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Non-resident Indians, or NRIs, as they are popularly known, are people of the country who reside abroad due to work or other commitments. NRIs are also Indians and they have the right to purchase term insurance covers for themselves. If you are an Indian residing in another country and want to invest in a good term life insurance plan, you will find many options.
Let us begin by understanding what term insurance covers for an NRI. Term insurance is a fixed-term life cover that offers a high value at a low cost. It is a plain-vanilla life cover without any frills. If you die, your family gets the sum assured and the policy ends. If you outlive the policy period, you do not get anything at the end of the policy tenure. You need to pay the premium regularly to ensure the policy is active and a claim can be made when needed. Most of the Indian term insurance plans are available to the NRIs as well. So as an NRI, you can choose to buy one of the best term plans available in India and keep your family safe.
NRI term plans are popular because:
A vast majority of NRIs have their immediate family members including their parents, and in some cases, spouses and kids, living in India. Hence, an Indian term plan helps in the case of an eventuality. The nominees can get the claim settled in an easier way.
The Indian term insurance plans are among the best and the most well-designed term insurance plans in the world. If as an NRI you can of choosing these plans over the plans available in your country of residence, go ahead and get an Indian plan.
The Indian term plans are priced very economically and also offer high coverage amounts, along with other benefits. They can easily be bought online, so you indeed get many benefits when you choose such a plan.
Also, you can buy your favourite term policy on Coverfox!
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If you are looking for the best term insurance plan for nri in India, look no further. You can get all of these term insurance plans mentioned below, online on Coverfox. Choose from any of the plans in the list below and you will surely have excellent coverage:
You can buy this plan if you are aged between 18 and 65 years. You can get a minimum sum assured of INR 20 lakhs under this plan, while there is no maximum limit. Attractive discounts and rebates are offered if you opt for a higher sum assured or choose a limited premium paying term. You can also get a discount as a female policyholder.
Tata AIA is one of the best life insurance providers in India currently. They have a claim settlement ratio of over 98% and this is why all their plans, including the Sampoorna Raksha Supreme term plan, are very beneficial. You can go for the Sampoorna Raksha Supreme plan as you can get a maximum sum assured of INR 20 crore, which is one of the highest that any plan offers. You also get to add riders to the plan and make it more flexible. There are multiple premium paying options, as well as payout options, making this plan a very handy one.
ICICI Prudential is one of the oldest and most reputed private life insurance companies in India. The iProtect Smart Term Plan has been established as one of the best in India because it offers several benefits. Any NRI between the age of 18 and 65 can invest in this plan. Add-on covers are available at an added cost. You can choose from a number of payout options and ensure your family remains financially stable even after your death.
Another excellent term plan, the HDFC Life Click 2 Protect Life has several options to choose from. They are the Life insurance & Critical Illness Rebalance option, the Life Protect option and the Income Plus option. Depending on what your needs are, you can invest in the type of cover you wish.
As the name suggests, the PNB Mera Term Plan Plus is a plan that’s suitable for everyone, including NRIs. You can buy the PNB Mera Tera plan for a minimum duration of 10 years and a maximum tenure of 40 years. It has many attractive features and add-on covers available, which makes it a great option for you.
All these plans can be purchased by a non-resident Indian. Make a list of your requirements.
| Term Insurance Plans for NRI | Entry Age | Maturity Age |
|---|---|---|
| Max Life Smart Secure Plus | 18 years to 65 years | 85 years |
| Tata AIA Sampoorna Raksha Supreme | 18 years to 65 years | 100 years |
| ICICI Pru iProtect Smart | 18 years to 65 years | 75 years |
| HDFC Life Click 2 Protect Life | 18 years to 65 years | Whole of life |
| PNB Mera Term Plan Plus | 18 years to 60 years | 99 years |
| Bajaj Allianz Smart Protect Goal | 18 years to 65 years | 99 years |
| Tata AIA Smart Sampoorna Raksha | 18 years to 60 years | 100 years |
Irrespective of where you live, you need to have a term insurance cover. Term insurance offers financial security to your loved ones after your demise. Since life is unpredictable and no one can say what will happen tomorrow, you need to stay covered. Choose a good plan from a good insurance provider and you will not have to worry about the financial wellness of your loved ones, even in your absence.
Being an NRI you can buy any health insurance plans in India for yourself, family or parents to give a complete health cover. Though health insurance in India for NRI can be opted one needs to select the plan term and understand the terms and conditions before signing up for one.
Yes, NRIs are free to purchase term policies in India. They must check whether their chosen plan will provide the needed cover in their country of residence.
Can NRI buy LIC Tech term insurance? An NRI can easily purchase a LIC Tech term insurance plan and there are mainly 2 ways in which this can be performed. An individual can buy the plan during his/her visit to India. The entire process is simple and is implemented in the same way as it is done for citizens of India.
