Are you a Non-Resident Indian (NRI) looking to protect your family back home? The good news is, many top Indian insurers offer term insurance plans tailored for NRIs. These plans give you high coverage at affordable rates, even if you live abroad. Let’s explore the best term insurance options for NRIs and how to choose the right one.
Why Do NRIs Need Term Insurance?
- Protect your family financially if something happens to you.
- Cover loans, education, or daily expenses for dependents in India.
- Benefit from low premiums in India compared to other countries.
- Get tax benefits under Section 80C and Section 10(10D) of the Income Tax Act (India).
Key Features to Look for in NRI Term Insurance
- Global Coverage: Stay protected wherever you live.
- Online Purchase: Easy application without visiting India.
- High Sum Assured: Coverage from ₹50 lakhs to ₹10 crores.
- Claim Settlement Ratio: Choose insurers with high claim approval rates.
- Rider Options: Add critical illness, accidental death, or disability cover.
Best Term Insurance Plans for NRIs
| Insurance Provider | Plan Name | Key Highlights |
|---|---|---|
| LIC of India | LIC Tech Term Plan | Affordable, trusted by millions, wide coverage options |
| HDFC Life | Click 2 Protect Life | Flexible payouts, global coverage, critical illness rider |
| ICICI Prudential Life | iProtect Smart | High sum assured, 34 critical illness cover |
| Max Life Insurance | Smart Secure Plus Plan | Multiple premium options, death + terminal illness cover |
| TATA AIA Life | Sampoorna Raksha Supreme | High claim settlement ratio, coverage till age 100 |
How to Buy Term Insurance as an NRI
- Compare Plans Online: Use insurer websites or aggregator portals.
- Check Eligibility: Some insurers require medical tests depending on country of residence.
- Submit Documents: Passport, Visa, Income proof, NRI status proof.
- Pay Premiums: Can be paid in INR or foreign currency (as per RBI rules).
- Policy Issuance: Policy documents are sent via email or courier.
Tips for NRIs Buying Term Insurance
- Choose digital-friendly insurers with easy claim processes.
- Pick a plan with long coverage (up to age 75-85 or more).
- Check if your current country of residence is accepted by the insurer.
- Go for insurers with 100% claim settlement support for NRIs.
FAQs About Term Insurance for NRIs
Q: Can NRIs buy term insurance from Indian companies?
A: Yes, many Indian insurers offer special plans for NRIs.
Q: Do NRIs get tax benefits in India?
A: Yes, under Section 80C and 10(10D), if you have taxable income in India.
Q: What happens if I move to another country after buying the policy?
A: Your policy remains valid, and you stay covered globally.
Protect Your Loved Ones with the Best NRI Term Insurance
Living abroad? Don’t let distance keep you from securing your family’s future. Explore the best term insurance for NRIs, compare plans, and get insured today.