Term Insurance Plans for NRI in India

Everyone wants to make his/her family financially secure especially for the time when he/she will not be there to help. One of the best ways to do so is having term insurance plan.

What is Term Insurance?

Term insurance plan is a life insurance product that provides life insurance coverage to an insured during the term of the policy. Therefore, if the insured outlives the term, then the insurance policy does not provide any kind of maturity benefit. However, if the insured dies within the policy term, then death benefits are given to his/her family (or nominee).

Term Insurance for NRI

Being Non-Residential Indian (NRI), one may find it difficult to provide financial security in the form of term plan to his/her family who is living in the back home (India). When the career opportunities are not allowing one to live physically in his/her home country, then also one can purchase term insurance for NRIs to protect his/her loved ones in quite a simple way.

Good news for all the NRIs whose family is living in India is that now they can purchase a term insurance plan out of various term insurance plans for NRIs in India to maximize wealth and support his/her children’s education.

Today when there are many online term insurance plans for NRIs available in India, it becomes difficult for one to finalize one that is most suitable. However, comparing different plans online on an insurance web aggregator site can give the best results. Moreover, the availability of online purchase of term insurance plans also eases the things for one.

In addition to this, if a term insurance plan needs medical tests, then also one does not have to come to India for these tests. This is because he/she can get the tests done at their country of residence and can share the reposts online. The payment of premium is also very easy because of online remittance even in foreign currency or via NRO, FCNR/ NRE bank account.

Best Term Insurance Plans for NRI in India

Here are some of the best term insurance plans for NRIs in India:

HDFC Click2Protect 3D Plus Plan:

This online term insurance plan is one of the stable plans provided by the HDFC Bank. The term ‘3D’ included in this plan stands for three major uncertainties of life that this plan includes, which are – Disability, Death, and Disease. This term insurance plan comes with nine options that help one to select one of the best offerings for his/her requirements. Like any recommended term insurance policy, this plan also provides financial security to the family of the insured in the absence of the policyholder. The premium options offered by this plan are really affordable and one gets a discount of 5.5% on the premiums when the policy is purchased online. However, before finalizing any term insurance policy, one must go through its terms and conditions.

Max Life Online Term Insurance Plan:

Among different term insurance plans for NRIs, Max Life is one of the most liked term insurance plans because of its affordable premiums. The policy tenure of the plans of Max Life Term Insurance ranges from 10 years to 35 years and the term plan for NRIs offers flexibility to customize and select the payout options. The nominees or beneficiary of this term insurance plan can avail the lump sum benefit either in monthly installments or in a lump sum. In addition to this, the benefits of riders such as critical illness cover, accidental death benefit, and rider of disability can easily be added in the policy to improve the basic coverage of the plan. To be precise, Max Life Insurance Company mainly offers three insurance plans to its customers – Max Super Term Plan, Max Life premium Return Protection Plan, and Max Life Online Term Plan Plus.

Bajaj Allianz Term Insurance iSecure:

This is another great term insurance plan for NRIs. This plan provides huge term insurance coverage at an affordable cost. This plan is basically provided for individuals falling in the age group of 18 years to 60 years with a minimum sum assured that is to be paid is Rs.2.5 Lakh. The beneficiary of the insured can avail the death benefits as per his/her requirement which can be either in monthly installments or in lump sum over a period of approximately 5 years to 10 years. The plan also offers great flexibility in choosing the term of the policy and premium payment frequency. In addition to this, joint insurance policies are also available wherein if one purchases a policy at the time when he/she is single, can easily include his/her spouse in the plan when he/she gets married.

ICICI PruiProtect Plan:

This term insurance plan for NRIs offered by ICICI is available for NRIs aged between 20 years to 60 years. One can purchase this plan for a policy period of 10 to 30 years. It is one of the liked term insurance plans because of its one of the best optimization feature. A policyholder can achieve this optimization in two ways – one wherein the death benefit is made equal to the sum assured and second wherein the additional death benefit equal to Rs.50 Lakhs or the base sum amount, whichever is lower, can be availed. The premiums of this plan are affordable and it also offers some discounted rates for the non-tobacco users and payout is added-extra if the death due to accidents occurs.

LIC Amulya Jeevan Term Insurance Plan:

This insurance plan is offered by LIC to NRIs. The policy term of Amulya Jeevan ranges from 5 years to 35 years, one can purchase this plan from the age group of 18 years to 60 years with a minimum sum assured of Rs.25 Lakhs. The amount assured is given to the nominee in case of demise of the policyholder due to the accident, if the accident occurs within the term of the policy. In addition to this, a policyholder can easily return the policy within 15 days of purchase of the plan, if he/she is not satisfied with the inclusions of the plan.

Kotak Life Insurance:

The term insurance plans for NRIs in India offered by Kotak Life Insurance provide an opportunity to the NRIs to reap the benefits by making timely investments. One can purchase this policy between the age group of 18 years to 65 years and the plan provides minimum sum assured of Rs.25 Lakhs. In this way, this plan provides its investors high return at low cost. One can select different insurance covers and rates as per his/her requirements.

The Final Words:

Even though all the above-mentioned plans are some of the best term insurance plans for NRIs, however a plan that one picks should meet the needs and requirements of a person. This means the plan should answer the questions like ‘how much term insurance does one need?’ and should provide the most appropriate cover amount, the term of the policy, and frequency of payout.

However, the good part of all the term insurance plans is they all provide tax benefits on the premiums paid and provide seamless convenience when one purchases them online. So, just get the best term insurance plan for NRIs online.

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About Geet Sharma

My Name is Geet Sharma Financial Blogger & Founder of Paisabank.org. We are a personal finance blog dedicated to finance & financial planners. The main aim of this blog is to help people to informed about financial decisions.
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