Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak Guaranteed Fortune Builder

A plan that offers guaranteed income for your future goals. Know more

Kotak e-Term

Protect your family's financial future. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and life cover. Know more

Kotak e-Invest

Insurance and Investment in one plan. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

In India, should NRIs purchase life insurance?

Buying life insurance for NRI is an important investment. It protects your loved ones back home from any financial crisis if any unfortunate happens to you. Click here to know more.

  • Nov 19, 2019
  • 6,622 Views

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

Can NRIs buy a life policy in India?

Irrespective of their country of residence, any person of Indian origin is eligible to buy a life insurance in India.

Does it require them to be in India to buy the policy?

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.

How to pay the premium

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.

Rules regarding maturity and death benefits

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.

Factors to consider before you buy life insurance from India as an NRI

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:

1. Cost

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.

Kotak e-Term

Download Brochure

Features

  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
  • Option to exit the policy with premium refund at the age of 60*
  • Special Rates for Non-Tobacco Users
  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435

T&C

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Life Insurance for Overweight Applicants

Does Life Insurance Policy Cover Covid Death?

Can I Transfer My Term Life Insurance Policy to another Company?

Guidelines for Linking Aadhar and PAN to Insurance Policies

How Does Life Insurance Work?

What is the Difference Between Limited and Regular Pay Insurance Plan?

Role of IRDAI in the Insurance Sector

How Much Term Life Insurance Cover Do I Need?

What is Underinsurance & The Dangers of Being Underinsured

Life Insurance Plans for Women

5 Common Life Insurance FAQs and Answers

Term Insurance Vs Life insurance: Small Details, Big Differences

How often should I review my policy?

NRI Premium Payment Options

How to Select a Perfect Life Insurance Policy in India to Protect Your Future?

Life Insurance Beneficiary

How to Choose a Life Insurance Policy

Why Term Insurance for Women is Important?

What is Group Insurance?

Life Insurance vs. Death Insurance: Exploring the Key Distinction

What is Minimum Life Insurance Policy?

Here's How to Choose The Tight Life Insurance

क्या जीवन बीमा एक निवेश है?

What is Surrender Value in Insurance, and How is it Calculated?

Want to surrender your life insurance policy? Here's a guide

All about Your Rights and Duties While Buying Life Insurance Policy

6 Different Types of Insurance Policies

Life Insurance and Retirement Planning

What are the Benefits of Endowment Policy?

Everything You Need to Know About Endowment Policy

1 CR Term Insurance Plan: How to Pick the Best 1 CR Term Plan

Beware of Phishing & Fraud Insurance Calls

Insurance vs Investment - Know the Difference

7 Superficial Reasons People Avoid Buying Insurance Online

जीवन बीमा क्या है?

Loan Against Life Insurance Policy

5 Easy Steps to Buying A Policy

What is Life Insurance?

Factors to Check Before Buying Life Insurance in India

What Should One Expect During the Medical Evaluation for Life Insurance?

Why Do Life Insurance Agents Avoid Selling Term Plans?

What Is Insurance Rider and It’s Benefits?

Insurance and Endowment: Everything You Need to Know!

Most Common Life Insurance Riders to Enhance Your Existing Policy

Know the many types of life insurance policies in India

How Much Life Insurance Do You Need?

Ensure Protection Against Death, Disease & Disability With Life Insurance

Do Life Insurance Premiums Increase Every Year?

How to Buy Life Insurance Policy Online?

Does Life Insurance Pay for Suicidal Death?

Different Types of Insurance Policies in India

FAQs on Life Insurance

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

Term Plan with Return of Premium (TROP)

Staying Insured While Investing

Why is Medical Test Important While Buying a Term Insurance?

Why Life Insurance is Always a Smart Decision?

Benefits of Gifting Term Insurance to Your Spouse

Biggest Life Insurance Myths

Important Factors to Consider While Choosing the Right Term Period for Your Term Insurance Plan

What Is the Procedure to choose a nomination in life insurance policy?

5 Things to Keep in Mind While Buying Life Insurance Policy

Types of Riders in Insurance Policy

Health Insurance VS Life Insurance

बीमा क्षेत्र में IRDAI की भूमिका

Can a Term Plan be the Substitute for a Retirement Plan?

Difference Between Money Back and Endowment Policy

Different Kind of Deaths that are Not Covered in a Term Insurance Plan

Why do I Need Life Insurance?

How to Customize Your Life Insurance Policy with Riders

Details Required To Be Filled In A Life Insurance Form

What is KYC - Meaning, Types, and Importance

Life Insurance for Overweight Applicants

What Should One Consider Buying: Term Insurance or Traditional Life Insurance

Benefits of Term Insurance with Critical Illness Rider

भारत में गृहणियों के लिए टर्म इंश्योरेंस

Life Insurance with Money Back vs Without Money Back

Can You Apply For A Life Insurance After Getting Heart Attack? Here is Everything You Need To Know

How to Use Different Types of Life Insurance for Retirement Planning?

