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Ref. No. KLI/22-23/E-BB/492
NRIs are eligible to buy term insurance plan in India and the process is really simple and convenient. Click to know how to buy NRI term insurance & the documents required.
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 must also be prepared for the downs. One way of securing the financial future of your loved ones is by taking a term plan. A term plan will safeguard your capital reserves and guarantee a stress-free life. You will not have to worry about the financial security of your loved ones in your absence. India’s insurance industry has undergone a significant change and has matured over the years. Therefore, the importance of term insurance for NRI has increased in the minds of proactive financial planners. It is essential to buy term insurance to build a diversified portfolio.
Non-Resident Indians (NRIs) are eligible to avail themselves of an NRI term insurance plan in India. NRIs live all over the globe and make up a significant economic segment. Term insurance for NRI should be based on their specific requirements and needs. There are different ways in which an NRI can purchase a term insurance plan.
NRIs are eligible to purchase life insurance policies under the Foreign Exchange Management Act (FEMA). The premiums can be paid in foreign currency through an NRO bank account, an NRE/FCNR bank account, or another currency as long as it matches the one specified in the issued life insurance policy.
Purchasing term insurance for NRI is simple and convenient.
Here is a list of the documents required to purchase term insurance for NRI.
NRIs have a grace period if they default on their premium payment. Hence, if an NRI term insurance India policyholder misses a premium payment for some reason, the amount can be paid within the grace period.
Ref. No. KLI/22-23/E-BB/2435