Term insurance provides financial protection to the family of the policyholder in case of his/her demise during the policy term. In this way, it not only safeguards your capital reserved but as well provides a stress-free life for your family members ahead. Everyone in India is eligible to get this type of insurance policy, and even Non-Resident Indians are no exception to this.
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NRIs can purchase a term insurance policy as per their specific requirements and needs, and there are two methods by which they can do so. As an NRI, you can purchase a term plan while your visit to India. The complete process is very simple and can be executed in the same way as it is done for an Indian citizen. An NRI can as well buy an insurance plan from his/her current place of residence, which can be performed through mail order. Purchasing a term insurance policy in this manner needs detailed verification, which is done by officials of the Indian embassy and sometimes to notary.
Term insurance plans for NRIs have flexible terms and conditions and the sum assured may vary from Rs.2 lakhs to Rs.1 Crore. The premiums that are applicable for these term insurance policies can also vary as per the terms and conditions, age, frequency of payments of the premiums, health conditions, etc. The duration of the term can also vary and may range from anywhere between six months to 25 years.
For purchasing a term insurance plan, you have to be between the age group of 18 years to 60 years (some insurance policies may have an upper age limit of 55 years). You can pay the premium for your policy purchased online and for this, you should have an account in any of the banks specified in your policy documents.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
The documents required for NRIs for purchasing a term insurance policy are as follows:
Term Plans
The list of documents needed by an NRI to buy a term insurance policy is given below:
Attested copy of passport
Application or proposal form
Documents mentioning the health conditions/ health checkup reports
Proof of income
Proof of age
An amount that is equal to the first calculated premium as well needs to be paid
If the NRIs do not pay the premium on time, there is a specific grace period. Therefore, as an NRI, if you forget to pay the premium of your term insurance policy at the specified time, you can pay it within the grace period.
Some insurance companies offer the option of a complete renewal of policy for NRIs.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.
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As mentioned above, as an NRI you can buy a term insurance plan in two ways – while your visit to India or from your country of residence.
While in India: Buying a term insurance plan in India is quick and simple for everyone including the NRIs. However, as an NRI all you need to do is to find a suitable insurance provider and ask to buy a policy. After completion of all the formalities, the insurance policy is considered a regular term plan bought by any Indian citizen. But, you need to disclose your country of residence. Most insurance providers have a list of countries where they do not offer an insurance plan.
From the Country of Your Residence: The process to buy a term insurance plan from the country of your residence is a bit complicated. In this case, you have to buy the term insurance policy through Mail Order Business. Under this process, as an NRI, you need to get yourself verified by the Indian diplomat and notary. Most of the NRIs need verification from the Indian Embassy. If you are an Indian student studying in abroad, you may need to ask your supervisor or dean to help you through the verification process.
A term insurance policy for NRIs works the same as a regular term plan for the citizens of India. NRIs pay the amount of premium regularly as per their premium paying term. This provides them the peace of mind that they want from a life insurance policy. The policy offers life cover for a specific period unless you have opted for a whole life insurance policy that continues irrespective of your age and policy’s tenure. If anything happens to you during the tenure of the policy, your nominee receives the benefits of pay-out as per the guidelines mentioned in the documents of the policy.
If you have taken a term insurance policy before becoming an NRI, you should not worry. You can write to your insurance provider and ask if they will keep your term insurance plan active once you move to some other country. All you need to do is to provide the details about where you are going. This is because most term insurance providers allow you to continue with the same plan.
As an NRI, you are allowed to purchase a term insurance plan in India. However, before singling out one plan, you must remember to check whether the selected plan is providing you the required coverage in your country of residence or not. Moreover, if you think that the selected coverage is not sufficient for you, you can buy multiple term insurance policies as well. Additionally, you can also change the frequency of premium payment, but you should wait until the time of the annual renewal of your policy before making any switch. However, do not forget to check the requirement of your term insurance provider.
†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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