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Term insurance is the most effective way of providing security to your family in your physical absence. It is one of the simplest and most affordable insurance plans worldwide. Thus, NRIs (Non-Resident Indians) and Persons of Indian Origin (PIO) may consider buying a term insurance plan. As of December 2018, a Ministry of External Affairs of India report stated that the total number of NRIs and PIOs amounted to 31 million. However, a common worry for people with term insurance is whether their policy remains valid if they move to another country.
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The simple answer is ‘Yes’. PIOs and NRIs can buy term plan offered by Indian insurance companies. Before discussing the pre-requirements of having a term insurance plan in India as a PIO or NRI, let’s discuss who NRIs and PIOs are.
NRI can be an Indian citizen or a foreign national of Indian origin with roots, descent, or origin in the Republic of India. The NRI category includes spouses, parents, and children of those who have moved abroad for employment, with specific definitions provided in the Income-Tax Act 1961 and by the Ministry of External Affairs. With only a few variations, buying term insurance is nearly similar for residents and non-residents.
Yes, natural death during a short trip is generally covered by term insurance, irrespective of the loaction. However, if you buy term plan as an Indian citizen and then become an NRI due to employment or other reasons, it is important to inform your insurer about your relocation plans. The result may vary based on the destination and associated risks, leading to the continuation of your policy without changes or necessary modifications.
Term Plans
You can understand what is term insurance key features by taking a look at the following table:
| Aspects | Term insurance |
| Type of Plan | Term insurance is a pure risk coverage plan. It protects the financial future of your family and loved ones in case of your untimely demise. |
| Coverage | Covers uncertainties of life |
| Ideal for? | An absolute must financial tool for everyone |
| Premiums charged | Term insurance is the most affordable life insurance product available in the market. You can avail of term insurance with a high sum assured at low premiums. |
| Maturity benefit | No maturity benefit is associated with term insurance |
| Rider benefits | Coverage can be enhanced in your term insurance plan with rider benefits such as critical illness cover, accidental death benefits, the return of premium benefit, etc. |
| Tax benefit | Available u/s 80C and 10D |
| Death benefit | Only the death benefit is offered by term insurance |
| Sum assured | Sum assured as the death benefit is mostly 15-20 times the annual income of the policyholder |
| Liquidity | Term insurance does not offer any liquidity. |
The documents required may vary from one insurer to another. Still, one of the most important documents that an insurance company will request you to submit are:
Passport front and back side
Employment ID Proof
Valid Visa Card
Last entry-exit stamp
Last 6 months’ bank statements and Last 3-month salary slips
Photo
Foreign Address Proof
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In case of the death of NRI, who is a policyholder outside of India, here are some of the additional documents that are required to be submitted to the insurance company to initiate the claim process other than the regular type of documents:
Copy of the death certificate that is verified by the Indian Embassy located in the death’s country
Cause of death certificate
The certificate of employer
Is There an Obligation to Provide Proof of Medical History?
It is important to note that you must provide information about your medical conditions upon request from your insurance company. Whether you are an NRI or a resident, disclosing pre-existing health issues is mandatory. While NRIs may undergo tele-medical examinations, concealing crucial information can invalidate your insurance coverage.
| Term Insurance for NRI | Entry Age | Maturity Age | Sum Assured | |
| Max Life Smart Secure Plus | 18 years to 60 years | 85 years | 1 Crore - 10 Crores | |
| Tata AIA Sampoorna Raksha Supreme | 18 years to 60 years | 100 years | 1 Crore - 20 Crores | |
| Tata AIA SRS Vitality Protect | 18 years to 60 years | 85 years | 1 Crore - 2 Crores | |
| Tata AIA Maha Raksha Supreme | 18 years to 60 years | 85 years | 2.5 Crores - 20 Crores | |
| PNB Mera Term Plan Plus | 18 years to 50 years | 80 years | 1 Crore - 1.5 Crores | |
| HDFC Life Click 2 Protect Life | 18 years to 65 years | 85 years | 1 Crore - 2.5 Crores | |
| ICICI Pru iProtect Smart | 18 years to 65 years | 99 years | 1 Crore - 2 Crores |
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
Note: You can also use term insurance for NRI premium calculator to estimate the applicable premium payable for the desired NRI term insurance.
The straight answer to the question ‘Is term insurance applicable outside India?’ is important as there is a sizeable Indian diaspora in foreign countries. Buying term insurance is a prudent measure for establishing a financial safety net. However, it is essential to be aware that not all NRIs that not all NRIs may access term life insurance, as some Indian insurers have a list of countries where they do not offer services. Therefore, it is important for individuals to confirm if their residential place is categorized as a high-risk area.
Note: Check all the best term insurance plan in India.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜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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