Kotak e-Term Plan
Kotak e-Term Plan provides a high level of protection to your loved ones in your absence.
Kotak E-Invest Plan
Kotak e-Invest plan is a complete Unit-Linked Insurance Plan that can be customized as per your goals and needs.
Kotak Guaranteed Savings Plan
Kotak Guaranteed Savings Plan is a savings and protection plan that helps you achieve long-term financial goals and provides an insurance cover against any eventuality.
Kotak Lifetime Income Plan
Kotak Lifetime Income Plan gives you the security of your income continuing thru your life and in your absence throughout your spouse's lifetime!
Kotak Health Shield
Kotak Health Shield Plan helps secure your finances in sudden medical expenses such as Cardiac, Liver, Neuro, and Cancer (all early and significant illness stages/conditions of cancer), along with offering protection for personal accidents - in case of accidental death or disability.
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In the last decade, the value of a term insurance policy has risen exponentially. With the realisation of life’s unpredictability, investing in long-term planning, with the help of term plans, has become more vital than ever before. The brilliance of term plans is that they don’t have any geographical limitations. No matter where you are on the planet, what nation you are in, or what city you reside in, the importance of life cover remains unaffected. The provision of term insurance for NRI is a perfect example of the fact that geographical limitations do not restrict you from enjoying the benefits of the policy.
Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can now purchase life insurance in India thanks to the Foreign Exchange Management Act. The importance of term insurance is to safeguard yourself and your family. All individuals of Indian heritage, regardless of their citizenship status in India, can buy such insurance. With so many options, you may conduct extensive research and get your hands on the best term insurance for NRI that meets your needs.
Being physically present in the country is not required while purchasing NRI insurance in India. This requirement may vary from one insurance provider to the next. The easiest approach to get a life insurance policy for an NRI is to do it online. This allows you to evaluate all available alternatives to find the best term insurance for NRI and purchase it right from the comfort and privacy of your home or workplace in your current country of residency.
The only added advantage that you get if you are present in India while buying the plan is that your insurer can undertake the necessary medical examinations required for a term insurance policy, considering it indicates the importance of life cover.
An NRI can easily get a good term insurance plan in one of two ways. First, the NRI policy buyer can purchase the coverage on a visit to India, for which the process is straightforward and follows the exact same steps as it would for any Indian citizen. Alternatively, an NRI can acquire an insurance policy through their present country of residence. They can do this via mail order, but it necessitates thorough verification by Indian embassy officials and a notary.
It’s critical to double-check terms and conditions for premium payment, as insurance providers might issue policies in either Indian or foreign currency. If the NRIs’ policy is offered in a foreign currency, they can opt for remittance in foreign currency via their FCNR/NRE account in India. Insurance premiums can be paid using an NRO account for the term plans if the insurance is issued in Indian rupees.
NRIs might use life insurance coverage in India to safeguard their loved ones in the case of an unanticipated incident. Your family will require financial assistance at various periods of life, and by obtaining a life insurance policy, you can protect your loved ones in the event of your death.
To conclude, term insurance plans are the most effective approach to control the risk of safeguarding your loved ones in the event of your death. Even if you are an NRI or a PIO, you must purchase term insurance for NRI as early as possible to ensure the financial stability of your family.
- A Consumer Education Initiative series by Kotak Life
Get protected at less than Rs.19/day with Kotak e-Term Plan. Our term insurance plan combines best-in-class features & comprehensive coverage with...Know more