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Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
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Buying life insurance for NRI is an important investment you can make if you are settled abroad. The life policy protects your loved ones back home from any financial crisis if any unfortunate happens to you. Buying the policy from India might be cost-effective for you, and the process is quite simple. However, before buying the policy, you need to know a few things
Irrespective of their country of residence, any person of Indian origin is eligible to buy a life insurance in India.
Indian insurance companies allow NRIs to buy life policy from them without being present in India. You just need to initiate a written communication with the insurer.If your insurer requires medical tests, you can do them in your country of residence and send the reports. You need to pay for the cost of the tests.
When it comes to paying the premiums towards the life insurance policy for NRI, insurers in India offer a variety of channels. You can use the Foreign Currency Non-Resident (FCNR) or Non-Resident External (NRE) bank account, foreign currency remittance, and Non-Resident Ordinary (NRO) bank account. The NRO bank account can be used when you want to pay the premium in Indian Rupees. To pay it in foreign currency, the FCNR or NRE bank account can be used.
Before you buy the whole life or term life insurance for NRI in India, you must learn the rules regarding maturity and death benefits. The death or maturity benefits are repatriable,which means that they are payable in any country, only when the premiums were paid in foreign currency. If the premiums were paid in Indian Rupees, the benefits can be paid only in India.
Now that you know the answer to your question ‘‘can NRI buy term insurance in India’’, it is time to opt for the most suitable insurance plan. Here are two aspects that you must keep in mind:
The cost of the policy is an important factor that you need to consider. The premiums are valued differently in separate countries. What you need to do is to compare the cost of a life insurance policy in India with the cost of it in the country of your residence. This will help you determine which option is best for you.
2. Tax regulations
The maturity and death benefits received from your life policy come with tax benefits in India. However, the rule is not the same in every country. Some countries require you to pay tax on maturity earnings. Find out the tax regulations in the country of your residence to make an informed decision.
Once you are aware of all the rules and regulations, you can look for the best whole life or term insurancepolicy that is suitable as per your requirements.
- A Consumer Education Initiative series by Kotak Life
Kotak e-Term Plan is a pure term insurance plan that provides a holistic life protection at affordable prices. Find out the eligibility criteria, key ...Know more