Different Types Of Life Insurance In India

Compare Different Life Insurance Products Offered By Kotak Life

Comparing low premium term insurance Is Not the Only Factor While Buying Life Insurance

Health Insurance VS Life Insurance

What is Human Life Value (HLV) & How to Calculate it?

Adding a Child to Your Life Insurance Policy?

9 Most Important Things You Must Learn About Paying Life Insurance Premium

Customer Awareness on Information Security

Role of Life Insurance in Your Financial Portfolio

Invest in Insurance to Secure Your Future

6 Things You Didn't Know Life Insurance Could Do

Sabse Pehle Life Insurance

Do Your Financial Planning with Life Insurance!

Is Life Insurance For Millennials Really Needed?

Is It Advisable To Have Multiple Life Insurance Policies?

What Is Investment Insurance?

What Is the Difference Between Group Term and Voluntary Term Life Insurance?

What are robo-advisors in insurance?

Why Porting Health & Life Insurance after Marriage is Important?

How Much Life Insurance Should You Have?

Life Insurance and Millennials

Should You Buy Life Insurance After Getting Married?

Voluntary Life Insurance vs. Basic Life Insurance

Life Insurance for Millennials

Choosing a Life Insurance Beneficiary

What is Insurance Coverage? Overview, Types, and Examples

Is it Possible to Make Changes in a Term Plan’s Specification Post Purchase?

Life Insurance Nominees: 5 Must-Know Facts for Beneficiaries

5 Reasons Why a Women Should Buy a Life Insurance

Backdating in Life Insurance: Should You Avoid it?

भारत में सर्वश्रेष्ठ टर्म प्लान कैसे चुनें?

जीवन बीमा पर ऋण

Who Is A Nominee In A Life Insurance Plan?

6 Ways You Can Ensure Fast & Smooth Claim Settlement

Is it Possible to Reduce Life Insurance Premium without Affecting Sum Assured?

Choosing Between Short-Term & Long-Term Insurance Plans

Savings cum Protection Plans Secures Your Family from Unforeseen Events

Whole Life Insurance Definition: How It Works, With Examples

All about Life Insurance Calculators

Best Insurance Plans in India

Process of Filing A Claim For Life Insurance

Different Types of Protection Plans

What Happens If You Stop Paying Premiums of Life Insurance?

Term Life Insurance vs Accidental Death Insurance

Single Premium Term Insurance: Meaning & Tax Benefits

Know the many types of life insurance policies in India

What is the Difference Between Insurance and Reinsurance?

Think About Life Insurance Sooner than Later

Benefits of Term Insurance for Senior Citizens in India

Do College Students Need to Buy a Life Insurance?

How Many Insurances Should I Have?

Terminal Illness Benefit in Term Insurance

Life Insurance Vs. Mutual Funds Investment

भारत में जीवन बीमा पॉलिसियों के प्रकार

Choosing Riders for Insurance Plans

Advantages of Digitizing the Insurance Claims Process

What is Insurance Premium? | Definition of Insurance Premium

How to Choose the Right Term Plan as per Your Age

Digital Life Certificate for Pensioners Seeking Pension

All About Life Insurance and How It Works?

Kotak Life Claim Settlement Ratio

Is Life Insurance Worth It?

Top 5 Common Life Insurance Myths and Facts

How to Choose Life Insurance for All Ages?

Difference Between Insurance and Assurance?

Always keep your Nominee informed

What is the process of reactivating lapsed life insurance policy?

Why do most Indians choose the wrong way to buy life insurance?

How to Make Death Claims on Life Insurance?

Is It Time to Review Life Insurance Policy of Yours?

Nominee in insurance - A Complete Guide on nomination in insurance

Important Life Insurance Terms You Must Know

Important Terminologies of Life Insurance

When are Millennials required to take out a life insurance policy?

Why Your Family Should Know About Your Life Insurance Policy?

Why You Should Never Cancel Life Insurance Policy

Key Things to Review in Your Life Insurance Policy Document

How do life insurance payouts work?

All about IRDAI

What Is The Life Insurance Penetration In India And How Does It Compare Globally?

What is Human Life value and a Human Life Value Calculator?

How Do Term Insurance Plans Differ for Smokers?

All You Need to Know About Life Insurance - Its Benefits, Features, and Types of Life Insurance

Life Insurance vs Mutual Funds

What happens to joint life insurance after divorce?

Does Family History Affects your Term Life Insurance Rates?