As a Non-Resident Indian who is considering investing in India, the term insurance industry has a number of insurance products to suit all your requirements – be it funding for your child’s education, be it planning for your retirement, or securing other life objectives. HDFC Life Insurance is dedicated to offering innovative products and solutions for NRIs.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Non-Resident Indians (NRIs) are entitled to purchase a term plan in India. Non-Resident Indians are living all over the world and they make a major economic part. HDFC Life Term insurance for NRI should be on the basis of an individual’s specific requirements. There are a number of ways in which an NRI can buy an HDFC term plan while visiting India. After completing all the formalities about the policy’s underwriting, the NRI can opt for the policy benefits, just like an Indian Resident.
On the other hand, NRIs can buy the plan in their residential countries through mail-order business. Then, the policyholder has to get the plan verified by a Notary, an Indian embassy official, or an Indian diplomat. Even students can opt for the benefits of an HDFC Term insurance after verifying the policy through university officials such as supervisors or the dean.
Note: Now that you know about HDFC Life Term Insurance for NRI, you should also get to know about what is term insurance to buy a term plan for your loved ones.
Term Plans
Here is the list of best term insurance plans for NRIs in India offered by HDFC that you can purchase:
| Protection Plans | Entry Age | Maturity Age | Sum Assured | |
| HDFC Click 2 Protect Super | 18 - 65 years | 85 years | 1 Crore - 2.5 Crores | |
| HDFC Click 2 Protect Life | 18 - 65 years | 85 years | 1 Crore - 2.5 Crores | |
| HDFC Sampoorna Nivesh | 18 - 50 years | 85 years | 10 Lacs - 25 Lacs | |
| HDFC Smart Protect Plan | 18 - 45 years | 85 years | 50 Lacs - 2.25 Crores |
Note: You can also use the HDFC term insurance for NRI premium calculator to estimate the level term life insurance rates you would need to pay.
Here is a list of all the benefits of buying HDFC term insurance for NRIs in India:
Low Premiums: HDFC term insurance for NRIs offers pure risk cover at level term life insurance rates. With these protection plans, you can get protection for expats at premium rates that are 50%-60% more affordable compared to international term life insurance plans.
Tele/Video Medicals: With HDFC term insurance company, you can buy term life insurance plans without travelling back to India. You can buy term plans online by scheduling tele or video calls with the doctor and clearing your medicals online in just a few minutes.
Claim Settlement Ratio: The Indian regulatory body, IRDAI, releases its claim settlement ratios for each company every financial year. NRIs can refer to the CSR of a company to compare term plans from different insurers before buying the most suitable protection plan. HDFC life insurance had a CSR of 98.66% in the FY 2021-22. This means that HDFC Life settled most of the claims they received and is a reliable insurer to buy term plans from.
Large Number of Insurers: There are a large number of insurers available in India, which allows the NRIs to compare and select the most suitable protection for expats. Here is a list of benefits of buying pure risk cover for NRIs from India:
Level term life insurance rates
Easy claims process
Terminal illness and accidental death cover
Limited and regular premium pay
Large sum assured at low premiums
Easy Claim Settlement: If the NRI buys protection plans or term life insurance for expats in India, then their family can get a quick claim settlement in case of the NRIs death. Your grieving family would be able to visit the insurer's office much easier in India instead of travelling to your current country of residence.
Smart Exit Benefit: The smart exit benefit allows you to exit the plan early at a specific stage and receive all the premiums paid during the policy. This protection plan is best suited for people who are uncertain about their retirement age and can purchase these plans at level term life insurance rates.
GST Waiver on Premiums: The government of India offers an 18% GST waiver on the premiums paid through an NRE (Non-residential External) bank account in freely convertible currency.
Annual Discounts: You can get an annual discount of 5% on the premiums paid by choosing to pay the premiums in an annual premium payment mode. This in combination with the GST waiver, offers a total discount of 23% on the premiums paid.
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Following are the features of HDFC Life Term Insurance For NRI:
Long Policy Term
With HDFC term insurance for NRIs, you can secure your loved ones for a long policy term covering them until you turn 85 years of age. This way, you can ensure your loved ones are financially secure in the event of your untimely death.
Easy Payments
In order to allow Non-resident Indians to keep their plan in force when they are out of India, insurers accept payments through internet banking. They can also use NRO, NRE, FCNR, or foreign remittance to make a regular premium payment. In addition to this, NRIs can choose the premium payment mode.
Customizable Accounts
In HDFC Term insurance plans, the most important feature is to consider the right sum assured amount. NRIs can opt for SA as low as 2 Lakhs or as maximum as 5 crores. Some insurers do not have a cap on the maximum SA. You can easily choose the sum assured based on your family’s financial requirements.
Quick Documentation
NRIs applying for a term insurance plan are required to provide a few documents with the application form. You should provide a passport copy along with other documents that provide details about the policyholder’s income and age. While buying term insurance plans, NRIs also have to submit documents related to their past medical history. Then, the insurer will use this information to decide the premium amount.
Terminal Illness Benefit
The terminal illness rider allows you to receive a part or the entire sum assured in advance on the diagnosis of a terminal illness during the policy term. You can use the received amount to successfully pay for your treatment costs and improve your survival chances.
Accidental Death Cover
The accidental death cover will payout the additional rider sum assured to the policy nominee in case of the policyholder’s untimely death due to an accident during the policy term. Your family can use the additional amount to take care of their financial obligations and pay off any remaining loans and liabilities.
Here is how you can buy HDFC term insurance for NRIs in India:
Step 1: Visit the term life insurance for NRI page
Step 2: Enter your name, contact number, email, and date of birth
Step 3: Fill in your smoking habits, educational qualifications, annual income, and occupation type
Step 4: Select the most suitable protection plan and proceed to pay
Let us take a look at who can buy HDFC term insurance plans for NRI in India:
NRI - Non-resident Indians who live in other countries but are Indian citizens
OCIs and PIOs - Overseas Citizenship of India cardholders or Persons of Indian Origin, who have held an Indian passport in the past, have a spouse, parent, or grandparents who are Indian citizens
Foreign Nationals - People who live in India but are not Indian citizens
Following is a list of the documents needed to buy HDFC Life Term Insurance for NRI:
Passport front and back
Valid visa copy
Last 6 months’ bank statements
Employment ID proof
Foreign address proof
Photo
Last entry-exit stamp
Last 3 months’ salary slips
†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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