Geographical boundaries are no longer considered a barrier for NRIs who are living in Toronto and want to buy term insurance plans in India. Toronto NRIs can now easily avail of plans in India that help them schedule a tele or video medical check-up from their country of residence. NRIs, Foreign Nationals, Person of Indian Origin (PIO) and Overseas Citizenship of India (OCI) card holders can buy term plan online from India without hassle. Let us see the term plans available for you if you are an NRI looking to buy term life insurance in Toronto. Moreover, NRIs can also get various benefits under a term plan such as low premium rates, special exit, GST waiver, etc. Let’s discuss the Term life insurance plans for NRIs in Toronto:
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Yes, any NRI of Indian origin living in Toronto or Foreign Nationals, Person of Indian Origin (PIO) and Overseas Citizenship of India (OCI) card holders can buy term plan from India to protect their loved ones. Whether or not he/she is physically residing in India, the Foreign Exchange Management Act (FEMA) allows Non-Resident Indians (NRIs) to buy any policy that fulfills their requirements for protecting themselves and their family members.
Note: Know more about what is term life insurance first before reading this article.
Term Plans
Here is a list of all the term insurance plans that are offered by Indian insurers for NRIs living in Toronto.
| Name of the Insurer | Term Insurance Plan | Claim Settled Amount (cr) | Entry Age | Maximum Maturity Age | |
| Aditya Birla Sun Life Insurance Company Limited | ABSLI Income Suraksha Plan | 458 | 21-55 years | 70 years | |
| Aviva Life Insurance Company India Limited | Aviva Signature 3D Term Plan | 98 | 18-65 years | 80 years | |
| Bajaj Allianz Life Insurance Company Limited | Bajaj Allianz Life eTouch II | 603 | 18-55 years | 99 years | |
| Bandhan Life Insurance Limited | Bandhan Life iTerm Prime | 86 | 18-65 years | 70 years | |
| Bharti Axa Life Insurance Company Limited | Flexi Term Pro | 148 | 18-65 years | 99 years | |
| Canara HSBC Life Insurance Company Limited | Canara Young Term Plan | 186 | 18-45 years | 99 years | |
| Edelweiss Life Insurance Company Limited | Edelweiss Life Zindagi Plus | 59 | 18-65 years | 80 years | |
| Future Generali India Life Insurance Company Limited | Future Generali India Term Insurance Plan | 33 | 18-60 years | 65 years | |
| HDFC Life Insurance Company Limited | HDFC Life Click 2 Protect Life | 1,389 | 18-65 years | 85 years | |
| ICICI Prudential Life Insurance Company Limited | ICICI iProtect Smart | 1,950 | 18-65 years | 99 years | |
| IndiaFirst Life Insurance Company Limited | IndiaFirst Life Elite Term Plan | 160 | 18-60 years | 99 years | |
| Kotak Mahindra Life Insurance Company Limited | Kotak e Term | 321 | 18-65 years | 85 years | |
| Life Insurance Corporation of India | LIC New Tech Term Plan | 18,398 | 18-65 years | 80 years | |
| Max Life Insurance Company Limited | Max Life Smart Secure Plus | 1,242 | 18-65 years | 85 years | |
| PNB MetLife India Insurance Company Limited | PNB MetLife Mera Term Plan Plus | 407 | 18-50 years | 80 years | |
| Pramerica Life Insurance Company Limited | Pramerica Life Rock Solid Plan | 30 | 18-65 years | 85 years | |
| SBI Life Insurance Company Limited | SBI eShield Next Plan | 1,676 | 18-65 years | 100 years | |
| Shriram Life Insurance Company Limited | Shriram Life Smart Protection Plan | 109 | 18-65 years | 75 years | |
| Star Union DAI-ICHI Life Insurance Company Limited | SUD Life Protect Shield Plus | 113 | 18-60 years | 80 years | |
| Tata AIA Life Insurance Company Limited | Tata AIA Sampoorna Raksha Supreme | 776 | 18-65 years | 100 years |
*Disclaimer: The list of insurers mentioned are arranged according to the alphabetical order of the name of insurance company respectively. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. The list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For 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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Following are the reasons for NRIs of Toronto to buy term life insurance:
Long time protection
Term plans offered by life insurance companies offer long-term protections for the policyholder’s family members in case of an unforeseen event. Policyholders can choose a life cover of up to 100 years.
Financial Protection
Term insurance plans help NRIs residing in Toronto in securing the family’s future by offering financial protection even in case of the absence of a sole earner of the family. Also, it offers comprehensive coverage to the family members by helping them live peacefully without worrying about the future.
Large Life Cover
Term insurance plans provide a life cover in exchange for regular premiums paid over the period of the policy term. This life cover is paid to your family in your absence and thus the larger the life cover the more money your family will receive. This amount can be used by your family to live a comfortable and financially secure life.
