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For expatriates (or expats) living abroad, safeguarding their family's financial future is essential. A key way to ensure this protection is through expat insurance, particularly term insurance. Term insurance is designed to provide a safety net by offering a lump sum payout to the policyholder's beneficiaries in the unfortunate event of death. Let us first understand the concept of expat insurance, its significance, and how it can benefit expatriates living abroad.
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Before exploring expat insurance, it's essential to define expatriate or understand what expat means. By definition, an expatriate refers to a person who resides outside their native country, typically for work or personal reasons. The term "expat" is a shortened form, used interchangeably. These individuals, referred to as expats, often maintain ties to their home country, especially in terms of finances and family obligations.
Expatriate Meaning: To define expatriate, it is someone who has chosen to live in a country other than their home country for an extended period.
Expat Meaning: Similar to expatriate, an expat is an individual who resides abroad for reasons like employment, education, or retirement.
Expatriate Definition: A person residing in a foreign country temporarily or permanently.
Expat Definition: A shorter form of expatriate, used to describe someone living outside their native country.
Expat Meaning: Living or working abroad, often for professional reasons.
Expats Definition: The plural of expat, refers to a group of people living outside their home country.
Expats Meaning: The term used to describe individuals who are expatriates, i.e., living in foreign countries.
Term Plans
Term insurance for expats (or expatriates) offers protection to NRIs living abroad. This type of insurance provides financial security in the form of a death benefit, ensuring that the expat's family is cared for in case of an untimely event. Since term insurance only covers the policyholder for a specified period, it is often more affordable than whole-life policies.
Affordable Premiums: Expats can get large cover at lower premiums compared to other types of life insurance, as term insurance only provides cover for a specific term.
Global Coverage: NRIs and expatriates can secure term insurance in India, which offers global coverage, ensuring protection no matter where they reside.
Death Benefit: The payout provided to the nominee helps the expat’s family manage finances during difficult times.
Tax Benefits: Expatriates paying for term insurance can avail of tax benefits under Sections 80C and 10(10D) of the Indian Income Tax Act.
GST Waiver: Term Insurance for NRIs provides you with an 18% GST waiver on the premiums paid through NRE (Non-residential external) bank accounts supporting freely convertible currency.
Expatriates have unique needs that often involve managing finances both in their home country and the country they currently reside in. For many NRIs, having expat insurance in the form of term insurance provides vital financial security.
Financial Security: Ensuring your family’s financial stability even if you are residing outside India.
Affordable Premiums: Indian insurers offer much more affordable premiums compared to international term plans, making term insurance for expatriates much preferable.
Annual Discounts: With term insurance for expats from India, you can get an additional 5% discount on the premiums by choosing to pay the premiums in an annual mode.
Tele/Video Medicals: The tele and video medical feature allows expatriates all around the world to buy term insurance from the comfort of their homes. This enables them to buy a plan without travelling back to India.
Pre-approved and Global: Expat insurance plans in India are usually pre-approved to a certain sum assured and offer global coverage, ensuring continued financial security for the family.
CSR and Claim Assistance: In India, you get not only a variety of insurers to choose from, but you can also compare and find the most suitable insurer based on their CSR or the Claim settlement ratio. Along with that, Indian insurers provide 24x7 claim assistance as well.
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Expatriates or expats have two primary ways to buy term insurance:
While Visiting India: Many expats prefer purchasing a term policy during visits to India. This can make medical examinations and documentation easier.
From Abroad: NRIs can also apply for term insurance online. Various insurers offer tele/video medical examinations in the expat’s country of residence, making the process convenient for expatriates.
Here is a list of people who are eligible to buy term life insurance or expat insurance from Indian insurers:
NRIs: Non-resident Indians with valid Indian passports temporarily living abroad
PIOs/OCIs: Persons of Indian Origin and Overseas Citizens of India are individuals
Who have had Indian passports in the past
Spouse of an Indian citizen
Parents or grandparents were Indian citizens
Foreign Nationals: Citizens of a Foreign country living in India
Here is a step-by-step guide on how to buy expat insurance from Indian insurers:
Step 1: Visit the term insurance for NRI page
Step 2: Fill in your name, gender, DOB, and other required information
Step 3: Select the right answer for your annual income, educational qualifications, occupation type, and smoking habits
Step 4: Choose the most suitable expat insurance and proceed to pay
For expatriates or expats living abroad, term insurance provides critical financial protection for their families, whether they are in India or elsewhere. With lower premiums, tax benefits, and global coverage, term insurance in India is a convenient and cost-effective solution for securing a family's financial future. As NRIs and expatriates navigate their lives abroad, term insurance ensures they can still provide for their loved ones back home.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
˜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. 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
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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