there specific options for Saudi expatriates regarding term insurance?

    Ans. Yes, Saudi expatriates can find term insurance plans tailored to their needs, ensuring coverage for their families back in India.

  • What is expatriate meaning in Hindi?

    Ans. Expatriate meaning in Hindi refers to "निर्वासी" (nirvaasi), which describes individuals living outside their native country, relevant for NRI seeking insurance.

  • Can expatriates Bahrain buy term insurance?

    Ans. Yes, expatriates Bahrain can also buy term plan in India, providing financial security for their families in their home country.

  • What is the process for claiming term insurance for expatriates?

    Ans. Expatriates or their nominees must submit necessary documents, such as the death certificate and policy details, to the insurance company for claims.

  • Do expatriates have to pay higher premiums for term insurance?

    Ans. Premiums for expatriates may vary based on age, health, and country of residence, but they are generally competitive with local rates.

  • Is a medical examination required for expatriates when applying for term insurance?

    Ans. A medical examination may be required based on the insurer's policies, the coverage amount, and the applicant's health status.

  • Can expatriates secure coverage for their family members in India?

    Ans. Yes, expatriates can purchase term insurance to cover their family members in India, ensuring they have financial protection.

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What our customers had to say about our term insurance plans:
Z
Zara
Dubai, February 19, 2025

Ensuring my familys future is covered

"I now feel confident that my familys future is covered no matter what happens."

K
Kiara
Abu Dhabi, February 19, 2025

Eased my worries about the future

"Getting term insurance has eased my worries about my familys future financial stability."

D
Diya
Abu Dhabi, February 19, 2025

Glad I found a plan that works for me

"I am glad I found a term insurance plan that works perfectly for me and my familys needs."

R
Riya
Dubai, February 19, 2025

Best way to protect against debts

"I got term insurance to make sure my debts will be covered in case something happens to me."

V
Vihaan
Abu Dhabi, February 19, 2025

Protection against future uncertainties

"Term insurance provides me with protection against any future uncertainties."

R
Rohan
Abu Dhabi, February 19, 2025

The perfect solution for my situation

"This insurance was the perfect solution for my situation and familys needs."

K
Kiara
Dubai, February 19, 2025

A must-have for peace of mind

"Term insurance is a must-have for anyone looking for peace of mind for their familys future."

I
Isha
Abu Dhabi, February 19, 2025

More affordable than I expected

"The plan was more affordable than I had expected, given the extensive coverage I received."

A
Aditya
Abu Dhabi, February 19, 2025

Efficient customer service

"The customer service was efficient and responsive throughout the entire process, which I appreciated."

A
Atharv
Abu Dhabi, February 19, 2025

Easily customizable plan

"I loved that I could easily customize my plan to meet my specific needs and budget."

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