Easy Accessibility
Policyholders’ grieving families can visit the nearest branch of his/her insurance company in their residential city to process the claim settlement without any hassles.
Quick Claim Settlement
The ease in claim settlement is one of the biggest perks of purchasing the term plan in India as it will be easier for your family to get their claims settled if the insurance company is in India itself. This way your family won't have to worry about traveling abroad just to get their claims settled.
Extra Discount
Insurance for expats is more expensive in foreign countries than level term life insurance rates. NRIs get an extra 5% discount when opting for the yearly premium payment mode, and an added 18% GST waiver upon purchasing term life insurance from Indian insurers, which sums up to 23% of total discount for NRIs.
Pay off debts and loans
In case of an unpaid loan at the time of your death, the proceeds from the plan can help pay off debt, loan or any other financial obligations. However, make sure that the coverage is sufficient to take care of your daily needs.
Following are the reasons why NRIs should consider purchasing a term plan from India in 2023:
Cost-effectiveness
One of the most important reasons for NRIs to buy term plans from India is that Indian plans come at affordable premium rates, mainly when compared to developed nations. Simply put, the term insurance plans bought in India offer premium prices that are almost 50% to 60% more affordable than international plans. This enables you to receive a large coverage and financial protection while saving on whole premiums.
The rates of the premium may vary from country to country, so it is important to compare rates before buying term life insurance in Toronto with Indian Insurance companies online. For example, a term insurance plan purchased from Toronto would be available at comparable premium rates than abroad.
Note: You can calculate the term insurance plan premium rate with term insurance NRI premium calculator.
Easy Accessibility through Tele/Video Medical Examinations
NRIs in Toronto can now easily buy term insurance plans in India by scheduling a tele or video medical examination from their residential country. This eliminates the need for physical presence as a pre-requirement. Thus, now NRIs don’t have to keep delaying this important decision until their next India visit.
Procedure for Conducting Tele/Video Medical Examination
NRIs can easily buy term plans anywhere in the world online in India by checking out the favorable plan, filling out the form and then making the payment via internet banking, or debit/credit card.
After the completion of all the basic formalities, the insurance company arranges a tele/video examination. The procedure consists of tele-underwriting in which a certified medical personnel from the company calls to understand the current medical history of the policyholder.
The doctor asks about the medical history of the policyholder and documentation of pre-existing medical issues and chronic illnesses. After that, necessary questions were asked to measure the health and lifestyle practices. The policy buyer is expected to provide correct details and make a declaration about the medical conditions over video or phone call.
A Large Pool of Insurers
Various life insurance companies are registered in India under the Regulating Authority (IRDAI). All companies offer comprehensive term insurance plans at low premium rates. NRIs can buy term insurance plans from any of the insurers with a quick and easy online process.
There are a number of benefits for NRIs offered by the Indian insurer than abroad:
Long term coverage
Sum assured can go up to 20 Crores
The easy and hassle-free online payment process
Claim Settlement Ratio (CSR) of Life Insurance Companies
CSR is the percentage of claims that an insurance company settles yearly out of total claims. This tells the reliability and credibility of an insurer. A good CSR of a term insurance company should be above 95%.
So, if the Claim Settlement Ratio of an insurance company ranges between 95 to 100%, you should not think twice before buying a term insurance plan. Almost all the term companies have a good CSR value like TATA AIA Life Insurance and ICICI Prudential have a CSR of 94.65% and 95.49% for the FY 2021-22.
Claim Benefits
After the issuance of a term insurance plan, any Indian insurer will cover death regardless of the NRI’s residential country. In order to submit the death claim, the policy nominee is required to submit all the required documents requested by the insurance company.
GST Waiver
The Indian Government allows NRI policy seekers to save up to 18% through GST waiver when paying premiums online using a non-residential external (NRE) bank in freely convertible currency.
Special Exit Option
The Special Exit option enables the policyholder to exit the plan at a certain point of time and receive a refund of all the premium amounts paid for the base protection benefit. Also, zero-cost term insurance plans, a variant of term plan offered by Max life, Canara HSBC, Bajaj Allianz and ICICI Pru Life provides the option to exit the term insurance plan at a specific age and get back all the premium amounts paid minus GST.
Step 1: Visit Term insurance for NRI
Step 2: Fill in the basic details such as date of birth, name, contact details, and country code.
Click on ‘View Plans’
Step 3: Answer the questions about smoking or chewing habits, annual income, occupation, education, and language.
Step 4: Choose the plan that suits your financial needs and proceed to pay.
Here is a list of documents required to purchase term insurance in Toronto from India:
Front and back side of the Passport
Copy of Valid Visa
Last 6 months' bank statements
Last 3 Month salary slips
Last entry-exit stamp
Proof of Employment ID
Foreign Address Proof
Photo of the Policyholder
Note: Check out the term life insurance in India and choose one that suits your requirements.
†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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