During the pandemic, when the restrictions surrounding the purchase of term insurance were higher, it was difficult for NRIs to secure their family’s financial future back in India. But now as the restrictions are being loosened, NRIs, Foreign Nationals, Person of Indian Origin (PIO) and Overseas Citizenship of India (OCI) card holders living in Vancouver can easily purchase a term insurance plan from India through tele-video medical examination from their residential country. Also, term plans provide various benefits like low premium rates, GST waiverer, special exit, etc. Let’s discuss the Term life insurance plans for NRIs in Vancouver.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
Note: Know more about what is term insurance first before reading this article.
Yes, any NRI of Indian origin living in Vancouver 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.
Term Plans
You can buy any of the following term insurance plans in Vancouver from India in 2023:
| 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
Note: To calculate the premium payable for the desired term plan, you can use the term insurance for NRI premium calculator online.
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The NRIs living in Vancouver should purchase term insurance because of the following reasons:
Secure Family’s Future: A term life insurance plan provides financial protection to your family who is back in India. It offers a benefit payout in the event of your unfortunate death within the policy term. This payout can help your family, maintain their lifestyle, pay their rent, and pay for any other medical emergencies that may arise.
Peace of Mind: Buying a term insurance plan can help you live a more comfortable and stress-free life as you won’t have to worry about your family’s financial future anymore. The payout from a term plan can help your family fulfill their lifelong goals like paying for the child’s higher education or marriage.
Pay off Debts and Loans: Your family can use the term insurance payout received to pay off any of the outstanding debts or loans like home loans, car loans, or credit card bills. This way your family will not be burdened with any of the financial obligations in your absence.
Ease of Accessibility: Your grieving family can easily contact the insurance company online or visit the nearest office offline to file for claims in the event of your unfortunate death. The payout can be useful to take care of any unexpected emergencies or funeral costs.
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.
Let us take a look at why NRIs should buy term plan in Vancouver from Indian insurers
Low premium rates: Term insurance plans have the most budget-friendly premium rates of all life insurance products. You can buy term insurance from Indian insurers as the term plans in India are almost 50% more affordable than international term plans, depending on the NRI’s new country of residence. For example, a policyholder can get term life insurance of 1 Crore in Vancouver from India at comparable rates (Rs. 1,648 / pm) from international term plans.
Bigger pool of insurers: In India, you get a wide range of insurers offering term insurance plans. You can compare plans from different insurers on the basis of their premium rates, CSR values, maximum sum assured, policy term, and rider benefits. Let us take a look at some of the benefits of buying term plans in India.
Low premium rates
Premium payment options
Multiple payout options
Large sum assured
Critical Illness and Accidental Death Benefits
Choose required policy term
Larger Life Cover: Indian insurance companies offer term insurance plans in Vancouver with life cover up to Rs. 20+ Crores. You should always get a term plan with a sum assured large enough to cover your family’s financial needs in your absence. This way your family will be able to take care of their financial needs in your absence.
Claim Settlement Ratio (CSR): The CSR of a company allows us to know the number of claims received by a company to the number of claims settled by them in a financial year. Before buying a term plan, always make sure that the company has a consistently good CSR of over 95% as it increases the chances of your claim being settled. For example, the companies TATA AIA Life Insurance and ICICI Prudential have a CSR of 94.65% and 95.49% for the FY 2021-22.
GST waiver: You can avail of an 18% GST waiver when paying premiums via a non-residential external bank in freely convertible currency. This allows you to save even more on your term insurance premium rates.
Video or Tele Medical: You can now purchase term insurance in Vancouver from Indian insurers by scheduling a video or tele medical online from the comfort of your home in just a few clicks. This way you won’t have to travel all the way back to India to clear your mandatory medical exams.
Special exit option: Various Indian insurance companies offer a feature called special exit option that lets you leave a plan at a specific stage as per the insurer and receive all the premiums paid back. The zero cost term insurance and the feature is available free of cost, which allows you to exit the plan at a specific age and receive all the premiums paid in keeping the plan active, back. Out of the plans mentioned above, the HDFC Click 2 Protect Super, ICICI Pru iProtect Smart, and Max Life Smart Secure Plus are zero cost term insurance.
You can buy term insurance in Vancouver from India online by following the below steps:
Step 1: Go to the term insurance for NRI in India page
Step 2: Enter basic information regarding your name, contact details, gender, and email address
Step 3: Click on ‘View Plans’ to see the available plans
Step 4: Select the appropriate options for annual income, educational qualifications, occupation type, and smoking and chewing tobacco habits
Step 5: Choose the most suitable plan and proceed to pay
Here is a list of all the documents required by the insurance company to buy term insurance in Vancouver
Front and back side of the Passport
Last 6 months' bank statements
Copy of Valid Visa
Last entry-exit stamp
Last 3 Month salary slips
Proof of Employment ID
Photo of the Policyholder
Foreign Address Proof
Note: Check out the term insurance plan 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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