Can NRI Buy Term Insurance in India?

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Can NRI Buy Term Insurance in India?

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Can NRI Buy Term Insurance in India?

There is no certainty in life; it is a roller coaster ride and every individual must be prepared for the same. While there will be many ups in your life, you also need to be prepared for the downs. One way of securing the financial future of your loved ones is by taking a term plan. The term plan will safeguard your capital reserves and guarantee a stress-free life ahead. You will not have to worry about the financial security of your loved ones in your absence. The insurance industry in India has gone through a significant change and has matured over the years. The importance of a term plan has increased in the minds of proactive financial planners. It is very important to buy term insurance in order to build a diversified portfolio.

Can NRIs buy Term Insurance in India?

Non-Resident Indians (NRIs) are eligible to avail of a term insurance plan in India. NRIs are living all over the globe and they make up for a significant economic segment. Term insurance for NRI should be based on his specific requirements and needs. There are different ways in which an NRI can purchase a term insurance plan.

How to buy term insurance for NRI in India?

Purchasing a term insurance for NRI is simple and convenient.

  • An NRI can opt for any one of the two alternatives in order to buy term insurance.
  • The first option is to purchase the policy when he is on a visit to India wherein the process of purchase will be executed in the same manner as it is for an Indian citizen
  • The second option is to purchase the policy from the current country of residence
  • This can be done through a mail order wherein a detailed verification is required
  • The verification can be done by a notary and Indian Embassy officials
  • The terms and conditions in case of term life insurance for NRI are quite flexible
  • The sum assured varies from INR 2 lakh to INR 1 crore and the premium payable is based on the terms of the policy, age, frequency, and health conditions
  • The duration of the plan is also variable and ranges from anywhere between five years to 30 years
  • Any individual between the age of 18-65 can buy term insurance
  • One can make the premium payment online but the policyholder must be an account holder in the specified banks as per the policy of term plan
  • The payment can be made by remittance in a foreign country, through a Non-Resident Ordinary (NRO) bank account or via a Non-Resident External (NRE) bank account
  • It is important to note that the premium will be the same for ‘Resident Indians’ and NRIs if the risk involved is the same
  • There is no additional premium charged from an NRI for a term plan
  • The death benefit will be paid to the bank account that was mentioned while buying the term plan

Required documents for NRI term insurance?

Here is a list of the documents required to purchase term insurance for NRI.

  • Attested copy of passport
  • Application form
  • Age proof
  • Documents specifying the health conditions
  • Income proof
  • First premium

For NRIs, there is a grace period if they default in their premium payment. Hence, if an NRI term insurance policyholder misses a premium payment for some reason, the amount can be paid within the grace period.

- A Consumer Education Initiative series by Kotak Life

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