Term Insurance Plans For Non Resident Indians (NRI)

If you are a Non Resident Indian, you can still purchase a term insurance policy designed specifically for people who reside outside India. You can purchase a plan which would secure the future of your loved ones and protect them in your absence. 

For NRI policyholders, there is a specific grace period if they default on a premium payment. Therefore, if you have missed out on a premium payment, you can pay the same within the grace period. There are certain insurers who offer the option of complete policy renewal for NR policyholders, subject to mandatory health check up and factors like timely premium payments in the past etc. 

Below are some term insurance plans specially for the NRIs. They are advised to read the benefits and features of the term policies before purchasing them. 

Term Insurance Plans For Non Resident Indians (NRI)

This is a detailed list of the term insurance plans that can be easily purchased by a NRI:

1. Bajaj Allianz Term Insurance Plan – iSecure For NRI

Bajaj Allianz Term Insurance gives a level term cover for a high sum at a low cost.Eligibility: 18 years - 60 years. Premiums paid are eligible for tax benefits under Section 80C of the Income Tax Act. The nominee can take the death benefit in equal monthly instalments over a period of 5 or 10 years.Policy term can be selected based on your requirements. Frequency of premium payments can be altered. If you were single when you first took the policy, you can include your spouse on a later date in your existing policy. The insured will be subject to medical tests. A non-smoker who has irregularities or family history but has no risky occupation, will be classified as a preferred non-smoker.

Must Check:- Term Insurance Company

2. ICICI Pru iProtect

ICICI Bank offers ICICI Pru iProtect, term insurance for NRIs. This policy can be bought online at your convenience. Eligibility: 20 years - 65 years. You can avail tax benefits under the Income Tax Act under Section 80C for the premiums paid. Affordable premiums. Special premium rates for non-tobacco users. Additional payout on death due to accident.

You may also like to read:- Tips on How to Save on Life Insurance Premium 

3. Amulya Jeevan Term Insurance Policy

LIC offers Amulya Jeevan Term Insurance Policy for the NRIs. Eligibility: 18 years - 60 years. You can avail tax benefits under the Income Tax Act under Section 80C for the premiums paid and under Section 10(10D) for the death benefit. Sum assured is payable in case of the unfortunate death of the insured, provided the policy is in force at time of death. No loan will be available to the insured under this plan. If you are not satisfied with the policy, you can return the policy within 15 days of buying it. 

4. Kotak Preferred Term Plan

Kotak life insurance offers NRIs an option to invest in India, and helps you harness every opportunity to reap the benefits of timely investments. Kotak offers Kotak Preferred Term Plan and Kotak Term Plan to NRIs. Eligibility: 18 years - 65 years. You can avail tax benefits under the Income Tax Act under Section 80C for the premiums paid and under Section 10(10D) for the death benefits received by the nominee. High level of protection at a minimal cost. Insured can opt for Immediate Payout or Recurring Payout. You can increase or decrease the level of cover as per your requirement. Preferred rates are available for females and non-tobacco users. Flexibility in premium payment options.

Must Check:- Kotak Term Insurance

Also Read:- Things to Know While Buying a Life Insurance Plan

Endnotes

There are many companies offering term insurance for NRIs which can be bought and managed online. Since it is less expensive than life insurance bought through traditional modes, and policy period is based term, it is mostly preferred by the NRIs.