The Foreign Exchange Management Act has made it possible for Non-Resident Indians (NRIs) to obtain term insurance in India. SBI Life Insurance offers customized protection plans that can be purchased online or offline by NRIs, PIOs, and OCIs. Let us learn more about the various SBI Term Insurance for NRI plans available in India that you can buy to get pure risk cover at level term life insurance rates:
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Here is a list of benefits of buying SBI Term insurance for NRI from India:
Financial Protection: With the NRI SBI term plan, you can ensure the financial security of your loved ones in the event of your untimely demise during the policy term. Your family can use the benefit payout to take care of their monthly expenses like rent, child’s fees, and loans.
Long Term Coverage: SBI term insurance for NRIs offers coverage till 99/100 years of age. This means your family can stay protected for your whole life. You can also choose the most suitable policy term as per your needs.
Additional Benefits: You can opt for the SBI life term insurance for NRI riders to enhance the base cover of the plan. The available riders are terminal illness, critical illness, accidental death benefit, and waiver of premium on disability.
Tax Saving Benefits: You can save on your premiums u/s 80C and on the benefits received u/s 10(10D) of the Income Tax Act, 1961.
Peace of Mind: Having an SBI term insurance for NRI in place can provide you with the peace of mind of knowing that your family will be financially protected in the event of your unfortunate demise. This reduces the stress and allows you to live a peaceful life.
Note: Know what is term insurance first and then buy a term plan for your loved ones.
Term Plans
You should buy the SBI life term insurance for NRI from India because of the following reasons:
Lower Premium Rates: Term plans in India are up to 50-60% more affordable than international term life insurance plans. This way, you can buy SBI life term insurance for NRI for a large life cover at budget-friendly premiums.
Pre-approved life cover: You can get a pre-approved life cover of up to 2 Crores with SBI term insurance for NRI in just a few minutes.
No Medical Costs: Most insurers, like SBI Life Insurance, cover the medical test cost from their end. This allows you to save the additional amount spent on the medical tests.
Tele/Video Medicals: You can get SBI term insurance for NRI by scheduling tele or video medicals and get life cover up to 5 Crores from the comfort of your home.
Claim Settlement Ratio: The CSR helps you compare the insurance company based on the number of claims settled in the previous financial year. You should always opt for a company with a high CSR, as it ensures that the company is capable of settling your family’s potential claims in your absence.
Special Exit Benefit: The special exit benefit allows you to exit the plan at a certain age and receive all the premiums paid till the policy termination.
GST waiver and Annual discounts: With the NRI SBI life term plan, you can claim a GST waiver of 18% on the premiums paid through the NRE (non-residential external) bank account and receive an additional discount of 5% on the premiums paid in annual mode.
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Let us take a look at the individuals who are eligible to buy SBI term insurance for NRIs:
NRI (Non-Resident Indians): People who are Indian citizens but temporarily live outside India.
PIO (Person of Indian Origin)/OCI (Overseas Citizenship of India cardholders):Â
People who have lived outside India for a specific time period in the plan
People who have an Indian passport at some stage of their lifeÂ
People whose grandparents and parents are/have been Indian citizensÂ
People who have married an Indian citizen
Foreign Nationals: People who are living in India but are not Indian citizens .
The premium rates for these policies depend on the policyholder’s age, medical condition, the plan features, and the sum assured, among others
The documents that are needed to submit for SBI Term Insurance for NRI plans:Â
Completely filled proposal applicationÂ
Attested passport copy of your residential countryÂ
Medical/Health reports signifying the health issues, if anyÂ
Age proofÂ
Income ProofÂ
Securing a term insurance cover for yourself is one of the main financial management steps as an NRI. Purchasing a term insurance plan as a non-resident Indian is the same as buying the plan as an Indian Resident. However, you do have a lot of options to secure the term cover. Here is how you can select and purchase a NRI SBI life term plan:Â
Ensure that you receive sufficient detail about the plan, insurance company, and service channels online, through the insurance company’s website. The website of an insurer should allow you to purchase and manage your plan online.Â
Claim settlement ratio (CSR) is an important parameter for term insurance providers as it indicates the quality of the company’s operations and the speed of the claim settlement. The CSR of SBI Life Insurance is 97.05% as per IRDAI 2021-22, which indicates a quick claim settlement.Â
Ensure a hassle-free and easy claim settlement process. The better the claim settlement procedure of the insurance company, the more comfortable your loved ones will be in financial difficulty.Â
A limited premium payment option can also be used to pay the whole premium amount in a short time. This option is right for those NRIs who expect to return after a few years to a foreign land.Â
There are several premium payment options available with SBI Term insurance for NRI. You can choose to pay the premiums or the regular policy term or pay for a limited term in a single, monthly, half-yearly, or annual mode.
Here is how to buy SBI life term insurance for NRI in India online from Policybazaar:
Step 1: Visit the term insurance for NRI page
Step 2: Enter your name, gender, age, contact number, and email address
Step 3: Fill in your occupation type, annual income, smoking habits, and educational qualifications
Step 4: Select the most suitable plan and proceed to pay
†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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