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Term Insurance For NRI

Gauranga Capital > Term Insurance > Term Insurance For NRI

Term Insurance For NRI

Term Insurance is important for all individuals. Whether you live in India or abroad ensuring the well being of your loved ones in your absence is important.

Term Insurance is mainly important for NRI is mainly important as living in a foreign country can be challenging for your family, if you are longer there to support them. In case of your absence the insurance payout can help your family in different ways such as reallocating to India meeting their financial needs enhancing their life quality and much more.

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Protect Your Family Future

Benefits

No Medical Test

Worldwide Coverage

Hassle Free Process

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What is Term Insurance For NRI Plan?

Term Insurance for NRI is defined as term insurance plan designed for NRI, OCI cardholder ,PIO, and their families to cater to the financial needs of NRI and their families. these plan provide financial security and a death benefit to the family if something happens to the policyholder no matter where they live abroad. NRI can buy term Plan from Indian insurance companies ensuring their famillies has important financial protection even if they are in another country.

with tele medical checkup the online buying process of term plan has become hassle free for NRI living anywhere in the world.

Note: The Full Form of OCI is Overseas Citizenship of India and PIO is Person of India Origin 

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Can NRI buy Term Insurance in India?

Yes NRI can easily buy the best insurance plan in India.

Geographical boundaries are no longer a barrier for NRI customer willing to buy term insurance plan in India.they can easily buy term plan in india that allow them to schedule a video or telemedical checkup from residential country. 

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how do term insurance plan For NRI work in India?

To understand what is term insurance for NRI you need to understand that these plan work like any other protection plan in India. In this the policyholder pays a premium amount to the insurance company in return of pure risk cover. In case of an unforseen event of the policyholder death during the policy tenure the sum assured amount is paid to beneficary. 

NRI also have the option to choose the Term insurance ROP(Return of Premium) option in which total of all the premium amount is returned at the maturity if the policyholder survive the policy term.

Moreover NRI can also add riders to enhance their policy.

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Features For NRITERM INSURANCE PLAN

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Hassle free Payment

NRI term insurance in India offer easy method to pay premium. payment can be easily made online using credit card/net banking. they can pay their NRE account.
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Easy Documentation

The documentation process for NRI term insurance is quick and simple. you are required to submit document like identity proof and address proof, passport and medical test report along with the KYC document. .

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Flexible to Choose Life Cover

The pure risk cover amount can be easily chosen based on requirement. Term insurance for NRI provides a sum assured amount ranging from 1crore to 20 crore fulfilling every individual financial need..
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Tax Benefit

you can easily claim term insurance tax benefit with term insurance for NRI in India. these plan offer tax benefit under section 80C and 10D of Income Tax act of 1961.
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Policy Term as per your requirement

NRI have a number of option when choosing a policy of term insurance plan. the tenure for term insurance for NRI can range from 5years to 99/100 years. also the minimum age to buy a term plan is 18 years and 65 is the maximum.

Who is eligible to buy Term Insurance for NRI in india?

Here is a list who are eligible to buy term insurance for NRI in India- 

Non Residents India- NRI are Indian Citizen with valid passport living temporarily in a foreign country.

Overseas Citizen of India/Person of India Origin: they are citizen of foreign country except for Bangladesh or Pakistan. they should fulfill following criteria 

  • Having a Indian passport in the past
  • Parents or grandparents who were citizen of India
  • Spouse of Indian Citizen.

Foreign Nationals- They are citizen of foreign country living in India.

Why should I buy NRI term Life Insurance in India?

