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NRI Term Insurance

Non-resident Indians (NRIs) are people whose origin can be traced back to India. They are the people who live away from their home country, which makes them the non-residents of India.

Indians are settled all across the globe. People go abroad for high education and employment opportunities. The NRI population also consists of the spouses, parents, and children of people who left the country to settle overseas.

Now, if you belong to the NRI category, at some point in life, you must have considered investing in funds offered by the Indian companies. One such option available for NRIs is the term insurance plan. We will be discussing term insurance for NRIs in detail in this section.

Buying Term Insurance in India vs Buying Term Insurance Abroad

Ideally, NRIs can buy term insurance in two ways –

  1. During their visit to India

  2. While staying abroad

The following table will help you understand both of these ways and how NRIs can apply for term insurance via each of them –

Buying Term Insurance when in India

Buying Term Insurance when Abroad

Quite a few NRIs often visit India, at least once a year. If you do too, then it is an excellent opportunity to invest in term insurance during your next trip.

Buying term insurance when in India has the same process as that for other residents living in the country. Here, take a look –

  • Visit the insurer (in-person or online via their website).

  • Apply for the type of term insurance plan you want.

  • The insurer will evaluate your application and may request you to take a medical test.

  • The insurer will also take into consideration your country of residence and the services they offer in that area.

  • Based on the evaluation, the insurer will accept/reject your application.

  • If they accept your application, you can proceed to pay the premiums as applicable.

In case you are not visiting India any time soon and are still keen to invest in term insurance, you can do so from the comforts of your residence.

Buying term insurance in India can certainly come in handy when you have family residing here. Your dependents would benefit from a term insurance plan if anything were to happen to you when staying abroad.

Buying insurance from the country you currently reside in can involve complex formalities. These formalities will attract unwanted issues for your beneficiaries in the long run.

Here’s how it may play out –

  • The term insurance plan can be purchased via online portal only

  • The application process involves in-depth verification conducted either by a notary, by an official of the Indian embassy, or an Indian diplomat.

  • For NRI students, their dean or supervisors conduct the verification process.

  • In case of medical examination, you will have to mail the report to the insurer in India to proceed with the application.

Documents Required To Apply For an NRI Term Insurance

The documents to be submitted when buying term insurance for NRIs is one of the key steps involved in the application process. Any NRIs planning to invest in term insurance from an Indian company will have to submit the following set of documents –

  • An attested copy of the passport

  • Duly filled term insurance application form

  • Identity proof

  • Age proof

  • Address proof

  • Income proof

  • Medical examination

Based on the information provided, the insurer will accept/reject the term insurance application. Along with this, NRIs have to pay the first premium instalment for the chosen policy coverage. You can use the term insurance calculator on our website to calculate the premium amount to be paid.

Premium Payment for NRI Term Insurance Policy

Are you wondering how NRIs can pay term insurance premiums for policies in India? Some of the best ways for NRIs to pay term insurance premiums online are as follows –

  • NRIs can transfer the premiums to the insurer in the foreign currency used in the residential country. This process can be done via Amex, Visa, or MasterCard (credit/debit card).

  • NRIs can pay the premiums to the insurer by using their non-resident ordinary (NRO) bank account (if any).

Note that no matter what premium payment mode you choose, it is imperative to follow the due date.

Things To Keep In Mind

Here are a few things that NRIs need to keep in mind when buying term insurance from India-based companies –

  • The country you reside in plays an important role in determining your eligibility for term insurance. Hence, you should check with the insurer explicitly and confirm whether they provide services in your country.

  • The policy duration for term plans is said for NRIs as that for citizens residing in India. Check with the insurer for minimum and maximum cap on the age limit for buying term insurance in India.

  • A basic term insurance plan only offers death benefits to the beneficiaries of the policy upon your death. To enhance the scope of your term plan, get in touch with your insurer to know about rider benefits available for NRIs.

  • The premiums charged for NRI term insurance plans depend on several factors such as policy tenure, coverage of the policy, premium payment frequency, and rider benefits (if any).

To Conclude

Based on the comprehensive details, it is certain that NRIs can buy term insurance plans from India-based companies. A term plan is not only a sound financial investment, but offers financial security to your loved ones, especially in your absence.

If you are an NRI and are looking to buy term insurance in India, all you need is an Indian residence proof along with other eligibility criterions met. Take a look at Term Insurance Plans available on Finserv MARKETS, with which you can gain benefits like affordable premiums, extensive coverage, rider benefits, and so much more.

So, no matter where you reside, check your eligibility and buy term plans at Finserv MARKETS, today!

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