Kamal, a Canadian resident wanted to buy a term insurance plan in India to secure the financial needs of his family members in case of any unforeseen event. Being a Non-Resident Indian, Kamal also thought about whether he could be able to avail all the term insurance plan benefits for NRIs, just like Indian residents.
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Then, Rahul, the financial consultant based in India told him that he is eligible for a term plan in India and can avail of various benefits associated with it. LIC is one of the leading insurers that offers a comprehensive range of term insurance plans to secure their families back in India. Henceforth, Kamal has purchased a LIC Tech Term Insurance plan for NRI. Let’s understand in detail:
Term Plans
Term insurance is a type of pure life insurance plan that secures the policyholder’s family and provides them financial protection in case of any unfortunate events. Like most insurance plans, a policyholder pays a premium amount for a given time period. If the policyholder passes away during that tenure due to any health complication or accident, the beneficiary/nominee is provided a death benefit equivalent to the plan value. The premium amounts are computed, depending on the medical situation, the individual’s age, and life expectancy. Insurance companies also ask the individual to undergo a medical examination before purchasing the plan.
Note: Now that you know that what is term insurance plan you can easily buy a term plan for your loved ones.
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LIC Tech Term plan is a non-participating, non-linked online pure risk premium policy that provides financial security and protection to the policyholder’s family in case of his/her unforeseen demise. This policy will be available through the online application procedure and can be bought anywhere anytime at your suitability.
An NRI can easily purchase a LIC Tech term insurance plan and there are mainly 2 ways in which this can be performed. An individual can buy the plan during his/her visit to India. The entire process is simple and is implemented in the same way as it is done for citizens of India. On the other hand, an NRI can also buy the LIC Tech Term insurance plan from the present residential country. This can be performed by mail order business and needs detailed verification from an Indian diplomat, an Indian embassy official, or a notary.
Here are the salient key features of LIC Tech Term Insurance Plan for NRI:
The policyholder has the option to choose from 2 types of benefits: Increasing SA and Level SA
Special premium rates for women
Flexibility to choose the premium paying term/policy term as per the requirement
Policyholders can choose payment of benefits in form of installments
Enhance your term cover by opting for an accident benefit rider by paying an additional premium amount
The premium rates for non-smokers are lower than for smokers.
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Maturity Age | 80 years | |
| Sum Assured | 50 Lakhs | No Limit |
| Policy Term | 10 years | 40 years |
| Premium paying term | Regular pay: Same as PT Limited pay: PT minus 5 years for 10 to 40 years PT minus 10 years for PT 15 to 40 years |
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Various insurers offer term plans to NRIs. The policy terms can as short as 6 months or as long as 25 years. NRIs should be at least 18 years old to be eligible to buy a policy. In most situations, a person cannot purchase a term insurance plan if they are above 60 years or 65 years.
The most important feature to consider in term insurance is the sum assured amount. NRIs can choose from amounts as minimum as Rs. 2 Lakhs or as maximum as 5 Crores. Some insurers don’t have a cap on the maximum SA and you can choose the sum assured amount, depending on the financial needs of your family.
Persons applying for a LIC Tech Term Insurance Plan for NRI need to provide a few documents with the proposal application. You should provide a passport copy along with the documents that provide details about your income and age. While buying term insurance plans, Non-Resident Indians also have to provide post-medical history documents. Then, the insurer will use the information to decide the amount of premium they can offer.
Insurers accept payments from internet banking if NRIs are out of India. They can also use foreign remittance or NRE, FCNR or NRO accounts to make premium payments on a regular basis. Moreover, NRIs can select how often they want to make premium payments.
Get tax-saving benefit on the premium amount paid u/s 80C of the ITA, 1961. The maturity payout i.e., sum assured received is also exempt from tax deductions u/s 10(10D) of the Income-tax Act, 1961.
Step 1 – Visit the LIC’s official website
Step 2 – Click on ‘Buy Policies Online’
Step 3 – Then, select LIC Tech Term Insurance Plan
Step 4 – Choose ‘Buy Online’ and choose the following options:
Sum Assured
Sum assured options such as level term and increasing term
Date of Birth
Gender
Smoking Habits
Premium payment modes such as annually or half-yearly
Smoking habits
Step 5 – After filling above-mentioned details, the LIC Tech term premium calculator will calculate the premium amount for the chosen factors
Step 6 – Submit other required details such as name, address, education, occupation, etc.
Step 7 – Fill out the proposal application through the online mode
Step 8 – Proceed to pay the premium amount
ID Proof
Age proof
Photographs
Address Proof
NRI Questionnaire
Exit and entry details on the passport
Income Proof
Questionnaire related to COVID -19
FATCA declaration
†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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