Here is a list of reason for NRI to buy term Insurance plan in India:

  • Providing financial stability to dependents by compensating income loss in case of unforeseen policyholder death.
  • ensure the burden of any outstanding loans/debt at the time of policyholder death does not influence  the dependent finances.
  • Term Insurance plans in India can be customized  to meet Ri specific need and circumstances ensuring comprehensive coverage for themselves and their families.
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AdditionalRider

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Accidental Death Benefit

NRI can add a accidental death benefit rider to their term insurance plan. this accidental death cover offers an extra sum assured and provide additional protection in case of accidental death.
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Critical Illness Benefit

With NRI Term Insurance you can get enhanced coverage against specific critical illness for entire policy term. this can help you pay the hefty medical bills and treatment cost on diagnosis of a critical illness covered under the plan.
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Waiver of Premium

With the rider remaining premium will be waived off in case of job loss due to accident total permanent disability occured during the policy term. this allow you to continue to cover even in case of an accidental disability.

Why should NRI buy term insurance from india than foreign insurers?

Below there are some of there are some of the reason why term insurance for NRI in India is more beneficial-

The Presence of large number of insurers in India: In India there are various life insurance providers enlisted under the regulating authority and every company offers different type of term insurance for NRI with high life cover at affordable rates.

Pre Approved Cover: You can exclusively get preapproved term insurance cover up to 2 crore with no medical test and hassle free process.

World wide cover with 24/7 Claim assistance: Term Insurance for NRI provides cover all around the world and help customer with claim assistance 24/7.

Medical Cost covered: Several Indian insurers cover the medical cost required to buy NRI term insurance. this means customer would not have to bear the burden of expensive medical test.

Tele medical Checkup: NRI can now easily schedule a video or telemarketing checkup from his/her residential country when buying term insurance for NRI.

Claim settlement Ratio: The CSR is % of claims that an insurance company settles yearly out of total claims. It indicate the reliability and credibility of the insurer. so if the CSR of an range insurer  between 95%to 100% you need to think twice before puchasing an NRI term insurance.

Easy Claim Process: Buying an NRI term Insurance from India can help your family get their claims settled easily and hassle free.

Low Premium Rates: Term insurance for NRI Plan from India are approx 50% to 60% more afforadable in rates when compared to international term life insurance plan from other devloped country.

What are NRO and NRE account For NRO

Non Resident Indians

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Non Resident Ordinary

NRO Bank account allow NRI to deposit and oversee income earned in India. NRI can open this account jointly or individually with another NRI or an Indian resident. The interest accrued in an NRO account can be converted to foreign currency and transferred to the NRI residential country without restriction.

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Non Resident External

A NRE account is a banking option for India enabling them to deposit foreign currency earned in their country of residence o India. The interest accumulate in NRE account is exempt from Taxes and both the principal and interest from this account can be freely repretiated. joint holding is permishable for this account allowing two NRI account holders. NRE account provide NRI with the convenience of depositing foreign currency and later withdrawing in Indian rupees.

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Document Require for Term Insurance Plan

The Documents are-

  • Passport front and back side
  • Employment ID proof
  • Valid Visa Proof
  • Last Entry-Exit Stamp
  • Last 6 month bank statement and Last 3 month Salary Slip
  • Photo
  • Foreign Address Proof
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Yes NRI is eligible to buy term plan in India. Various insurers offer NRI term insurance plan to help secure the financial future of family of NRI.

 

As a NRI planning a visit in India is no longer mandate. telemedical or video medical checkup have insured that NRI can buy a term plan from their residential agreement.

Yes it is possible to buy multiple policy. with multiple term plan the life assured can receive extra benefit by buying additional rider benefit for death cover.

In an case of term policy policyholder get a grace period. if then also individual not pay policy get lapse.

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gauranga capital (3)

Client's Review

I loved how simple it was to get an online quote for my travel insurance. The entire process was user-friendly, and the pricing was transparent. Paying and buying the insurance online was seamless. Fantastic service!

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Aditya Choudhary Top Customer

I had to extend my foreign trip because all the flights were cancelled due to strike in the country. Thankfully, my travel insurance policy reimbursed me for my emergency hotel booking.

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Ram Kumar Thhakur Customer
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