Term Insurance for NRI in Canada

What is Term Insurance for NRI in Canada?

Term insurance for NRI in Canada is a type of term insurance plan designed by Indian insurers to provide financial protection to NRIs living abroad. These plans offer long-term coverage, which ensures the financial security of your loved ones by providing a large life cover. You can easily buy the best term insurance for NRI in Canada by comparing the available plans on the basis of their premiums, policy term, sum assured, and policy benefits. You can use the term insurance premium calculator to estimate the term insurance premiums applicable for your profile.

How Does Term Insurance for NRI Work?

Let us understand how NRI term life insurance Canada works with an example:

Suppose Aisha is a 35-year-old NRI living in Canada. She decides to secure her family's future in India by opting for Policybazaar NRI term insurance. She selects a policy with a 30-year term, guaranteeing coverage until she reaches 65.

She unexpectedly passed away in the 10th policy year due to unforeseen circumstances. Her family contacted the insurance provider, submitted the necessary documents, and the insurer processed the claim after verification. The life cover amount was then paid to Aisha's nominees, providing them with the financial support she had envisioned for her loved ones.

Why Do You Need NRI Term Insurance in Canada from India?

Here is why you should buy this type of term life insurance for NRI in Canada:

• Secure your loved ones against eventualities like death, disability, and illness

• Provide your family with financial support to pay off any remaining loans in your absence

• Ensure regular income for the family in case you are the main breadwinner of the family

• Customise the plan’s features and benefits to suit your and your family’s requirements

• Get tax benefits on the term insurance premiums paid and benefits received 

What is the Best Term Insurance for NRI in Canada?

The term insurance companies in India offer the following best term insurance for NRI in Canada.

*Disclaimer: ^~Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25. 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

What are the Benefits of Buying Term Plan for NRI from India?

Let us take a look at the benefits of buying NRI term life insurance in Canada:

• Affordable Premiums: NRI term insurance Canada offers large life cover for long policy terms at affordable premiums. You can compare available plans on the basis of premium rates and buy the best term insurance for NRI in Canada for yourself.

• Financial Security: NRI term insurance offers financial security to your loved ones in your absence by providing them with the death benefit in case of your death during the policy tenure.

• Global and Pre-approved Cover: Policy bazaar term insurance for NRI provides global cover that continues irrespective of your geographical location. Not only that, but with a term plan for NRI, you can get up to 5 crores of pre-approved cover.

• Premium Break: The premium holiday or the premium break feature allows you to delay the premium payment by 12 months. This allows you to take care of your other financial obligations.

• Claim Intimation Benefits: On intimating the claim to the Indian term insurance providers, your family can receive the immediate Policybazaar NRI term insurance payout to help with the funeral costs and other expenses.

• Multiple Payout Options: With term insurance for NRI in Canada, you can choose the most suitable benefit payout options for your family. You can select from the available payout options while buying the term plan.

• Illness and Disability Cover: Most international term insurance plans offer coverage against terminal and critical illnesses and accidental disabilities. You can add these coverages to your base plan at nominal premiums.

• Tax Saving Benefits: Term life insurance for NRIs can provide tax-saving benefits per the prevailing tax laws. You can claim term insurance tax benefits and exemptions under 80C and 10(10D) of the Income Tax Act, 1961.

• Special Exit Option: Choose term insurance for NRI in Canada with a special exit option, allowing you to exit the plan at a specific time and receive a full refund of all paid premiums.

• Dedicated Claim Assistance: With policy bazaar term insurance for NRI, you can receive dedicated claim assistance for your family in case of your untimely demise during the policy term.

• GST Waiver and Extra Discount: Opting for yearly premium payment mode offers an additional 5% discount. Not only that, but you can also claim an 18% GST waiver on term insurance premiums with Policy Bazaar term insurance for NRI.
  Let’s understand the GST waiver with the help of an example:

What are the Key Features of NRI Term Insurance?

Here is a list of all the key features you need to know about term insurance for NRI:

• Select the Right Policy Term: You can choose a policy term that aligns with your family's specific needs. Certain term insurance for NRI extends the coverage until 99 or 100 years of age.

• Tele/Video Medicals: Various insurers offer NRI term insurance, allowing customers to schedule medicals online through tele or video platforms. This gives NRIs the convenience of buying a suitable term insurance with tele/video medicals from the comfort of their residence.

• Determine the Life Cover: The policyholder can select the sum assured by evaluating their annual household income and estimating the financial needs of their family in the unfortunate event of their demise.

• Premium Payment Options: Most term insurance providers offer flexibility in premium payment modes, including monthly, quarterly, yearly, and semi-annual frequencies. You can choose the most convenient payment option and pay premiums as per your preference.

• Efficient Policy Issuance: Buying term insurance for NRIs through online channels ensures quick and easy policy issuance, removing the need for physical document submission. This allows customers to buy term plans from the comfort of their homes.

Wrapping it Up

NRI term insurance Canada is a financial product that every Indian living outside India should consider buying as it can financially secure their loved ones at affordable premiums for the long term. You can compare the available plans and buy term insurance for NRI in Canada from the comfort of your home.

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