Are you an NRI looking to protect your family in India? Term insurance for NRIs is a smart way to ensure your loved ones are financially secure, no matter where you live. You can buy term plans from India at affordable rates with wide coverage options.
What Is Term Insurance for NRIs?
Term insurance offers a large life cover at low premiums. If you pass away during the policy term, your family in India gets the sum assured. NRIs can buy Indian term insurance plans even if they live abroad.
Why Should NRIs Buy Term Insurance in India?
- Lower Premiums: Indian term plans are cheaper than many foreign policies.
- INR Payouts: Your family receives the claim amount in Indian Rupees.
- Tax Benefits: Save on taxes under Section 80C (if you have Indian income).
- Trusted Indian Insurers: Buy from top providers like Tata AIA, Max Life, HDFC Life, ICICI Prudential.
Top Term Insurance Plans for NRIs (2024)
| Insurance Company | Plan Name | Max Cover | Entry Age |
|---|---|---|---|
| Tata AIA Life | Sampoorna Raksha Supreme | ₹10 Crores | 18 – 65 yrs |
| Max Life Insurance | Smart Secure Plus Plan | ₹5 Crores | 18 – 60 yrs |
| HDFC Life | Click 2 Protect Life | ₹10 Crores | 18 – 65 yrs |
| ICICI Pru Life | iProtect Smart | ₹5 Crores | 18 – 65 yrs |
How Can NRIs Buy Term Insurance in India?
- Choose a Plan: Compare plans from top Indian insurers.
- Check Eligibility: Most plans cover NRIs in USA, UK, UAE, Canada, and more.
- Apply Online: Fill the form on the insurer’s website.
- Submit Documents:
- Passport copy
- Overseas address proof
- Income proof
- Medical Test: Can be done abroad or during a visit to India.
- Pay Premium: Use NRE/NRO accounts, or international cards.
Key Features of NRI Term Insurance
- Global Coverage: Stay protected wherever you live.
- Flexible Payment Options: Pay in INR or USD, monthly or yearly.
- Add-Ons Available: Critical illness, accidental death, disability riders.
- Policy Term: Up to 40 years.
Example Premiums for NRIs (Indicative)
| Age | Sum Assured | Policy Term | Monthly Premium* |
|---|---|---|---|
| 30 yrs | ₹1 Crore | 30 years | ₹600 – ₹800 |
| 35 yrs | ₹1 Crore | 25 years | ₹700 – ₹1,000 |
| 40 yrs | ₹1 Crore | 20 years | ₹1,000 – ₹1,400 |
*Premiums vary by country, health, and plan type.
FAQs About Term Insurance for NRIs
Can NRIs buy term insurance online?
Yes, most insurers allow 100% online purchase.
Is medical testing mandatory?
Yes, depending on your age and cover amount.
Can the claim be settled abroad?
Yes, but payout will be in INR to a beneficiary in India.
Is the premium higher for NRIs?
Slightly, depending on the country of residence.
Are all countries covered?
Most plans cover NRIs from USA, UK, UAE, Singapore, etc. Some high-risk countries may not be covered.
Ready to Secure Your Family from Abroad?
Get term insurance for NRIs today and give your family the financial security they deserve. Start by comparing top Indian term plans now and get your free quote online!